2023-02-07
Mark ID
Strategically thinking business and digitalization in the financial sector
About company
FinoMark is a crowdfunding platform based on a fundraising and investment model that modernizes the financing process and provides a more efficient and value-added solution for the user.
FinoMark main goal is to help every business achieve its intended business goals by providing the necessary financial services. This platform is distinguished by the fact that it offers financial expert advice to borrowers, which will help to improve and stabilize the company’s financial situation and avoid costly mistakes.
Customers set news rules and for business to be successful you must adapt
Digitalization in the financial sector, especially related to data analysis and process systematization, plays a significant role, as it helps to achieve efficiency in business operations and improves its reputation. It’s simple – more and more customers are looking for their ways to optimize their processes, remove the workload from employees and eliminate the risk of possible human errors, so they look for reliable partners.
Is it possible to succeed in business without digitization?
As FinoMark joined the crowdfunding market, the company has set a task to offer investors a safe and easy-to-use platform for growing an investment portfolio. To do this, it was necessary not only to create a well-functioning fundraising and investment model but also to modernize the usual financing processes so that the user can invest and receive his funds efficiently – when he needs it.
“To be competitive, my aim as the head of the company is to reach efficiency in the company’s internal processes and save time used by the team working on customer applications as much as possible. There’s no secret that a lot of human and financial resources are lost by bureaucratic processes, so the first task was to find a tool that could automate the customer journey of our investments and business loans self-service, and finally, completely stop signing paper documents in our company.
Almost 2.5 years ago, when we were trying to find a provider to achieve those goals, there were only a few companies on the market, so after comparing the value we can get from each, we selected the Mark ID solution for internal document sharing and signing. Now the document signing with investors and borrowers in our system is fully digitised,” – says Grazvydas Balcas, CEO of FinoMark.
More efficiency with same resources
It has been calculated that if a company sends an average of 40 hand-written documents per month, they spend about 400 EUR per month, and that’s about 4,800,000 euros a year. Thus, you must add the expenses for document archiving, according to various legal regulations they must be kept for 7-10 years.
However, time consumption is no less significant. FinoMark calculated that after introducing qualified electronic signatures and digitalized customer identification and management processes, the time required to service borrowers decreased by 30 to 40 per cent. And this translates to the opportunity of serving more customers without increasing our resources.
“There is a saying among marketing professionals that content is a king, so I would say that digitization is the queen in the financial sector right now. However, it will take another 1-2 years until all market players will adopt similar functionalities or at least start using a qualified electronic signature in their daily processes. But better late than never,” smiles G. Balcas.
Read full story: https://marksign.eu/klientu-istorijos/strategically-thinking-business-and-digitalization-in-the-financial-sector/
