Faxing and emailing are the two commonly used ways of sending business data from one person to another. If you compare both, traditional faxing is a more secure option than emailing.
However, this type of faxing also has some drawbacks which makes it unsafe for some industries. And financial sector is one among them.
Financial companies have to deal with lots of sensitive customer information on everyday basis. And this is the reason, they are more open to security attacks.
In a recent report, it was found that, financial services companies have encountered most cases of security breaches compared to other sectors.
The current average of financial firm breach costs around $7 million. In 2017, the number of firms that have suffered a breach has increased to a whopping 25% from the previous year’s data of 20%.
Considering the vulnerability, it is essential that you keep upgrading the security measures of your organization. Let’s check, how online fax solutions can help to live up to the security and other demands of your financial firm.
Secure Your Documents
Documents faxed through the fax machines are not encrypted at both the ends. Though the transmission process is secure but in many cases it is not password protected at the receiving end.
You may manage to be present for the whole duration, until it gets transmitted. But if it is not the case at the receiver’s end, your sensitive financial data may be at risk. Online fax solutions, on the other hand, keep your documents secure by enabling high-end encryption.
Close Your Deals Faster
Financial deals are time sensitive. Many contracts get cancelled as the details or confirmation was not sent on time. In case of traditional faxing, either you have to wait in queue for the faxes to reach or come later on and search for the document that might have gone misplaced.
Cloud faxing allows you to eliminate this problem and close your deals faster. Whether you are at home or travelling outstation, now view the faxes online from anywhere and reply your customers at the earliest.
Safe Guard the Confidential Data
As mentioned above, security is a big concern for many sectors. In case of traditional faxing, the fax documents are generally destroyed after the information is retrieved. However, the fax transmissions are stored either in physical or electronic form in the fax machine’s memory. This is highly unsafe, as any cyber-criminal can easily steal this data, when it is connected through company’s network system.
Sign Your Documents on the Go
Don’t go running in search of a printer and scanner, whenever you need to sign your document urgently. Business fax systems enables you to send digitized faxes from your mobile phone itself.
Whether you’re outside or need to send a fax in a hurry, online fax solutions allow you to just swipe your fingers across the mobile screen and send back your signed documents immediately.
Save Your Money
Faxing the traditional way isn’t cheap. Think about the huge cost of maintaining a fax machine, papers and toners. Not to mention about the stuffs like duplicate papers for re transmission and many other associated things.
But when you use the online fax solutions you can save a significant amount of money, as all these costs are totally removed. At the same time, sending a fax online is easy and convenient as you can fax your documents from your from anywhere, at any time.
Take the advantage of online fax solutions like XenFax and make your financial services company stand out of the crowd!