Intelligent workflows in financial services Drive process efficiencies and business results with document workflow solutions

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Brochure | HP intelligent workflows in financial services

The workflow transformation opportunity The financial services industry is at an inflection point. The current combination of evolving customer expectations, new communication models, higher regulatory requirements, and powerful new technologies is putting significant stress on financial institutions to make the right moves. Leading institutions are finding ways to leverage technology to drive new strategies that change the game: setting the table for growth and profitable business innovation.

Document and information workflows are the lifeblood of financial services firms. Financial services firms depend on their documents to drive new revenues and deposits through customer marketing, loan and transaction processing, and account set-up/servicing.

What transformation? Forward-thinking financial services firms are investing in new technologies to transform key processes. Leading businesses in this space initiate business process transformation with several goals in mind:

• Increase process automation to reduce manual intervention, drive efficiency, and increase scalability—without an increase in risk or cost.

• Improve process transparency—and, with it, the measurability and flexibility of the system. The goal is to optimize workflow performance, improve reliability, and properly detect and mitigate fraud, operational and compliance risk.

• De-couple transaction and account service workflows from document workflows. The intent is to free information from the limitations of paper—enabling greater efficiency and collaboration, without adding risk.

• Reduce the footprint and manual intervention required of repeatable process tasks as a means of improving operational efficiency and staff productivity.

Innovative technology from HP, a world leader in document technology solutions, enables firms to transform paper-based workflows into increasingly automated, digital work streams. HP solutions help financial institutions eliminate the manual review, processing, management, and completion of paper forms and documents.

Further, HP solutions enable the transformation of paper documents from static, unsecure, and location-dependent, into more dynamic, secure, process and context-aware digital documents, accessible through any medium—in virtually any application, and at virtually any device.

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Brochure | HP intelligent workflows in financial services

Where are financial services firms finding innovation opportunities? What business processes are financial services firms targeting with this innovation? Companies’ strategy, goals, and business profiles vary widely, but HP has been working with top financial services firms to help them achieve transformation of key processes—and business results.

Some examples where HP is helping financial services firms re-design and improve processes include:

• Branch transformation: Revenue-generating and customer-critical processes originating in the branch are obvious targets for process improvement. Indeed, creating compelling process or communication differentiators here can translate to increased profitability, competitive share increases, and reduced customer attrition.

• Loan processing: Most banks consider this to be one of the key processes generated in the branch, but many single this workflow out for end-to-end improvements that go beyond the branch. At many banks, lending is very document-intensive and impacted by regulatory requirements—both a high-volume and high-value workflow. There are significant changes occurring in the lending business as a result of new regulation and intensified competitive pressures, which are driving the re-engineering of the origination, servicing, and collections processes.

• Investment portfolio and transaction workflows: Many financial services firms depend on investment and retirement services business lines for a significant portion of their profits. Numerous firms see the high customer touch and paper volumes in the front to middle office, as well as increasing levels of regulation, as reasons to invest in transforming these workflows.

• Customer communications management: As firms strive to carve out a differentiated position in the marketplace with compelling and targeted marketing based on a new understanding of their customers, they find that current communications platforms aren’t up to the task. Firms are seeking to increase sophistication by reaching customers through all communications channels, leveraging capabilities to market, and communicating across business lines.

• Compliance and records management: Rising compliance requirements, records retention complexity, and reputational risk are driving new focus on providing compliant workflows across key business units. When combined with many firms’ inability to assure customers that their data is protected from end-to-end across all processes and locations, this becomes a key goal.

• Legal support and e-discovery: There is new focus in this area as courts and regulators demand that firms provide relevant employee, customer, and transaction records and documentation across increasingly complex business lines. This is made more complicated by stricter requirements for response times and wider request scoping (cross-media, cross-business, partner-owned data, etc.).

Inbound:• Account opening documents• Transaction forms• Letters of authorization• Service requests• Account funding• Correspondence

Outbound:• Client and portfolio proposals• Welcome packs• Transaction notices• Disbursements• Account/portfolio statements• Regulatory notification• Client correspondence

Workflow and Discovery:• Transaction processing• Authorizations• Customer service• Portfolio management• Compliance review• Product management

Communicate

Capture Create

Manage

Client's core process

Secure

Financial services transformation: automating business processes We help our clients manage information processes to better serve their customers

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Brochure | HP intelligent workflows in financial services

How is HP helping financial services firms? Through innovative document technology solutions, intelligently applied, financial institutions can achieve a significant reduction in operational expenditure, a renewed competitive advantage, an enhanced total customer experience, and the establishment of firm foundations for future growth.

HP offers an integrated suite of imaging and printing services and workflow solutions designed to help financial services firms digitize and transform paper-based processes, including:

HP New Account Opening Accelerator • Provide superior customer service by speeding start-to-end account setup from several days

to several hours.

• Improve compliance and security measures by safeguarding customer information and automatically creating audit trails.

• Reduce the cost of opening new accounts by truncating frontline staff paperwork, and automatically routing forms to back-office workflows.

HP Loan Origination Accelerator • Simplify the customer experience with flexible web or branch capture of loan application data

and supporting documents.

• Automate production, distribution, and control of loan document packages to boost productivity and reduce cycle times.

• Help safeguard customer information and automatically create audit trails associated with loan documents.

Customer communications management solutions • Automate the document composition and approval process.

• Empower customer-facing and service staff mobility and self-service.

• Create intelligent, secure, and targeted customer communications.

HP document capture, management, and workflow solutions • Drive paperless processes and straight-through processing rates.

• Securely retain, manage, and access documents digitally.

• Implement optimized and automated document workflows.

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Brochure | HP intelligent workflows in financial services

HP Production Print Solutions • Streamline and automate management, distribution, and fulfillment of multi-channel

marketing communications and collateral.

• Improve document re-ordering and distribution with online storefront.

HP Access Control Solutions • Incorporate authentication, authorization, and job accounting processes to increase

information security.

• Enable pull printing for improved control and privacy of sensitive financial and client information.

HP ePrint Enterprise Managed Mobile Printing Solutions • Bring the power of easy, cloud-enabled mobile printing to your increasingly on-the-go

workforce.

• Print from smartphones and tablets to printers on your secure company network.1

HP Managed Print Services (MPS) • Get support to assess, deploy, and manage your digitization and printing assets.

• Optimize your scanning, copying, and printing infrastructure to help reduce costs, conserve resources, and simplify document-intensive processes.

The next move Your firm is a leader in financial services. HP is a leader in technology solutions for the financial services Industry. It’s fairly obvious that close cooperation between the two makes very good sense. Working with HP on your document process transformation can offer significant benefits, from elevating the customer experience, to releasing the potential of staff to reduce operational expenditures.

Through innovative document technologies—implemented with the goal of maximizing business value, and minimizing costs and impact to the existing business process and unit operations—HP has delivered a powerful set of workflow solutions that can help financial firms speed time to revenue and improve productivity and overall profitability.

HP is a prime partner for many financial services firms as they seek to improve core business processes. Let HP help you innovate, transform, and better execute key financial services document workflows.

Brochure | HP intelligent workflows in financial services

Why HP?For more than 50 years, HP has been partnering with leading banking, financial services, and insurance organizations, supplying the technical expertise and business savvy required to help position these companies at the forefront of their industry. Today, industry analysts rank HP as a leading provider of information technology and services to the financial services and insurance industries. In fact, 8 of the top 10 financial services and insurance companies are HP Managed Print Services clients.2

HP also provides a wide range of products and services to the industry that help our clients reach their goals, from mission-critical processing to best-in-class testing, monitoring, security, and analytics—along with the infrastructure that supports it.

We will take the time to understand your specific needs and create a plan to help optimize your fleet, ensure data and document security, and manage your evolving workplace.

Get startedContact your local HP representative to:

• Set up a workshop to assess your specific business needs.

• Establish a plan to implement the best solution for today and into the future.

• Identify an environmental approach that can help your organization save money.

Learn more hp.com/go/fsiworkflow

1 For important information about requirements for HP ePrint mobile printing solution, visit hp.com/go/eprintenterprise.2 Claims based on Forbes 2018 – Global 2000 World’s Leading Companies, published June 6, 2018; HP Internal Data.

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