Online document exchange has become an indispensable part of modern business communication. With the rise of remote work, the need for secure and efficient document sharing between you and your customers has only increased. However, many businesses still struggle with the technicalities of online document exchange and its associated security concerns. We’ve put together this comprehensive guide to help you understand more about online document exchange, including the benefits, security concerns and best practices. Whether you're completely new to online document exchange or just looking to improve your current setup, we can help.
What is an online document exchange?
The term ‘online document exchange' refers to the electronic transfer of digital documents between two or more parties. This technology has revolutionised the way businesses communicate and exchange information both internally and externally, making it easier, faster, and more secure than traditional methods. With the advent of cloud-based technologies, businesses can now send, receive and store documents in a secure and accessible manner and with a single click, regardless of their location.
Businesses within the utilities, insurance, and financial sectors have greatly benefited from online document exchange. These industries often require the exchange of large volumes of confidential and sensitive information, and an online document exchange platform provides a secure, cost effective and reliable way to do this.
For example, in the insurance industry, agents can quickly and easily share policy documents, PDF files and claims information with customers, speeding up the claims process as a consequence. Similarly, in the financial sector, online document exchange can be used to securely share financial statements, application information, and other confidential data.
What are the benefits of exchanging documents online?
There are numerous advantages to choosing to make your document exchange process digital. Some of the main ways doing so can help your business include:
Reduce costs
Online document exchange eliminates the need for paper-based documentation, therefore reducing printing, postage and storage costs. By using online document exchange software, you can reduce the cost of exchanging information and increase the cost-effectiveness of your operations.
Reduce transaction times
One of the biggest benefits of online document exchange tools is that they speed up the time it takes to send and receive information. Traditional methods of exchanging documents can take several days; more so if there are postal strikes or route issues.
In contrast, online document exchange software allows you to transfer information within minutes. This means you can receive and process information faster, making it easier for your service teams to make decisions, manage their workloads and respond to customer needs.
Increase security & compliance
Online document exchange offers a more secure and compliant way of exchanging information than traditional methods. The information is stored in a secure cloud environment and can only be accessed by authorised personnel, reducing the risk of data breaches. This technology can help your business maintain its compliance with industry regulations such as GDPR rules, protect confidential information, and ensure that sensitive data is protected from any potential issues.
Online document exchange also makes it easier to track and audit communications, meaning if there is a data breach, it’s far easier and faster to find out who is responsible thanks to a digital audit trail.
Increase conversion rates
Online document exchange can help you increase your conversion rates by providing a better customer experience. Customers are more likely to complete transactions when they can easily access and review the information they need. Online document exchange provides a faster, more convenient and more accessible way for customers to review and sign documents, therefore increasing the likelihood that they will complete the transaction. This will have a direct impact on your business by increasing your conversion rates, boosting your customer satisfaction, and improving customer loyalty.
Provide a better customer experience
Online document exchange can provide a better customer experience by reducing the time it takes to send and receive information and increasing the accessibility of information. Customers can quickly and easily access the information they need, reducing the time they need to spend on the phone or in-person with customer service representatives.
Online document exchange can also help your business improve the accuracy and speed of service, reducing the risk of errors and ensuring that information is delivered quickly and efficiently. These benefits can improve customer satisfaction, increase customer loyalty, and help businesses build strong, lasting relationships with their customers.
What types of customer journeys can benefit from online document exchange?
No two customer journeys are the same, but nearly all of them can be aided by online document exchange. At Vizolution, we’ve helped countless businesses make enhance their customer journeys with online document sharing capabilities:
Collections & debt recovery
Debt collection can be an unpleasant experience, but online document exchange software can reduce the hassle and empower customers. There are numerous touch points that can lead to customers disengaging with you, and if your process is convoluted and drawn out, they’re more likely to drop off. Giving customers the option to engage with you online quickly and easily reduces the number of touch points and makes them more likely to engage with you.
Mortgages & loans
Applications relating to mortgages and loans can be made much faster with online document exchange capabilities. Customers can view and upload documentation rapidly, allowing you to make faster decisions and speed up the process for everyone involved.
Renewals & retention
Remove procedural friction and improve customer retention with online document exchange software. Make the process as hassle-free as possible for your customers to log in, view paperwork, upload documents, and renew contracts.
Service
Operational failings and decreasing customer retention can often be linked to service issues. Revamping legacy systems to accommodate online document exchange tools can give your systems a much-needed refresh.
Are there any costs involved with using online document exchange?
Implementing online document exchange software isn’t free - there is an upfront cost and additional costs associated with changing your operational processes in-house. However, the cost depends on the scale of documents being exchanged, but it is far cheaper than a non-digital method. Contact us to discuss your requirements and get a quote
What types of documents can be exchanged online?
There are a wide variety of documents that can be exchanged online, including contracts, invoices, reports, financial statements, insurance policies, customer records, and more. Businesses in the utilities, insurance, and financial sectors can use online document exchange to securely and efficiently exchange these types of documents, as well as any other type of information that they need to communicate, share or sign.
Online document exchange makes it easy to share and exchange information, regardless of location, making it an ideal solution for businesses that need to exchange information quickly and securely. Additionally, online document exchange can be used to manage a variety of other business processes, such as approvals, workflow management, and collaboration.
How can Vizolution help with online document exchange?
At Vizolution, we have helped businesses of all sizes across all industries adapt to modern business best practices by implementing digital document exchange solutions. Contact us to learn more about how we can help you enhance your customer journeys, reduce your overheads and help your team work more efficiently.
