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Document Management Opportunities for FSIs in 2020

Wednesday, July 31, 2019

Twenty years ago, Financial Services Institutions (FSIs) rode the e-commerce wave by launching e-business units. This coming 2020, 63% of insurance CEOs believe that advances like the IoT will play a strategic significance in their organization — and these unprecedented advances will extend from customer experience to data analytics and document management.

Here are the key document management opportunities for FSIs in 2020.

Adapt to the New Normal

Even if your document management system is serving you well today, by next year it will become stale. FSIs must prepare for a world that is dynamic and constantly evolving—where digital comes first. This coming 2020, FSIs should look at putting legacy document management systems aside and adapt smart document management and printing that could replicate all of their existing data for half the cost, or less.

Upgrade and Secure

Abandoning your legacy document management systems will not only favor your ROI objectives but also protect you from cyberattacks. As the number of data breaches increases globally, system administrators will be forced to consistently monitor and protect confidential customer data, decreasing staff productivity.

Stay Compliant and Avoid Costly Fines

The financial industry has the most rigid rules for the retention—as well as destruction—of papers received in banks from clients. To stay compliant with regulations and strict document policies, FSIs who adopt a new document management system can take their document retention policy to the next level. While storing separate paper documents is a growing concern—as they can be ruined, lost, or mixed up—FSIs who opt for smarter document management can avoid the cost of fines and regulatory actions.

Ensure Accuracy of Document Data

Document inconsistency has beleaguered FSI staff when processing financial transactions. Document descriptions and metadata that differ significantly from department to department result in errors in customer data. The result? Searching and retrieving data takes too much time, causing delays and client dissatisfaction.

FSIs Should Go Digital

Clearly, financial services institutions must accelerate their digital transformation efforts to gain client loyalty—and that includes levelling up their document management solutions.

FSIs must keep their documents in a central and secure location that is easily accessible to address their digital customers’ demands. As a benefit, having a central repository ensures that enterprises have the most up-to-date version of whatever client documents they need. Office automation gives FSIs opportunities to improve the way they manage files, folders, and email attachments. It eliminates the need to search through files, folders, and email attachments.

When implemented correctly, office automation helps maximize business productivity by increasing operational efficiency. It eliminates redundancy and inefficiency by streamlining document workflow. On the business continuity side, it addresses not only possible downtime, but also ensures equipment uptime by delivering high-quality products and responsive service.

Deliver Automation

Rabbit Office Automation (ROA) helps you overcome today’s challenges in a cloud-first world by delivering office automation through digital technologies for the FSI sector.

In partnership with Ricoh, ROA is dedicated to providing FSIs with the right printer for their specific printing and document management requirements. ROA offers complete services from reliable copier equipment to strategic document management solutions designed to help your organization increase process efficiency and effectiveness, while lowering costs and increasing ROI.

Rabbit Office Automation offers Managed Print Services that can help FSIs assess their current-state costs and workflows and provide device maps to draw attention to unnecessary costs; remove underused devices and consolidate output among fewer centralized systems; ensure security through devices that offer file encryption, removable hard drives and other techniques; and analyze print volumes and workflows via remote monitoring and management to align the capacity of the organization with the actual print volume.

Talk to our experts today to know which options are best suited for your office environment.

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