HOW TO: Helping Financial Services Firms Stand Out From the Pack

Banks, accounting firms, insurance companies, and other financial services organizations are drowning in paper. Faced with fierce competition, a formidable list of government regulations and compliance requirements, and complex processes that are still largely paper-based, these companies need automated workflows and revised document-management systems now more than ever. Leveraging print and imaging technology effectively can make the difference between going under and building a business that flourishes and grows.


With Xerox® ConnectKey® multifunction printers (MFPs), channel partners can help companies in the financial services sector reduce paper, automate processes, and increase customer retention. In banking, for example, channel partners can address the loan application process, which is in dire need of improvement. According to InfoTrends, a market research firm for imaging and document solutions, a mere 18 percent of branch-based banks scan loan-related paperwork into their back-end electronic systems. And Mortgage Bankers Association reports that the net cost to originate a new loan increased 21 percent from 2013 to 2014.

How to deliver

Using customized workflow apps and MFPs from Xerox, solution providers can help financial services customers scan in paperwork securely, store it efficiently, and route it to appropriate personnel while maintaining confidentiality and staying in compliance with government and industry regulations.

By setting up workflows, deploying access-control systems, and customizing applications, channel partners enable financial services organizations to digitize, store, and manage all of the documents they need to conduct their day-to-day business, from loan applications and insurance claims to tax returns and related paperwork. Eliminating paper-based processes as much as possible empowers financial services firms to slash costs, reduce the likelihood of errors, minimize processing delays, and increase customer satisfaction.

Key components

For channel partners, solving the complex needs of financial services firms means bringing together all of the technologies and services at their disposal:

ConnectKey MFPs

Multifunction printers with the Xerox ConnectKey platform allow solution providers to install and configure apps for managing, securing, and storing documents digitally.

Xerox App Studio (XAS) and Personalized Application Builder (PAB) Program

Through XAS, channel partners have access to customizable app templates. Those with software development skills can leverage the PAB application development platform to deliver personalized solutions to customers.

Access Control and Authentication

Hardware, such as MFPs and card readers, and software come together to control access to MFPs through multifactor authentication.

Professional Services

Channel partners can tap their technical and vertical expertise to solve customer problems and provide ongoing support.

Service opportunities

Solution providers serving the financial services market have a chance to build highly sticky relationships with their customers. Solving client needs in this vertical isn’t about installing an MFP and walking away. Channel partners should do a needs assessment for each customer to determine what specific business and workflow challenges they face.

Then it’s a matter of designing a system that integrates with the existing technology infrastructure. Once deployment is complete, channel partners should follow up to find out whether customers are getting the results they expect, and to discuss future implementations that would help the customer leverage technology to grow its business. In addition, channel partners can decide how best to monetize their workflow, document management, and managed print services.

The upshot

Xerox channel partners can help financial services companies compete in today’s highly competitive, regulated market with Xerox’s customizable products and services. See the Xerox Partner Solutions Playbook for specific managed print and workflow solutions that can be deployed in the financial services sector.

Become a Xerox channel partner

If you are a channel partner looking to solve print and document management challenges for your finance sector clients then we should talk. Visit the Xerox Global Partner Program page and sign up to become a Xerox channel partner.

Build your own apps for Xerox MFPs

If you want to leverage your in-house professional service capabilities – learn how to create personalized solutions for unique customer needs with the Xerox Personalized Application Builder program for channel partners.

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