Why is it, then, that those working in highly-regulated industries like financial services sometimes feel that digital transformation is a party to which they haven’t been invited?
A reliance on paper-based legacy systems makes such a radical rethink as challenging as it could be rewarding. There are specific regulations covering what documents need to be stored and for how long, with key information often siloed, making it hard to get any kind of wider view of the customer and their needs. Financial services companies can thrive on data, but paper-based workflows hold them back. Not that they’re ready for a world without hard copy; even where regulations allow for fully digital processes and workflows, financial services companies will have some customers who just prefer to handle everything the old way. Put it all together, and it’s no surprise that a recent QuoCirca survey found that while 30% of businesses in general viewed printing as critical for their business processes, that figure rose to 73% for financial services. This makes digital transformation that bit more difficult.
Difficult, but not impossible if you take advantage of Managed Print Services (MPS). MPS providers like HP understand that there is still a need for hard copy documents in financial services, and that companies working in regulated industries need processes and workflows that can support both digital and paper-based approaches at the same time.
They can bring in experts to look at your processes and workflows and advise you on how to digitise what can be digitised and support what needs to remain paper-based, with consultants fully briefed on the legal and regulatory issues involved. MPS providers can help you integrate print and digital documents in systems that comply with all requirements to make electronic copies unique, identifiable and tamper-proof, with the correct records on how information is copied, stored and reproduced.
MPS providers also have the technical and document-management expertise to put specialised solutions together, bringing in multi-function printers that scan and route documents to archives or specific applications, where they become machine-readable, sharable and much, much easier to audit. While integration with document management, business intelligence and CRM systems, allow authorised employees to get instant access to customer information when they need it, but in a way that enables strong security and compliance. Digital approval flows mean that you no longer need to print to get sign-off all along the line.