Hong Kong financial institutions look into database management services

August 9, 2013

As a way to reduce waste and improve workflow, many businesses are working toward digitizing their documents. In some nations like China, these data processes are in the early stages. HSBC and the Hong Kong Exchanges and Clearing are the first institutions in China  to do so, according to the South China Morning Post.

The idea of a paperless office has been on Hong Kong's agenda since 1988, when investors first proposed storing electronic records, but little action was taken. HSBC hopes that taking the first step by implementing boardroom software will inspire other businesses with clients in China to do the same.

Every year HSBC has six meetings among its 14-member team, and scheduling these gatherings in advance could be difficult if staff members were a part of other committees within the corporation. By utilizing an electronic office solution, they are able to keep in touch without physically being in the same room.

The new software used during boardroom sessions will save the company 12,000 pages of paper every year. Through a digital boardroom, HSBC staffers have the flexibility of sharing confidential documents and communicate in real-time. HSBC's success story may inspire others to follow because the Chinese have many international clients.

"Hong Kong is lagging this trend now," Phillip Baldwin of ICA Boardroom Apps told the news source. "However, I believe the city will catch up soon and many companies will shift to a digital boardroom in the next five years."

Why spend 12 to 24 hours flying across the world every few months when executives can go through the agenda in a digital boardroom? Document management services allows authorized personnel to store, share and download confidential files from a secure network. 

Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider.  We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services.  As a SOC2-approved organization, we apply industry-best practices to our approach with clients.