The trend for a change
Technology trends, acting as fundamental forces for a change, are pushing the traditionally conservative financial sector to an evolution that encompasses convergence, mobile adoption and multi-channel strategies. Moving to a digitally driven, data based system can help financial institutions become more efficient, reducing cost through the transformation of document workflows. The standardization and centralization of information also boosts security and ensuring access is only ever granted with the proper authentication.
Change that is not so easy
With so much personal and financial information to store and manage, there are a number of concerns for financial institutions in implementing new technologies. They must look for ways to maximize efficiencies whilst ensuring that information is kept safe. Some key focuses for financial institutions centered on:
Security: The absolute priority. Solutions must feature multi-level security with authentication at every stage, and meet the demands of tight regulations such as SOX and GLBA. Staff tracking and authentication are essential to ensure only the right eyes are ever on any given information.
Productivity: Multi-tasking solutions are critical in order to minimize downtime and manage workflows such as document capture, translation and storage, in the most effective way.
Reliability: In order to build trust, financial institution’s’ agile and effective responses to vacillating financial market is important. Reliability comes from well-managed operational structure that supports fast and efficient workflows and operational management system. Downtime is at a premium: it will not be tolerated, so fast response is essential. Otherwise, customers can quickly lose faith in their financial service institutions or banks if they perceive them to be unreliable.
Change small then? Make small steps instead
For any organizations or individual, small steps is the first step towards the goal.And with well-designed printing technologies can enable better working practices for the financial industry, at every touch point.
High-risk security issues in financial industry can be prevented through technologies such as pull printing. Pull printing technology documents are only available to those who are authorized to “pull” the documents at the printing spot to keep all information safe. 24 hour monitoring on mobile user authentication through a mobile dashboard can also contribute to security check. By careful monitoring system of every document moving through the office and system, firms can keep track, trace and manage every individual and documents’ usages and flow. This will not only bring safety to the system, but also lead administrative productivity and efficiency, having management team able to stay mobile and flexible, while overseeing the entire printer fleet, saving time by automating any redundant tasks.
Automatic document management system in printing technology solution can be a solution for productivity boost. For instance, by implementing automatic digitization of information written on paper forms through OCR (Optical Character Recognition software) scanning can enable employees to store, update and keep customer information with minimum error, as well as get fast access to the information they need, when they need it, driving efficiencies and boosting productivity.
Evolved printing technologies can improve procedures and empower both employees and customers. For employees, downloading and printing documents wherever they are makes customer face to face appointments seamless. Uploading new information, for example, scanning identification is also more straightforward. The customer benefits from improved confidence in the bank’s information privacy controls, and a more seamless experience, online and in branch.
All these can come with pleasant by-products: cost saving. Through minimised paper waste due to minimized error prints and monitoring system that keeps track of everyone’s document usages, firms can reduce cost, sometimes, significantly.
Big Differences through small but significant changes
The financial environment has evolved. Customers are more demanding than ever and institutions need to look for ways to reduce costs and improve efficiency, without ever losing sight of the all-important security issue. Enabling the business and empowering employees through printing technologies can be seen as small change, but will mean an improved customer experience and will engender faith in the banking sector going forward.