BANKING AND FINANCE FIRMS FACE EXPLOSIVE GROWTH IN PDF POWER USERS

New BPI Network Research Finds High Licensing Costs And Poor User Experience

(SAN JOSE, Calif. - October 27, 2020)

Given the rapid rise of the consumer digital lifestyle, banking and finance firms are suddenly unable to share documents in person. They must now rely on PDFs as mission-critical documents.

A new BPI Network report, produced in partnership with the leading provider of innovative PDF products and services Foxit Software, entitled “Powering PDF Users in Banking and Finance,” covers the growing importance of PDFs and highlights major problem areas. It is based on a survey of 150 banking and finance executives.

Key findings include:

• 83% of banking and finance executives see a definite rise in the use of and reliance on PDFs
• 57% see a significant increase in the number of PDF power users, including 20% saying it’s more than doubled
• 53% cite a slow transition to the paperless office

Download the complimentary report at: http://bpinetwork.org/thought-leadership/studies/powering-pdf-users

As the pandemic causes people to make fewer visits to banks and hastens the closure of bank branches, banking and finance firms are turning to PDFs to facilitate transactions. Yet their PDF environments are riddled with high licensing costs and problematic user experiences.

According to the report, here are the top four problems with PDF software:

1. Costly license (56%)
2. Poor user experience/adoption (33%)
3. Lack of advanced features (33%)
4. Proprietary lock-in (29%)

Banking and finance firms need to act fast and fix these problems. As PDF power users and advanced PDF features become mission critical, banking and finance firms need to re-examine their PDF software strategy with designs on cost efficiency and better user support.

“In today’s all-digital world, everyone needs to be a digital content creator,” notes Donovan Neale-May, executive director of the CMO Council. “Remote banking and finance employees need to be able to whip up, mark up and share documents as easily and more frequently as handing out paper documents to customers in an office setting.”

Additionally, banking and finance firms can reap cost savings through better management of their PDF environments. They can search for cheaper solutions, eliminate duplicate software, and reduce paper-related costs.

“One of the biggest priorities for financial firms is creating a more efficient operation through technology – all while keeping their budgets in check,” says Stanley Chow, senior product marketing manager at Foxit. “When looking at your financial spending, you need to identify where and how you can create better value. Replacing overpriced legacy software with high-value, user-friendly solutions will not only free up costs, but enable employees to deliver outstanding customer service.”

The report also provides a list of important PDF features and gives recommendations for creating and managing a robust PDF environment.

About the BPI Network

The Business Performance Innovation (BPI) Network is a peer-driven thought leadership and professional networking organization reaching some 50,000 heads IT transformation, change management, business re-engineering, process improvement, and strategic planning. The BPI Network brings together global executives who are champions of change through ongoing research, authoritative content and peer-to-peer conversations. For more information, visit www.bpinetwork.org

About Foxit Software

Foxit is a leading provider of innovative PDF products and services, helping knowledge workers to increase their productivity and do more with documents. Foxit addresses the needs of three distinct market segments. For End-User Productivity, Foxit delivers easy to use desktop software, mobile apps, and cloud services to make knowledge workers more productive. ConnectedPDF delivers leading edge technology that powers document management, security, and collaboration services for PDF files. Foxit’s Developer Solutions enable developers to incorporate powerful PDF technology into their applications. For Enterprise Automation, Foxit provides server software for large scale PDF document management and data capture.

Foxit has over 560 million users and has sold to over 100,000 customers located in more than 200 countries. The company has offices all over the world, including locations in the US, Asia, Europe, and Australia. For more information, please visit https://www.foxitsoftware.com.