Financial Services Are Evolving at a Rapid Rate
of financial services leaders say the speed at which that technology is changing is one of their biggest concerns. (Source)
of organizations say the top challenge for bank directors is keeping up with ever-changing regulations. (Source)
of financial organizations say creating digital capability is their most important technology focus. (Source)
Financial Services Company Challenges
In today’s competitive market, financial service companies need a way to grow revenue in the face of industry-wide credit issues, mergers and acquisitions, and security and regulatory initiatives.
Since the 2008 financial crisis, companies operating in the financial industry need to develop more stringent record-keeping and reporting practices. New regulations regarding liquidity, exposure, and stress testing have created a host of new processes to generate reports. Maintaining profitability requires that these processes are streamlined and free of unnecessary costs in terms of both time and money.
At the same time, regulations are rapidly shifting. It is more essential than ever to store raw data in clearly marked and easily accessible formats so that it can be located and used as necessary.
While financial service firms face back-end operation issues, they must also compete for customers in a crowded marketplace.
Individuals are increasingly empowered to choose their investments themselves through apps and other FinTech solutions. In addition, booming markets in cryptocurrency and other nontraditional investments may lure customers away from traditional markets and even the most trusted brands.
As financial services companies face these internal and external pressures, central challenges include:
Clients expect personal, seamless, and near-instant communication from their financial service companies. Individualized responses can be time-consuming to create, especially as clients reach out across different media and channels. While some automation can help fill the gaps, it must feel human as well as actually address customers’ pain points. Providing excellent customer service is a mainstay of the financial industry for good reason: it costs more to gain business from new customers than to cross-sell to existing ones.
Every mortgage, credit line, checking account, and investment product require documentation at each step. Most financial service firms spend significant time, labor, and money on administrative processes, including compiling and managing documents. Mistakes or errors in internal processes can have a greater cost than the error itself if it creates a compliance issue, for example. More companies are turning towards workflow automation and digitization to improve their speed of business and eliminate human error.
Intense competition drives cost-cutting at every turn. From redundant staffing to human error to your lease, your company may have looked at cost-cutting from every angle. New technological solutions provide another way to reduce costs by streamlining your workflow.
Old or outdated technology can make your customers’ data vulnerable to security breaches. Unencrypted data, employee error, and even spoofing risk more than your companies’ bottom line. A security breach can result in SEC fines, loss of customer loyalty, and a damaged reputation. In today’s competitive marketplace, protecting your reputation depends on protecting your data.
Financial services are rapidly evolving. Are you prepared to keep up?
- 76% of financial services leaders say the speed that technology is changing is one of their biggest concerns. (Source)
- 62% of organizations say the top challenge for bank directors is keeping up with ever-changing regulations. (Source)
- 28% of financial organizations say creating digital capability is their most important technology focus. (Source)
MRC Solutions That Can Help Your Business Succeed in Your Respective Industry
Automate and streamline the new account application process. Eliminate paper and reduce processing times by digitizing application forms and client correspondence. In the process, improve your speed of business.
Improve customer retention by designing personalized communications. In the process, increase the service level that your customers receive. Our multifunction devices and solutions can manage the whole process from design to print to mail.
By optimizing office environments, you can make print operations more efficient, reduce paper waste, optimize documents, and reduce costs across your enterprise.
Reduce the risks and costs associated with complying with complex regulations. Xerox® ConnectKey® Technology protects your customers’ data against security breaches as well as human error.
Off-site document storage and retrieval is costly. Storing them electronically will eliminate costs and allow your raw data to be available in multiple formats for easy use.
When you use electronic folders to store documents securely, you allow users to capture, submit, audit, share, deliver, and archive quickly, without wasting paper.
Operate More Strategically By Increasing Your Capabilities
The productivity of your staff depends on collaboration. Utilize the workflow enhancing apps from the Xerox App Gallery on your ConnectKey® Enabled Devices’ to create easier, faster, and more efficient communication —all while encrypting sensitive documents for optimal security.Learn More