The majority of Europe’s FS organisations are concerned about the security of their documents. But only 47 per cent of those who took part in a new survey think their document security is better than it was in 2009 and 26 per cent think it is worse.

In addition, just a third are able to fully audit access to documents, with the majority therefore lacking control over who might be accessing potentially sensitive information. This is despite 63 per cent having document risk management targets in place. The release of the Ricoh Document Governance Index 2012, which was conducted on behalf of Ricoh by Coleman Parkes Research, comes at a time when the industry, which has traditionally relied on manual and paper based approaches to processing information, is under increasing pressure to manage growing amounts of information, with customers demanding interaction through digital channels and the sector needing to keep pace with new technologies. Document processes in the financial services sector also need to comply with complex national and international regulations which are requiring document processes to be more transparent, enable stricter reporting, and allow for comprehensive audit trails.

“In the financial services sector – perhaps more than any other industry – the two worlds of digital and paper-based documents are colliding as regulatory change and evolving customer habits force organisations to rethink the way they manage critical information, fast,” says Carsten Bruhn, executive vice president, Ricoh Europe. “This is one of the most heavily regulated of all industries, yet this struggle to overcome document security challenges highlights just how complex the effective management of document processes has become.”

The study also reveals that only a small proportion of FS organisations have overcome the challenges of ensuring their document processes enable customer responsiveness (26 per cent), customer retention (35 per cent) and obtaining new customers (36 per cent). “Customer-facing activities – including sales and marketing, billing, service and support – all rely on document processes for smooth operation and to free up time for customer interaction. If these processes are not working properly, customers may switch allegiance, and worse: they will tell others about their dissatisfaction. Businesses in the financial services sector need to do a thorough review of these processes, both paper and digital, to make sure they are effective, agile, and secure. Doing so will enable quick access to accurate information, meaning businesses can attract customers and keep them loyal, today and in the future,” says Bruhn.

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