The managed print services market continues to gain momentum as enterprises seek to tackle escalating print costs and drive greater business efficiency. One sector where this growth is clearly evident is in the financial sector.
Companies in the financial sector are, in the main, office-based businesses that can aggressively consolidate their print fleets thanks to their open plan office geographies. This means they tend to be looking for a small number of high-speed MFPs that deliver the functionality required to control and forecast expenditure and, most importantly, adhere to Financial Conduct Authority regulations. This means organisations need to maintain accessible audit trails. Financial sector organisations therefore recognise the benefits of having all print and scan activity tracked for billing and monitoring purposes.
Financial sector institutions are also heavy users of paper – whether it’s communicating with customers via letter (for which there is still a legal obligation in certain cases) or receiving paper documents into the organisation. That means there’s also a need – and a demand – for automated workflows that lead to smarter working.
Take document storage as an example. When companies receive documents nowadays they can’t just store them all in one place in hard copy format. For a start there’s a risk of losing that hard copy through some kind of natural event. Then trying to retrieve that document again can also be difficult and time consuming, however good the filing system being utilised. The smart solution therefore is to stick everything into a document management system, embed some metadata about the customer and then simply search and retrieve the document as needed. It’s simple and safe.
A circular solution
All-in-all that means the best managed document solutions (it’s much more than just print) is broad – and about whole document life cycle management, which is a circular process involving document creation, output and digitisation phases.
A good example shared with me by KYOCERA’s specialists is:
- Create: Customer-facing documentation, including the database, templates and governance needed to manage all outbound communications.
- Output: The office print output and control; the traditional heartland of managed print.
- Digitise: Getting output stored digitally, workflows simplified and signatures digitised.
Get all three of these areas working properly and hand-in-hand results in a top-level solution that really delivers benefits.
Of course security is also a major concern for financial organisations, such is the volume of sensitive personal data flowing in and out on a daily basis. Happily, Increased digitisation should not compromise the security of data and documents.
It’s actually straightforward for organisations to look after print security, which is something I looked at in a previous blog post.
In a nutshell, smarter technology means data and documents can be better protected than ever before. Print hardware works alongside software and apps to help users avoid losing valuable data and prevent unauthorised access. Organisations can therefore ensure confidential documents don’t end up in the wrong hands, limit device access to particular users and departments and clearly identify key users.
Thanks to enhanced security, improved efficiency and smarter working, it’s no wonder the financial sector is one that’s driving the continuing adoption of managed document solutions.