New Foxit Software-Sponsored Study Finds Pandemic Is Significantly Increasing Need For Digital PDF Document Creation Among Banks and Financial Services Companies

BPI Network Study Highlights Requirement For More Affordable, Easy-to-Use PDF Editing Software to Maintain Licensing Budgets and Quickly Empower New Users

The need for more affordable, full-featured and easy-to-use PDF editing software is growing rapidly among banking and financial services companies, in part due to increased requirements for digital interaction with customers and employees during the Covid-19 pandemic, according to a new study sponsored by Foxit Software, a leading provider of innovative PDF products and services, helping knowledge workers to increase their productivity and do more with documents.

The study, conducted by the Business Performance Innovation (BPI) network, also finds that the high cost of PDF software licenses, along with poor user experiences due to software complexity, are major challenges as banks and financial services companies ramp up usage. As the leading alternative to Adobe Acrobat, Foxit Software addresses these challenges with lower-cost and easier to use PDF solutions, including its popular PhantomPDF editing software.

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Some 87 percent of the 150 executives surveyed said their company’s reliance on and use of PDF software has grown recently. More than 90 percent said the number of PDF power users in their company has grown in the last 12 months, including 37 percent who say there has been a significant increase in power users and 20 percent who say power users have more than doubled. This means companies have had to buy additional PDF software licenses to keep pace with demand.

The new study report, entitled “Powering PDF Users in Banking and Finance”, shows that nearly two-thirds (63 percent) of respondents run into problems using their PDF software. The most frequently identified problems are:

• Costly licenses (56 percent)
• Poor user experiences/adoption (33 percent)
• Lack of the right features (33 percent)
• Proprietary lock-in (29 percent)

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“This new study underscores why demand for Foxit PhantomPDF is growing rapidly within the financial services industry,” said Stanley Chow, senior product marketing manager at Foxit. “With fewer customers willing to go into a branch to sign papers, financial services companies have increased their reliance on digital PDF documents to conduct transactions. Given the steep increase in usage, it’s imperative for banks and financial firms to find an editing solution that minimizes costs. They also need software that requires the least possible amount of time to learn and use.”

“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 scrutinize their PDF software strategy with designs on cost efficiency and opening it up to more people,” notes Tom Kaneshige, Chief Content Officer of the BPI Network.

“By switching to Foxit PhantomPF, our customers are able to increase the number of licenses they use without increasing their budgets, or even while lowering their costs. They are also able to bring new power users up to speed faster because our comprehensive, full-featured solution is easier to learn and use,” Chow said. “Foxit also allows businesses to choose between perpetual licenses and subscription models.”

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