Podcasts

Inlet’s Chuck Cordray: ‘After 20 years, finance is less than 20 percent paperless’

  • Though digital documentation has been around for two decades, less that 20 percent of documents are handled paperlessly.
  • Inlet's Chuck Cordray joins us this week on the Tearsheet Podcast to talk about the finance industry's paperless evolution.
close

Email a Friend

Inlet’s Chuck Cordray: ‘After 20 years, finance is less than 20 percent paperless’

One of the things that actually becomes more complicated as the finance industry moves to digital is how customer-facing documents are managed.

Chuck Cordray, CEO of digital document distribution company, Inlet, joins us on this week’s podcast. Inlet is a joint venture between Broadridge Financial and Pitney Bowes. We talk about Cordray’s transition from the media industry into finance, how the joint venture works, and really try to figure, where we are on the adoption curve for companies to go paperless and what needs to happen to make it work.

Subscribe: iTunes I SoundCloud

Below are highlights, edited for clarity, from the episode.

The adoption curve for going paperless in the finance industry
“Industry stats show that roughly 20 percent of all documents have been turned off to be delivered paperlessly in a digital format. After two decades of being able to say to we can deliver documents digitally, we’re still only at 20 percent. And when you look at the financial industry, like the wealth management industry, in particular, for most firms, it’s less than half that number. Credit cards tend to have a little higher, but not dramatically higher, paperless rate. So as as industry, finance underperforms on paperless delivery compared to across all mailers.”

Why finance underperforms on the move to paperless
“Because of how important financial documents are, consumers tend to want to have a copy and control that copy. Adding to the problem, most consumers sign up to go paperless brand by brand, which means I have a dozen bills coming in each month, and it’s a lot more work and hassle for me to remember the passwords and websites to manage all of them. The nature of financial documents is just like that — people need them for taxes, they need them because they think they need them. If I’m tracking these documents by email and websites, it’s a lot of work. It’s oftentimes easier to just stay in paper to control all the documents. People defensively file paper in case they may need it later.”

The challenges for companies to go paperless
“We often come up against is getting an organization aligned around the idea that now is the time to paperless and this is how you do it. It’s sensitive data, so no one does it instantly. The security vetting process of large banks is rigorous and we’ve passed that with two of the five largest banks in the U.S. who are now clients. We see a lot of inertia. We see our competition as really just helping the large brands understand that the consumer experience at our end destinations is one that they get to control, that their branding is there, and that there are links back to their web properties are there. Going paperless touches many of the different groups within a large organization. You have to get the security team comfortable, the branding and consumer experience team comfortable, and the operations team comfortable. You have to create alignment across an organization.”

0 comments on “Inlet’s Chuck Cordray: ‘After 20 years, finance is less than 20 percent paperless’”

New banks, Podcasts

A chat about challenger banking in the US with Revolut’s US CEO Ronald Oliveira

  • European challenger bank Revolut launched publicly in the US in March 2020.
  • US CEO Ron Oliveira joins us on the podcast to talk about the firm's ambitions and product strategy stateside.
Zoe Murphy | May 28, 2020
Data, Podcasts

Case study: How Finlocker and Fiserv enhance data, lower lending costs and increase throughput for mortgage originators to benefit consumer financial wellness

  • The work both firms have done together is a story of collaboration and tapping what each does best.
  • Fiserv's Paul Diegelman will be speaking at Tearsheet's DataDay Conference next week.
Zachary Miller | May 27, 2020
Data, Podcasts

Plaid’s Niko Karvounis: ‘Connectivity is a foundational element of digital finance’

  • Banks are more interested in providing their customers connectivity to their data.
  • Plaid Exchange gives FIs a single API integration to stand up an open finance solution.
Zachary Miller | May 26, 2020
Payments, Podcasts

Mastercard’s James Anderson: “You have to accept the complexity of B2B payments, lean in to it, and solve for it in a way that’s compatible with suppliers and buyers”

  • Commercial payments are antiquated, complex, and huge.
  • Mastercard has launched a new digital platform to compete globally for B2B payments.
Zachary Miller | May 21, 2020
Podcasts

N26’s U.S. CEO Nicolas Kopp on getting to 250,000 users in 5 months in the U.S.

  • Berlin-based challenger bank N26 launched formally into the US market in 2019.
  • Since then, the company has rolled out new features as it grows its customer base.
Zachary Miller | May 20, 2020
More Articles