It’s a new world in the banking industry. Paper statements, sent each month by mail, have been the mainstay of banks and other institutions for decades, but consumers now expect immediate access to information about transactions, balances, previous checks and more at any time of the day or night. While a traditional Print Stream and Image infrastructure was designed to enable the enterprise production of statements and print jobs for end-of-month mailing to customers, today’s Print Stream and Image solutions are called on to meet ever increasing demands.
Because customers want instant gratification to “see the money” at any time, banks must be ready to meet those needs on the fly as demand fluctuates. The rising volume and frequency of requests to produce statements and account data at the customer’s will has created numerous challenges. Customers often access monthly statements either through an online bank portal or through a mobile application, which means the statements must be generated on demand in the moment. This shift is heavily influencing the design of new Print Stream and Image solutions.
The inability to predict the volume and timing of requests is one of the biggest challenges, making prior planning and provisioning of the infrastructure extremely difficult. How can an IT team time maintenance windows? How can a customer support organization provide coverage and timely responses to customers? Meanwhile, the user expectation of being able to retrieve a statement within a few seconds has forced banks and solution providers to focus on the acceptable rate of retrieval and the requirements on the infrastructure to support it. For this reason, the infrastructure of the new solution needs to be flexible and scalable to meet customer demands while providing predicable service plan pricing. The drive toward “paperless” is coming from both the consumer, for convenience, and from the institutions, for cost savings. This trend is further altering the infrastructure requirements around storage and security, while at the same time providing cost savings that can be invested in the solutions that enable the shift.
But that’s not all. The need to integrate with other products and solutions, either for transforming the statements to other formats such as PDF, or to connect with new micro-services and third-party services for advanced collaborations such as expense reconciliations, are putting demands on the systems in new and unexpected ways. System-to-system requests and secure financial API access to account information is changing the definition of responsiveness for systems that previously supported only monthly statement generation and occasional exception requests for reprints. With the increase in portal, dashboard, aggregation and analytics applications that all require exchange of information on demand, the challenges on Print Stream and Image infrastructure are here to stay.
So how can banks meet these new customer demands while meeting regulatory requirements and maintaining the flexibility to scale as needed? After all, retaining all content is not a sound strategy, and determining what is safe to discard can be difficult. Businesses need access to tools designed to help automate information management policies, retain needed information and defensibly dispose of unnecessary content. Here at Viewpointe, we offer OnPointe, which provides a managed service without requiring the kind of technology investment and ongoing maintenance commitment associated with an in-house solution.
OnPointe for Print Stream and Image helps transaction-heavy organizations such as banks advance high-volume and document output capabilities to meet customer, compliance, legal and even green initiatives. It captures and archives high-volume output streams for better management and access to customer statements, invoices or other transactional reports; transforms print streams and line data formats into standard PDF or standard text for secure viewing and access; and more.
Leveraging cloud technology makes it easier to scale up or down at any time, which helps ensure that the customer experience is seamless and consistent. So next time you access a statement online, think about all that is happening behind the scenes and the amazing technology that makes it possible. And if you need a solution for your business to meet customer demands for instant access to statements or transactional images in a cost-effective way with unlimited scalability, ask us how we can help.