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Production Printing Challenges for 2020, and Why FSIs Should Prepare a Year Ahead

Monday, May 13, 2019

According to the Adobe report From Fast Follower To Digital Pacesetter, 58-percent of bank customers use mobile devices often when prospecting or seeking support, 43-percent would be willing to open an account over mobile, 20-percent would do business with a mobile-only bank, and 20-percent already are digital-only users.

Millennials will comprise more 33-percent of adult Americans by 2020, and 75% of the workforce by 2025. This generation demands mobile-first and seamless experiences even from financial services institutions (FSIs). In fact, 57-percent of Millennials would switch their banks for a better technology platform.

Changing customer demand is not the only issue financial services institutions need to face. According to Accenture research, shifting demographics, rising new competitors, and multichannel payments along with other technological disruptions also beleaguer the financial sector.

Production Printing: Where it all starts

At financial services institutions like banks and insurance companies, countless numbers of customer documents and information come through the production printer. Every file is important and every detail in those files matter.

Every file, prior to printing, must be viewed accurately for quality-checking to make sure that the printed material matches its digital counterpart exactly. If it doesn’t, then that calls for reprinting, which means additional cost. Meanwhile, the digital counterpart of these financial statements must be preserved for customers who prefer digital channels.

FSIs should accelerate digital

Clearly, financial service institutions must accelerate their digital transformation efforts to gain and preserve consumer loyalty—and this should include levelling up their document management solutions.

To address their digital customers’ demands, financial service institutions must keep their documents in a central and secure location that is easily accessible. This ensures that they have the most recent, up-to-date version of whatever documents their customers need. Office automation frees financial service institutions from the added complexity of having to individually 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 and reduces waste and environmental impact by using less paper and other resources. Office automation also helps ensure equipment uptime by delivering high-quality products and responsive service with enhanced security.

 

This is not as easy as it may sound, however. Coming up with the right architecture, looking from the customer’s point of view, and delivering engaging experiences take time. The financial sector is lagging significantly in digital transformation efforts, with 88% of players saying their companies are about, or not even, halfway there. The time to start the transition, in preparation for 2020, is now.

About ROA

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

With our over 30 years proven track-record in providing highly functional, top-quality copier and printing equipment tailored to meet your specific requirements, we offer 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 promoting a more sustainable environment.

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