Financial institutions will always rely heavily on paper and electronic documents. This includes common examples like:
- Loan applications
- Cash transaction reports
- Tax returns
These and other documents will, on average, cost financial institutions 6.8% of their annual revenues. This money is spent on printing, tracking, distributing, and archiving.
Unfortunately, this spending isn’t always unnecessary, which means the same companies that often help clients with their budgets are actually limiting their own.
Common Challenges Facing Financial Organizations
Although the financial world is a diverse one, most companies in this industry face similar challenges where their printing and documentation practices are concerned:
No matter what field of finance your company is in, there are at least a half-dozen regulations that must be followed when it comes to a customer’s information and how they’re notified of various decisions or actions on your part. The latter may refer to any number of documents that must be printed out and sent out to a client by a certain date.
Because working in the finance world involves so much documentation, it’s easy to overlook how much it costs to print it all. The same goes for the costs of maintaining the machines required to support this large documentation requirement.
Data Security Risks:
It’s no secret that financial institutions are constantly under fire by cyber criminals. They’re one of the top five most successfully attacked industries . Even some of the largest banks have been breached, which shows how important it is to have sufficient security measures protecting your clients’ information.
Document Management Problems:
Outdated paper-intensive practices often dominate the operations of many financial organizations. While this usually creates avoidable waste, it’s also a problem because hardcopies are so much harder to transfer than digital versions, especially when you think about security.
While many of these challenges can have serious ramifications, Donnellon McCarthy Enterprises (DME) has proven solutions ready to resolve them.
How DME Can Help Your Financial Institution
Our company offers three main service types that we know will make a difference in how your financial organization does business:
Managed Print Services
Before you begin looking for ways to cut your overhead, let us do a Cost-Per-Page analysis to show you exactly what your spending looks like and where it’s happening. We can also monitor your printing supplies and send you more before you run out and hit a major operational bottleneck.
Managed IT Services
Our company can help with everything from managing your server and digital infrastructure to antivirus services to online backup of your files and business continuity.
Managed Document Services
We’ll help improve the security of your sensitive information. You can also use our Print Job Routing Solutions to better manage the devices your organization relies on daily.
These are just some of the many ways DME has helped financial companies like yours optimize their printing and documentation practices.
Would You Like to Learn About All the Ways We Can Help?
Don’t go another day without solutions that support your financial services company’s business goals. Contact DME by calling 1-800-571-2679 or fill out our Contact Us form and let us know how we can help.