Penny wise, Pound foolish?

Did you know:

  • A US bank does 11 round trips to the moon a year. This is the result of daily courier runs delivering paper from their branches to their back office operations center.

  • Many mortgage lenders in the US cannot produce the original loan document demanded by the courts to enable foreclosure - they can't prove they own the loan. This has led to some judges suspending foreclosure proceedings.

Why is this? Is it the case of "penny wise, pound foolish" - not investing enough to integrate paper-based tasks and processes with digital workflows? Or is it a case of "if it ain't broke, don't fix it" - nothing is done until the business pain gets really intense. Like the company that spent $6M to find the single email they needed to prove regulatory compliance.

| ‎05-13-2010 08:27 AM

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