Re-engineering processes to reduce paper can yield both cost savings and revenue gains for financial services

   Re-engineering processes to reduce paper can yield both cost savings and
                     revenue gains for financial services

Global research shows financial services lags in optimizing document workflows

PR Newswire

MALVERN, Pa., Sept. 10, 2013

MALVERN, Pa., Sept. 10, 2013 /PRNewswire/ --More than 1 in 3 document
processes in financial services (37 percent) are still driven by paper,
according to an IDC Financial Insights Market Spotlight based on an IDC white
paper sponsored by Ricoh^1 entitled: "Optimizing Document Processes Provides
Dual Benefits for Financial Services Firms: Increased Revenue and Cost
Take-Out, July 2013."

Although business in general still relies on paper, the financial services
industry is particularly behind the curve and stands to make especially
significant gains by streamlining its information workflows, according to the
recent IDC global study of 1,516 document-driven process owners and
information workers.

Since financial services companies have worked hard to reduce reliance on
paper in back-office processes, the biggest opportunities now lie in
streamlining front-office processes such as marketing, customer service,
lending and customer on-boarding. "Unlike back-office functions," the report
states, "these processes directly impact the customer experience, and
therefore have the dual benefit of increasing the firm's revenue as well as
reducing costs."

For financial services in particular, optimizing these customer-facing
processes could increase revenue by 10.7 percent while also reducing overall
operating costs by 10.5 percent, study respondents said.

"Although there are good reasons a lot of financial information is initially
captured and then locked in paper, organizations can gain so many business
benefits by unleashing it," said Yoshi Sasaki, General Manager, Business
Services Center, Business Solutions Group, Ricoh Company, Ltd. "With the right
workflow in place, paper documents can be converted into digital information
early in its lifecycle and make that information work for you. There's ample
opportunity to cut costs, improves sales and delight the customer."

For example, digitizing workflows frees bank branch personnel to provide
higher-value services to customers, build more meaningful relationships and
cross-sell/upsell more products. That's just one of the reasons financial
services companies are currently budgeting significantly more on improving
customer-facing business processes than other industries. According to the IDC
white paper, financial services firms are budgeting on average:

  o$2.5 million per project to improve marketing/customer communications
    processes compared to $1.4 million for other industries.
  o$1.7 million per project to improve loan origination/sales processes
    compared with $1.1 million per project for other industries
  o$1.3 million per project to improve customer on-boarding processes
    compared to $819,000 for other industries
  o$2.1 million per project to improve customer service document processes
    compared with $1 million per project in other industries.

"As you can see, innovative financial organizations are making strategic moves
now to improve their information capture, transformation and management," said
Sasaki. "Those who succeed understand that it's not enough to make paper
digital without addressing the underlying workflows. Many of these
higher-achieving organizations are Ricoh customers employing our solution
experts in Managed Document Services engagements that focus on solving
business problems and delivering promised results."

For more research findings and resources on how improved processes can help
businesses increase revenue and manage risk, please visit Ricoh Global MDS.

About Ricoh MDS
Ricoh is uniquely equipped to assist its customers execute a comprehensive
strategy for document process improvement that helps reduce costs and
potentially increase revenue through its Managed Document Services approach.
Its proven methodology (Understand, Improve, Transform, Govern and Optimize)
helps Ricoh pinpoint an organization's key processes and then align them with
services that will help customers achieve measurable and sustainable business
outcomes. The knowledge Ricoh has gained through its thousands of
implementations has also provided insight into the top business concerns that
are most prevalent in today's corporate environments including: cost control,
environmental sustainability, information security and governance, business
process efficiency, organizational change management, information worker
(iWorker) productivity, information optimization and strategic infrastructure.
This valuable insight helps accelerate the first step in the process-
Understand- so customers can begin the Improve phase more quickly and start
realizing the resulting benefits as soon as possible.

| About Ricoh |

Ricoh is a global technology company specializing in office imaging equipment,
production print solutions, document management systems and IT services.
Headquartered in Tokyo, Ricoh Group operates in about 200 countries and
regions. In the financial year ending March 2013, Ricoh Group had worldwide
sales of 1,924 billion yen (approx. 20 billion USD).

The majority of the company's revenue comes from products, solutions and
services that improve the interaction between people and information. Ricoh
also produces award-winning digital cameras and specialized industrial
products. It is known for the quality of its technology, the exceptional
standard of its customer service and sustainability initiatives.

Under its corporate tagline, imagine. change., Ricoh helps companies transform
the way they work and harness the collective imagination of their employees.

For further information, please visit www.ricoh.com/about/

© 2013 Ricoh Americas Corporation. All rights reserved. All referenced product
names are the trademarks of their respective companies.

^1 IDC White Paper, "Organizational Blind Spot: The Role of Document-Drive
Business Processes in Driving Top-Line Growth", Doc# 234430R, Sept 2012"

Contact:
John Greco
Ricoh Americas Corporation
(973) 882-2023
john.greco@ricoh-usa.com

Jill Searl
Brodeur Partners
(603) 559-5824
jsearl@brodeur.com



SOURCE Ricoh Americas Corporation

Website: http://www.ricoh.com
 
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