The Power of the Digital Mailroom for the Financial Services Industry
by Ken Neal
August 21, 2023
The financial services industry is changing. Hybrid work environments and an uptick in mergers and acquisitions are driving banks and other financial institutions to consolidate resources and improve the employee experience. For many institutions, digital transformation strategies — in particular, digital mailroom systems — are key to solving some of these pressing challenges.
While many organizations still rely on physical mail, they are grappling with the need to deliver tangible documents in a remote and hybrid work setup. Traditional mailrooms are notorious for manual procedures, paperwork bottlenecks and potential security vulnerabilities. Additionally, the demand for faster response times and heightened security measures has underscored the necessity for a more efficient approach to mail processing.
This is where the digital mailroom comes into play. Leading financial services institutions are automating mailroom processes to enhance operational efficiency, communication speed, security and scalability — and they're simultaneously cutting costs.
By creating a friction-free document workflow, the digital mailroom enables operational efficiency at scale. It increases productivity by cutting time from paper-based processes and improves response times by ensuring communications promptly reach the correct destination. A user-friendly and easily deployable solution, Canon's Digital Mailroom service has an agile architecture that provides financial institutions with the freedom to scale at their own pace, irrespective of volume. If things outside the organization’s control scale unexpectedly, such as an increase in incoming mail or regulations, Canon has processes built in to automatically help.
This adaptability came to the fore when one of Canon's long-standing customers — a regional bank with 50 branch offices across the northeastern U.S. — opted to relocate its headquarters to a new location with a smaller footprint. The bank capitalized on Canon's Digital Mailroom solution to consolidate resources, optimize real estate and enhance communication with remote employees. With Canon’s expertise, the bank also identified several cost-reduction and operational improvement opportunities, including eliminating courier service expenses that served their main office and branch locations. By cutting these courier routes and networking them through digital mail, the bank realized monthly savings of over $15,000.
The dynamics of work have undergone a profound transformation. Employees increasingly demand remote work opportunities, which can pose communication challenges. In this context, it becomes imperative for organizations to safeguard data and facilitate real-time mail delivery to prevent communication breakdown.
Digital mailrooms offer a powerful mechanism for accelerating communication — a critical factor for today's hybrid workforce. For example, when a financial services leader wanted to better support remote workers, it engaged Canon to digitally connect more than 1,000 employees. Canon's Digital Mailroom solution now enables employees to more effectively access the critical mail they need to do their jobs, whether at home or in the office. Employees receive their mail in real time, which is particularly critical for regulatory information, where swift action is mandatory to avoid potential consequences.
Beyond boosting efficiency and saving time, digital mailrooms play a pivotal role in addressing compliance concerns and mitigating the risks associated with sensitive information. The financial services sector is subject to rigorous regulations such as the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA), which necessitate secure handling and storage of protected data. Conventional mailrooms and paper-based routing processes are susceptible to losses and fraud, which can spell disaster and penalties for organizations. In stark contrast, digital mailrooms provide transparency and insights into the mail process, and can address compliance concerns associated with sensitive information.
Canon's Digital Mailroom services offer enhanced security measures that align with data protection regulations, substantially reducing the risk of data breaches. Through a comprehensive dashboard, organizations gain visibility into key information such as mail delivery, open rates and send tracking — and can take prompt action when needed. Canon can help its customers establish business rules that allow departments to separate out critical items, such as prioritizing regulatory mail over marketing materials within the compliance department. This rule-based approach enables efficient mail tracking and action monitoring.
Canon continuously looks for ways to enhance efficiency and save money for its customers. Backed by more than 50 years of experience with digital mail and office services, including extensive experience within the financial services landscape offering top-tier technology and operational prowess, Canon’s Digital Mailroom does exactly that. It enables organizations to streamline operations, cut costs, improve compliance and offer enhanced services to their employees and clients for a more agile and effective financial services ecosystem.
Learn more about how Canon can help your financial services company leverage digital mail transformation strategies to better meet your business goals.