Leading Financial Provider Saves $2.6 Million with Enterprise-Wide Document Strategy

Without deposit or withdrawal slips we can't service our customers. Without statements our credibility would be called into question. Were there no brochures or fee schedules we would be unable to create new business.
  - Vice President
Corporate Purchasing		  

Managing the day-to-day operations of bank branches across the nation is a job all in itself.  Managing the documentation associated with each branch, including forms, marketing collateral and ad-hoc printing requests, is a job for Standard Register. 

Previously, a leading financial institution suffered from obsolete stock in storage, resulting in the inability to control costs.  However, with 918 employees now using Standard Register’s SMARTworks technology to manage documents enterprise-wide, the company has reduced the time, complexity and costs associated with procuring and delivering printed documents.

Since 2000, this leading financial services company has been taking steps to identify opportunities for cost savings and increased efficiencies, and setting practices in place to eliminate bottlenecks for staff and customers.

Evolving Operations
Over the years, this financial services provider has undergone significant transformations and enhancements—a charter consolidation, the development of Wealth and Institutional Management groups, a new logo and the implementation of a new teller program.  Add the management of day-to-day branch operations and the associated collateral used throughout a network of over 400 offices and you’re faced with the challenges this customer confronted on a regular basis. 

This financial institution suffered from the inability to control costs, primarily due to obsolete stock in storage.  Approximately 40 percent of the product in inventory was either no longer in use or overage from the time of production.  These obsolete and damaged items from storage plagued the organization’s operations in all markets. 

A Recipe for Savings
Under the direction of this financial services provider’s Corporate Purchasing department, valuable time and resources are no longer wasted on the development, production and delivery of every form, check, statement, requisition and customer communication used by employees.   

The SMARTworks® document services platform supports on-demand printing technology, print-at-desk electronic forms, and fulfillment capabilities.  Through this e-fulfillment system, this financial services firm is exerting tighter control over a wide array of printed materials and providing a vehicle for employees to automate the production and distribution of marketing collateral.

Document Control, Enterprise-Wide
As the financial industry continues to undergo significant transformation, it is critical for financial institutions to adapt their business processes to remain among those organizations that dominate the landscape.  This financial services provider is doing just that. 

  • 155 documents eliminated
  • Forms and marketing collateral standardized for use in banking centers nationwide
  • 1200 documents updated with new corporate logo
  • 718 forms moved to on-demand printing technology, eliminating waste due to obsolescence
  • 133 print-at-desk forms offered, decreasing the need to print and store items
  • Uniform marketing collateral and poster kits composed and distributed via Standard Register’s production and distribution facilities
  • Approximately 30 percent of orders processed electronically

As banking centers nationwide have begun using an online ordering process, users have quickly adapted to the added efficiencies.  When opening a new banking center, the Banking Center Administration group revels in the simplicity of ordering necessary materials.  Rather than ordering 123 forms on a requisition, an order is placed for one form number which represents all the components required for a specific region to open a new banking center.  This saves the customer approximately $350 in administrative fees, per branch opening, that would normally accrue when ordering the items separately.

Transforming Challenges into Opportunities
Without deposit or withdrawal slips, this financial institution can’t service their customers.  Without statements their credibility would be called into question.  Were there no brochures or fee schedules they would be unable to create new business.

By taking a holistic view of their enterprise document supply chain, this organization was successfully able to develop a meaningful document management strategy, complete with dedicated customer support, robust technology and simple user interfaces. 

As a result of adopting Standard Register’s enterprise document management practices throughout their organization, this leading financial services provider has documented a savings of over $2.6 million over the course of the six-year relationship.