Why Digital Transformation Delivers for Finance & Insurance Businesses
Financial and insurance businesses account for some of the biggest users of paper and they are also amongst the slowest sectors to innovate digitally.
So, as the sector faces mounting pressures to ‘go digital’, here are seven compelling reasons for finance and insurance businesses to act now and invest in secure print and document management solutions:
1. Streamlined operations & improved decision making
With fewer manual processes and greater automation comes easier access to files and information and therefore improved and faster decision making. Figures suggest that almost a quarter of large UK organisations lose more than one day per transaction by printing documents just to get ink-based signatures¹.
2. Increased productivity and profitability
Rethinking workflows and automating processes frees-up people-power for greater endeavour. A YouGov polled revealed that 80%² of employees spend up to one hour each day searching for hard-copy documents and information. Easier access to information enables more effective team working, faster outputs and greater productivity, plus it’s a necessary component of agile working.
3. Improved customer experience, sales & retention
The ability to process information quickly and efficiently and to retrieve files anytime, anywhere means that client communication is not only faster, but more cost-efficient. As consumers become more demanding and less loyal, enhanced customer service is vital to stay ahead and protect the brand.
4. More efficient R&D and business development
Less time spent on time-intensive and laborious tasks frees up time for greater innovation, problem solving and new product development. A study revealed that business managers said they would use the time saved by automation on business development instead³.
5. Enhanced security
Documents left on printers or printed in error present huge security risks. While it may seem counter-intuitive to think of digital documents as safer, these files are encrypted and can be more carefully managed, tracked and protected. The benefit of improved security is directly linked to brand reputation, cost management and customer retention too.
6. Cost savings
It is estimated that the average worker prints 1584 sheets† of paper each month – a figure that is almost certainly higher in paper-intensive industries such as financial and insurance services. Going digital not only reduces the costs attached to paper and consumables usage, but also the costs associated with accommodating paper-file storage on site, which can help to reduce overheads significantly.
7. Corporate Social Responsibility
Businesses must stand-up to the scrutiny of savvy employees and consumers who expect to see show they have strong values and ethics. A digital transformation can add to a company’s environmental and sustainability credentials, helping to build the brand and achieve differentiation.
The case for digital transformation is compelling and with the finance and insurance industries waking up to the fact they must b esmarter, faster and better, systems such as DMC Canotec’s uniFLOW Document Management and Managed Print Services (MPS) become an even more important part of a wider digital response to the changing demands of the market. Challenging the traditional MPS model and promoting broader digital transformation, DMC Canotec combines workflow automation, intelligent data capture and cloud communications to help businesses control costs, maximise staff productivity and improve operational agility.
To discover how DMC Canotec can help you begin your digital transformation, please visit our Finance & Insurance page.