Situation A leading financial services firm regularly sends printed statements to clients with personalized information about their managed accounts. For many years, the company handled print services in-house. As the company grew, so did the cost of sophisticated business printing equipment, supplies and labor. The financial services firm had a decision to make. Should it continue to internally manage the multimillion-dollar cost center, which would require significant, pricey upgrades or seek an outside partner? Cost reductions were a key consideration in changing the company’s approach to the management of business print services. Equally important to the financial services firm’s evaluation was finding a partner that could demonstrate how to transfer data with security protocols, produce quality printed materials and provide quick turnaround service to accommodate the timely distribution of statements. Discovery Even though the financial services firm’s clients have online access to their accounts, the need for printed financial statements remains. Over time, the company assembled multiple printing sites to have enough capacity to manage its growing print requirements, which included complying with government regulations regarding the frequency of reporting and data privacy. ODP Business Solutions formed a cross-functional sales and operations team led by a print services solution engineer to develop a solution to meet the firm’s multifaceted needs: • Protected information transfer: Must meet the financial services firm’s internal security protocols and industry‑standard security certification to provide protected sharing and storage of client data. • Timely response: Must be able to accommodate both same-day printing and shipping of the financial statements after receiving the data. • Quality printing: Must meet the company’s print quality standards for financial statements. • Accurate reporting: Must be able to generate accurate operations reports and accommodate unannounced audits. • Disaster recovery capabilities: Must be able to transition printing to other facilities in case of disaster. ENDORSED VENDOR How a Financial Services Firm Gained Efficiencies and Cut Costs by Outsourcing Business Print Services By Ryan Roberts, ODP Business Solutions, KBA Endorsed Vendor 39
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