Financial organizations such as banks, insurance companies, investment services, wealth management firms, and brokerage companies are paper intensive businesses. Their day-to-day operations involve piles of printed documents. These include bank records, credit reports, social security numbers, loan applications, cash transaction files, and financial reports.
Considering all the paperwork being dealt with on a daily basis, the financial industry continues to tackle issues relating to uncontrolled printing costs, inefficient document workflow, and insecure printing environment. Unresolved, these challenges can negatively affect the way financial services are delivered to meet customer expectations and achieve organizational goals.
Partnering with specialists in Managed Print Services (MPS) can make a lot of difference. MPS is increasingly becoming a trend among businesses because of the cost benefits and overall business productivity it brings to organizations. In fact, MPS market opportunities are slated to rise to US$94.97 billion by 2024.
A robust MPS for financial services allows businesses to gain insight into their printing infrastructure, point out the problems, and implement processes to better address the printing situation.
So How Does Managed Print Services Help?
Printing expenses eat up 6.8% of the financial service sector’s annual revenues. Often, this results from a lack of proper printer fleet management. The equipment is neither optimized nor properly maintained. Without a system in place to monitor the entire printing operation and implement device usage controls or limits, companies deal with unnecessarily high printing expenses.
Managed Print Services consists of a full range of solutions for managing and optimizing printers, the output of these devices, the printing processes involved, and the personnel using the equipment. With an MPS solution in place, financial businesses are able to gain control of their spending and ultimately, reduce printing cost by up to 30%. By freeing up a large chunk of their budget, companies can focus on their core business and put innovative projects in place to drive efficiency and competitive advantage.
A core principle of Managed Print Services hinges on the implementation of security measures, which is critical in the printing of financial documents. Confidential company and client information, particularly those that involve financial data, simply cannot do without a secure printing environment.
For the seamless management of your financial services company’s print infrastructure, expect your experts in MPS for financial services to utilize a step-by-step process. They will conduct an assessment of your existing printer fleet, work with you to develop a plan suited to your requirements, optimize your printing process, perform remote maintenance, and deliver supplies on-time and to the right person to prevent block of cash flow.
If you are considering implementing Managed Print Services for your financial services firm, contact QualPath today.