PRINT IN FINANCIAL SERVICES
Show me the money Financial services is still a sector that relies heavily on print to ensure the smooth running of operations and correspondence with clients. This means it can be a profitable sector for resellers.
Financial services is also a sector that has historically relied on print to ensure it runs smoothly, whether printing documents, or scanning them to save digitally... “ ”
Financial services is one of the biggest sectors in the UK – in 2021, it contributed £173.6 billion to the economy, which was 8.3% of total economic output, according to government figures. In addition, the UK financial services sector was the fourth largest in the OECD in 2021 by its proportion of national economic output. Luxembourg’s financial service sector was the largest in the OECD, contributing 25% of the country’s economic output. The sector is also a big employer in this country – in the first quarter of 2022, there were 1.08 million people employed in the sector – 3% of all jobs. Financial services is also a sector that has historically relied on print to ensure it runs smoothly, whether printing documents, or scanning them to save digitally and distribute to relevant people. While this is still largely true, it is changing. “Like all sectors, financial services is grappling with the challenge of successfully implementing hybrid working against the backdrop of the BYOD model,” says Stuart Brookes, head of channel and alliances – EMEA at PaperCut. “Part of that challenge is making BYOD-print and remote-print as easy to use, secure and as sustainable as it is in the office, whether staff are using desktop, laptop, tablet or smartphone devices.”
Rowan Jeffreys-Hoar, director Partner Channel at Ricoh UK, adds that as the pace of digital transformation rapidly evolves and hybrid working becomes a permanent feature for businesses, organisations’ day- to-day needs are shifting. “This is driving new demands in workspace capabilities, and the way organisations are using their print infrastructure,” he says. “In light of this, businesses must remain agile, in terms of contract flexibility and responding to these shifting demands of customers, in relation to sustainability, automation, document management storage and cybersecurity.” MPS demand Managed print services (MPS) continue to be popular in the financial services sector for managing their print infrastructure. “This is particularly as retail banks still face an increased demand for print to support their clients,” says Rowan. “When deciding on a contract, organisations are looking for trusted partners that can deliver multiple solutions and services, from simplifying procurement to document workflow management. Choosing one vendor that can offer a wide suite of services can limit pressure on a business’s resources, saving time and costs overall.” Stuart adds that the financial services sector
Stuart Brookes head of channel and alliances, EMEA
papercut.com
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