Financial Services respondents to a Ricoh commissioned global survey indicated 37 percent of their document processes are still driven by paper, and customer-facing processes: sales, marketing/customer communications and customer onboarding, are more likely to be document driven than other industries.

Financial Services respondents also agreed that optimizing customer-facing processes can have a dual benefit of increasing revenue by almost 11 percent, while at the same time reducing operating costs on average an additional  10 percent.

Ricoh Perspective:

Financial services such as banks, credit institutions, and securities services firms, like other industries, face the challenge of enriching and increasing the business value of customer relationships, at a time when customer behaviors and expectations are more demanding.

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Freed from processes heavily reliant on paper, customer facing staff—especially those in local offices and branches—can engage customers more effectively, with more time to solve complex problems, cross sell and upsell services, all helping to build greater value over the life of an account.  Promoting deeper, richer customer engagement helps provide a competitive advantage in attracting new customers and building loyalty in existing customers.

Best practices in transforming processes help achieve the most effective balance of paper and electronic documents in workflows and drive down operating costs. These practices range from reengineering in-house processes like the conversion of paper documents to searchable digital formats to outsourcing conversion and other tasks that do not add value for the customer.

Reviewing processes for optimization must always be coupled with an eye to information security. IDC research shows that over 80 percent of Financial Services firms have encountered serious business issues as a result of failures in a document-driven business process.  Information process security is critical to retain the customer’s trust and prevent damage to brand—and to control risk in one of the most highly regulated industries. 

Learn how optimizing document and information processes can help you build greater customer value over the life of an account, drive down operating costs and maintain a strong reputation for trust.