With multiple modes of operation via online and other means, banks and other financial institutions are finding it hard enough to cope up with the growing needs of the customers. Not to mention the pressure from ever-increasing strict & regulatory guidelines. On the other hand, there is a dramatic change in the way customers have started to communicate with the banks. With no other option, banks and these institutions have to adapt to these new changes and respond positively to the new market conditions. At the base of everything, optimising communication process benefits in its entirety.

Digitizing communication process offered some features which benefitted companies in various ways such as calling, video conferencing and team collaboration over IP but the unified communication solutions lack in providing the fax functionality. Fax with its roots spread heavily across legal, healthcare and finance industry – carries immense importance in handling business-critical transactions. Not only fax communication is regarded as the standard means after getting tried and tested for ages but now also recognized as a legally binding document between the two parties. With the arrival of ‘Cloud Fax Services’ – financial industry can not only benefit but also work with two-fold efficiency in the digital environment. It’s quite normal nowadays to send & receive new faxes online from mobile.

Role of cloud fax in OTC trade:

Many businesses still operate and carry everyday trade through conventional fax infrastructure and servers. ISDA Master Service Agreement stated that the fax remains at the core of successful transaction in the document exchange process while able to provide proof of trade details handled over the counter. Cloud fax services can easily be integrated with the existing business system by means of an API. This method paves the way for incoming faxes to become not only a part but to be an integral part of digital workflow systems of businesses while simultaneously archived in a legally compliant manner.

Digitizing customer records:

Cloud services further leverage these financial organisation in keeping the organized records of the customers. Being able to integrate forms and other such documents automatically into the digital processes, it not only save resources but time & money too. This ultimately helped the financial sector become more productive and efficient in terms of managing customer communication channel. You can easily connect to one of the leading cloud storage platform as well as upload documents from web, email or desktop computers.

Compliant Processes:

Finance companies constantly face tough times when have to deal and comply with such stringent guidelines & regulations while adhering to follow procedures. Hence, in such a scenario, organisations can only rely on a trusted fax partner.

Whether you refer to it as ‘electronic faxes (e-faxes), internet fax, online fax or digital fax’, the only trustworthy name that rings a bell is “iFax”. iFax has become the industry leader in providing online fax services either to send & receive faxes online through its amazing features, speed and efficiency.

Summary:

The iFax app is available on 5 major platforms i.e, iOS, MacOS, Android, Windows and Web. It’s presence spanned across 17 countries and already comes equipped with a state-of-the-art integrated document scanner. Additionally, it features fax image editing with automated fax image optimization. With annotate PDFs, fill forms, and adding a digital signature – iFax comes as a clear winner when it comes to the pool of companies offering online fax services. Try iFax app today to send free online faxes from your smartphone.

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