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Financial Services. Effective Information Management and Communication

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Financial Services

Effective Information

Management and

Communication

Ricoh is a global leader in information management. Our services and solutions are tailored to the needs of the financial sector. They streamline administrative processes and enhance customer communication, reducing costs, increasing revenue and building loyalty.

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Integrated end-to-end solutions

The financial services sector is constantly evolving. The market today is characterised by intense competition and framed by heightened regulatory scrutiny. There is growing appreciation of the value of customer service, particularly as customers can now more easily switch from one financial services provider to another. Whether your primary business is banking, investments, pensions or insurance, all financial institutions face a similar challenge: that of enhancing their customer services to build loyalty and win new business whilst, at the same time, identifying efficiencies that will streamline administration and reduce cost. Financial institutions are turning to their technology partners for assistance. They are looking for tailored services and solutions that will streamline their administrative processes and enhance communication, improving back-office efficiency and driving customer engagement.

This is where Ricoh can help. As a global company specialising in document management, office imaging, IT services and production printing, Ricoh is able to provide integrated end-to-end financial solutions that add customer value and deliver significant cost and efficiency gains.

78% in financial services say that technology makes their business more productive and plays an essential role in supporting new ideas*

* Economist Intelligence Unit, ‘Humans and Machines: The Role of People in Technology Driven Organisations’, sponsored by Ricoh

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Ricoh’s financial sector services and solutions

Page 4 Page 6 Page 8 Page 11 Page 15 1. Financial Services: Sector Overview

2. Ricoh Engagement Process 3. Ricoh Solutions

4. Re-Imagining the Future Customer Experience 5. Customer Case Study

Optimising information flows

Consulting with you on your requirements, we can deploy appropriate services and solutions, developed specifically for the financial sector, that will enhance your customer communication, streamline your information processes, enhance document security and reduce the administrative workload. More information can be found on the following pages:

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The Challenge of Speed

The financial services industry is undergoing a period of rapid change. Many financial institutions are in a state of strategic transformation as they re-engineer their business models to adapt to new challenges.

• Transform business model • Implement mobile,

cloud-based digital banking • Big Data: Integrate and

manage customer data • Develop efficient end-to-end

workflows Technology

• Restore public confidence • Develop mobile banking

strategies

• Engage using social media • Interactively customise

products and services Customer

• Recover from financial crisis • Strengthened capital reserves • Develop new revenue

streams

• Make profit in a low interest rate environment Economic • Adapt to financial legislation

• Comply with new regulatory standards

• Embed risk management culture

• Transparent compliance Regulatory

Key Drivers for Change

Maturists (Pre 1945) Baby Boomers (1946-1960) Generation X (1961-1980) Generation Y (1981-1995) Generation Z (1995 onwards) Percentage in UK workforce

3%

33%

35%

29%

Part-time and apprenticeship Attitude to

technology Largely disengaged Early IT adopters Digital immigrants Digital Natives

Dependent on IT (limited interest in

alternatives)

Preferred media Formal letter Telephone Email and text Text and social media

Integrated media (smart watch, glasses

etc.) Preferred communication Face-to-face Face-to-face, telephone or email Text message or email

Online and mobile

(text messaging) Facetime

Preference when making financial decisions

Face-to-face meeting

Face-to-face meeting but increasingly will

go online

Online but would prefer face-to-face if time permits Face-to-face Solutions will be digitally crowd-sourced

Preferred Communication Channels

Whilst adapting to these challenges, financial institutions also need to consider how best to communicate

with digitally engaged customers. This table*1 shows the communication channels preferred by different

demographic groups.

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Financial services executives recognise the need for dynamic change, however just one in ten*2 feel they

can rapidly take advantage of new opportunities. Alongside the need to juggle conflicting demands from consumers, regulators and shareholders, it is the speed at which they adapt to technology-led change and re-engineer critical processes that is heightening the burden.

Although under pressure, business leaders understand the importance and need for change over the next three years, and more than half (54 per cent) have ideas to tackle such future transformations. Adopting new technologies (first), attracting and retaining customers (second), and improving core business processes (third), are cited as the top most crucial areas for change within their business.

However, the challenge is in execution. Within financial services, an average of 43 per cent of respondents, admit that they lack the ability to execute their ideas well. Financial services leaders say the biggest barriers to change are process related. They rank bureaucratic decision making processes (47%), effectively linking technology platforms (40%) and insufficient access to information (35%) as the most obtrusive.

Barriers to Change:

• Bureaucratic decision making processes (47%) • Linking technology platforms (40%)

• Insufficient access to information (35%)

Ricoh can help financial services institutions overcome these barriers to change by delivering tailored customer-centric services and support that improves their responsiveness to client needs, allows then to be more effective and reduces their exposure to risk.

Embracing Change:

• Embrace technological solutions which enabled bespoke customer communication

• Enhance relationships with customers by delivering the right information in their preferred format at the right time

• Outsource document management to minimise time and costs spent on back-office administration

• Continually review optimised processes to ensure they remain compliant with industry regulations

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Structured engagement process

Financial institutions have complex information flows. Inbound documents, which can include paper-based mortgage applications and insurance claims as well as web generated enquiries and account applications, must be recorded and processed securely within an auditable workflow.

At the same time, outbound customer communication, which can incorporate information collated from different internal databases, has to be optimised and communicated effectively across a variety of platforms, including email, SMS and post.

If the information workflows are not managed effectively, time can be wasted, tying up valuable internal resource and delaying customer engagement. Use of ineffective systems and technology can also add cost to the operation.

Because your information workflow is unique, Ricoh will take time to understand it and identify where improvements can be made before implementing an end-to-end solution which supports your needs more effectively.

We follow a five-step process that takes us from initial understanding to full optimisation. It is a structured, consultative and customer-centric approach. It results in smarter, more efficient workflows.

Working with Ricoh and its suite of customer-focused solutions, financial services organisations can combine a streamlined business process infrastructure with a renewed focus on their customers, ensuring they are always one step ahead of the competition.

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Business Process Services

Managed outsourced solutions which streamline core document processes and increase output.

Workplace Services

Streamline office processes and make more efficient use of your workspace.

Sustainability Management

Services

Reduce the environmental impact and cost of your business processes.

Production Printing Services

Improve efficiency and reduce cost by optimising your production print operations.

IT Infrastructure Services

Optimise your IT to enhance productivity, increase efficiency and deliver lasting strategic advantage.

Application Services

Enhance your information workflows with our expert application delivery, consultancy and support services.

Communication Services

Collaborate and share with anyone, anywhere, anytime with the best ways to communicate and engage.

Ricoh’s global services

Ricoh is a global leader in document management. Our multi-industry expertise and our class leading products and services help us to transform our customers’ business critical document processes. We have a worldwide service network which covers 95% of Fortune Global 500 company employees.

Our core business services - as relevant to customers in the financial sector as they are to other customer groups - are listed below. They are supplemented by a suite of services and solutions developed by Ricoh specifically for the financial services sector.

Managed Document Services

Helping you enhance business efficiency and productivity. Optimised for the financial sector: - End-to-end project management

- Best practice training - Data security and cleansing - Security compliance - Managed testing services

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Branch Paperless

Ricoh’s Branch Paperless solution is designed with the modern financial institution in mind. It allows the branch offices of banks, building societies and brokerages to optimise document processes, such as mortgage or loan applications, improving efficiency and providing an auditable document trail.

Speed up submission and approval

Many existing branch office document processes are manual. A lack of consistent data management means that documents forwarded manually to a central office or processing facility can easily be misfiled, compromising compliance.

Ricoh’s Branch Paperless solution replaces the manual document processes with a compliant and easy-to-use digital workflow. The end-to-end solution includes the management, indexing and archiving of documents which allows staff to scan files into an electronic approval flow.

Documents can be accessed instantly and viewed simultaneously by different users, regardless of location. The elegant electronic solution speeds the decision-making process and, by streamlining the administrative workflow, enables staff to spend more time with customers.

Ricoh’s solution can be deployed to optimise an existing digital workflow, automating the scanning and archival process to save time and improve compliancy, or can be implemented across an entirely new workflow, replacing manual paper-based processes.

Key Benefits:

• Index, archive and

escalate documents • End-to-end workflow • Electronic approval flow • Compliant process • Auditable document trail • Reduces administrative workload • Speeds approval process • Improves customer experience

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Key Benefits:

• Personalised

communication • Multi-channel support

(email, SMS and post) • Dynamic reporting • Increased customer

loyalty

• Improved acquisition and retention • Agile business model • Streamlined process • Auditable communication history • Reduced costs • Modular or managed CCM services

Customer Communication Management

Customers expect relevant, detailed and timely communication from their financial services providers. To engage the customer, build brand loyalty and cross-sell additional services, your customer communication needs to be colourful, personalised and targeted.

Enhance customer communication

Ricoh’s Customer Communication Management (CCM) is an integrated suite of solutions and supporting services which enables financial services providers to manage their customer communication processes more effectively.

It allows financial services providers to take control of their regular and ad hoc communication - everything from email marketing, to personalised welcome packs and regular statements - ensuring that each document is effective, traceable and compliant.

Automation sits at the heart of CCM. Financial services providers can safely validate, personalise and deliver multi-channel customer correspondence within a framework of customer preference, regulatory compliance and a fully auditable trail.

Consulting with you, we can deploy CCM service modules to optimise your inhouse communication process or provide a managed outsourced solution that allows your business to migrate quickly to more cost effective multi-channel communication methods. CCM can be delivered as an outsourced solution (CCM Outsourcing Services) or as a modular in-house solution (CCM Solution Suite).

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Marketing Asset Management

In today’s competitive market place, global marketing campaigns have to be delivered faster, made more relevant to customers and aligned to revenue goals. Local adaptation and personalisation has to be closely managed, cost-effective and on brand.

Marketing Asset Management (MAM) - the systematic development, distribution and tracking of marketing assets - can help maximise returns. Through its subsidiary PTI Marketing Technologies, Ricoh provides access to leading web-based Marketing Asset Management tools.

Precision Marketing

Ricoh’s Precision Marketing service delivers real business advantage. Your customers will receive precisely targeted, personalised communications that meet their needs and preferences. The approach results in higher levels of customer engagement and conversion rates.

Ricoh’s data analysts identify the data required to build an analytical model. They will consolidate data from multiple silos, consolidate it into a single file and analyse it to define target profiles using intelligent state-of-the-art software.

Taking the guesswork out of marketing, Ricoh’s Precision Marketing service will enable your business to switch from pure product marketing to proactive CLTV (Customer Lifetime Value) management, targeting the right customers with the right services.

Precision Marketing adds value by improving customer retention and conversion rates. It allows financial institutions to make sound marketing decisions, based upon known cost parameters and accurately projected acquisition and retention rates.

Right Format Right Time Right Information Print Digital Mobile Financial Institution Content Management and Data Analysis

Targeted Multi-channel Communications

Printed communication Digital communication

Promotional marketing Welcome packs Regular statements Encrypted Customer Data

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Re-Imagining the future customer experience

The ways that customers interact with financial institutions is changing at pace. Many traditional branch services have moved online, with customers increasingly using web and mobile services to pay bills, view statements and manage their finances.

Optimise the value chain

Banks and other financial institutions have reacted by closing down loss making branches. But, according to research conducted by Capgemini Group, 90% of consumers still prefer to receive face-to-face advice when buying complex financial products.

The role of the retail branch is changing. Many transactional banking processes will in future be hidden from sight and the customer environment will be re-purposed. The branch of the future is more likely to resemble a business lounge than a banking hall.

The high-tech interactive environment will build the customer relationship and support the face-to-face sale of complex financial products. Digitally connected sales professionals will be able to access, share and present information seamlessly with their customers.

Ricoh can help to drive the change, providing financial institutions with the customer-facing interactive digital technology required for face-to-face selling as well as the services and solutions required to automate back-office processes and remove them from public sight.

Our Clickable Paper cross-media advertising tool and Smart Presenter mobile sharing application will bring your promotions to life and help you to engage more effectively with your customers. These, and some of our other intelligent communication solutions, are described overleaf.

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Interactive cross-media advertising

Bring adverts, product literature and editorial to life with online content. With Ricoh’s Clickable Paper interactive mobile app, you can extend the power and reach of your marketing. To find out more about your products and services, customers need only click on the app.

Clickable Paper

The iOS and Android mobile apps are free to download and use. App users just snap an image of the printed material they are viewing. The app sends the snapped image to the cloud server and after the links are returned, it displays them in an easy-to-view format.

Today’s consumers demand instant gratification. Marketers like to try, test and measure. Clickable Paper gives everyone what they want. Your customers can read reviews, download a coupon and click to buy. And every click-through is tracked, so detailed analytics are available.

No unsightly barcodes or marks are required and there is no need to enter a web address. Clickable Paper recognises hotspots within printed content and provides instant one-touch access to multiple links, such as videos, reviews, product specifications and downloadable extras.

Authoring Mobile App

• Identify hotspot and assign rich media • No editing, formatting

or additional content required • Use any printed

brochure or advert

• Easy one-click image capture

• Submits a query to the Clickable Paper cloud database • Displays rich media

results for user action • Cloud based

database stores indexed documents and rich media • Ricoh image

recognition technology identifies hotspot and returns results • Tags updatable

anytime Clickable Paper Cloud Database

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Digitally share meeting information

Ricoh’s Smart Presenter allows you to share information more easily with your customers and colleagues. Eliminating the need for paperwork in meetings, presentations and seminars, it enables documents and presentations to be displayed on iPad and iPhone.

Smart Presenter

Imagine being able to share detailed information with your customers and colleagues on their mobile devices in real time. The Smart Presenter app synchronises participants’ devices with that of the organiser, ensuring that everyone is on the same page.

There is no need to print out documents, set up a projector or ask customers to view a PC screen, with Ricoh’s Smart Presenter, anyone can present and everyone can see. The presenter maintains control and data can be wiped from all devices when the meeting is over. Enhancing the presentation experience, Ricoh’s Smart Presenter app can also be linked with Ricoh’s wireless projectors. Ricoh’s Conference Centre server software extends the capabilities of Ricoh’s Smart Presenter app by supporting larger meetings and providing enhanced security options.

Bring people together

It is not necessary for participants to be in the same room, the same country or even the same time zone to hold constructive meetings. Ricoh’s Unified Communication Systems enable real-time interactive audio and visual communication between multiple remote locations. Providing remote access, Ricoh’s Unified Communication Systems enable branches to call upon external expertise.

Unified Communication Systems

Ricoh’s innovative video conferencing solution integrates video, audio, text and interactive media. The portable technology is as easy to use as a mobile phone. Its wireless technology connects seamlessly, enabling face-to-face communication from virtually any location.

The technology promotes smarter working. It bridges the gap between mobile workers, branch employees and the head office and, in a retail branch environment, facilitates consultative face-to-face meetings between customers and remotely located product specialists.

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Present, collaborate, annotate and save

Ricoh’s interactive whiteboards will help to make your meetings more informative and productive. Using the interactive technology, it is easy to present and collaborate using a range of digital media, including spreadsheets, presentations and video.

Interactive Whiteboard

The high-tech panels, which have a high-resolution display and support smooth handwriting, can be deployed in customer-facing environments and used as a display for Ricoh’s video conferencing technology, enabling meeting participants to share content using a ‘picture-in-picture’ function.

The smart technology is easy to use. There is no need to install any software; users simply connect using a computer, tablet or smartphone. The touchscreen supports drawing, annotation and editing. Screen content can be printed on the fly, saved to a USB memory stick or shared via email.

Project a more professional image

Ricoh’s high-intensity data projectors lend a professional edge to presentations. Ideal for large meetings, Ricoh’s conference room projectors will project in high definition onto screens up to 300 inches in size, whilst the integral 16 W speaker fills the room with quality sound.

Digital Signage

Adding extra impact to customer presentations, Ricoh’s innovative Digital Signage (DS) feature enables a single cohesive widescreen image to be projected using two or three projectors. Simple one-click calibration and wireless connectivity make the Ricoh solution easy to use.

Smaller meetings are easily catered for too. Generating minimal heat and noise, Ricoh’s office projectors are perfect for small meeting rooms and being lightweight are easily portable. Easy to set up, they can be used to present a professional image at a customer’s premises.

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Customer Case Study

With assets exceeding €1 trillion and nearly 100 million customers worldwide, Ricoh’s customer is one of the world’s most successful retail banks. Customer centricity and operational excellence are key strategic focus points for the bank.

The bank mails more than 500 million documents to customers every year. Rationalising the bank’s in-plant production facilities presented the opportunity to add impact to customer communication and reduce production and mailing costs. Many jobs were printed directly from mainframe systems. Work could not be moved from printer to printer and, with post-process optimisation also managed by mainframe applications, the bank was unable to pre-sort mail and take advantage of postal discounts. Ricoh transformed their production processes. Ricoh’s unified print management tool handles pre and post-production processes, streamlining the workflow. Multi-channel content is optimised and output digitally or printed to an appropriate production device. The print management tool allows the bank to impose templates, merge data from different applications and split print production across multiple devices. The system also allows work to be switched seamlessly from one production site to another, increasing flexibility. Ricoh’s solution has enhanced the integrity of the bank’s

communication, building customer trust. A closed loop system with page and document level reporting ensures that customers are sent accurate information that relates solely to their account.

The bank now has access to a flexible and productive Automated Document Factory. Ricoh’s solution allowed the bank to enhance the effectiveness of its print communication, increasing customer centricity, whilst improving process efficiency and reducing costs.

Objectives

• Rationalise in-plant services

• Increase flexibility and capacity

• Produce multi-format output

• Minimise production costs

• Reduce postage costs

Results

• Fully integrated solution

• Pre and post-process control

• Powerful and intuitive interface • Channel / platform independent • Improved integrity

Benefits

• Enhanced customer communications • Automated document factory

• Increased flexibility and capacity

• Multi printer / multi site back up

• Significant cost savings Ricoh’s solution streamlined production and

increased flexibility. It improved the effectiveness and integrity of our print communication whilst reducing costs.”

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www.ricoh-europe.com The facts and figures shown in this brochure relate to specific business cases. Individual circumstances may produce different results. All company, brand, product and service names are the property of and are registered trademarks of their respective owners. Copyright © 2015 Ricoh Europe PLC. All rights reserved. This brochure, its contents and/or layout may not be modified and/or adapted, copied in part or in whole and/ or incorporated into other works without the prior written permission of Ricoh Europe PLC.

About Ricoh

As a global company specialising in office imaging equipment, production print solutions, document management systems and IT services, Ricoh offers financial institutions true end-to-end solutions that add customer value and deliver significant cost and efficiency gains.

Understanding your business objectives, Ricoh will streamline your information processes, introducing secure and compliant services and solutions that will reduce the administrative workload and release resource to value-added customer-centric activities.

References

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