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HP to help BFSI lessen risks related to print services

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leo joseph

Financial organizations, of various sizes and business volumes face a nagging challenge. Printing and scanning in an era of Governance Risk and heightened compliance has never been more  challenging. There are newer business models, and security issues emanating from shared print rights. Managed print services, a service to move the entire print operations to an opex model serves as a solution. Not only does this offer a infrastructural cost freedom, but also with a capable vendor in the picture, Financial organizations are assured of a 360 degree secure experience. In an exclusive Q&A with CSAT360, Leo Joseph, Head-Enterprise Sales, PPS (Printing & Personal Systems) Division, HP India, sheds light on the recent trends, the challenges, and the overall MPS experience.

What are the latest trends and challenges in BFSI commercial business?

Apart from security, automation of paper- sensitive workflows which can offer flexibility and convenience to the operations team is another important requirement from BFSI customers. There is also a strong requirement to move from a capex to opex model with the printing operations.

Could you enumerate few key challenges that the BFSI as an industry is facing?

Financial services firms are facing challenging times with the growing demands of customers, new regulatory requirements, and strong industry competitors. The need for technology and automation in order to streamline processes is stronger than ever. For instance, financial services firms deal with a lot of sensitive and business critical data and the industry is beset with security challenges. Another challenge is the extensive reliance on paper because of regulatory and other reasons. For instance, the insurance firms use paper based ‘Know your customer’ forms to feed in the customer details. Apart from this there are multiple paper based transactions when the customer avails a policy. The BFSI firms are demanding for products and solutions which can help them streamline such complex workflows while addressing the security, compliance and other challenges.

How different is HP’s  practice in enterprise, midmarket, and SME markets within BFSI?

HP’s legacy and deep expertise over more than 35 years in meeting the diverse IT infrastructure needs of banking, capital markets and insurance firms is a very strong suit for us. We have developed an industry-leading portfolio of products, solutions and services to meet the specific needs of firms of various sizes and across domains.

For example, small or medium firms in the financial services market will find great value in our innovations designed for them. The HP Compaq Elite 8300 All-in-One Desktop PC is apt for a small or medium firm as it simplifies the IT environment with remote manageability and enterprise-class security. HP also has a great business tablet in ElitePad 900, which can even work as a content creation device for complete day to day work. Similarly, The HP HotSpot LaserJet Pro M1218nfs MFP is the world’s first laser MFP with an built-in wireless hotspot that allows small firms the flexibility to print, copy, scan and even connect wirelessly to Internet. Our Officejet Pro B&W range gives businesses laser comparable performance at an affordable cost comparable to laser toner refills.

For the mid-sized or large enterprises, HP’s portfolio includes innovations like HP Officejet Pro X that offers high manageability and professional-quality color printing at breakthrough speeds, and at up to half the cost of laser printers. The Officejet Pro X has also been recognized as the world’s fastest desktop printer. HP Flow MFPs range is a powerful innovation that specifically targets the large financial services firms. These cloud-enabled multifunction printers help organizations streamline their document workflows.

As paper-based workflows are common in financial services firms, many of these firms find exceptional value in HP’s new Managed Print Services Program that helps reduce the printing and document management costs while improving the productivity and bottom-line.

How does HP address BFSI’s challenges?

HP has a full portfolio of personal computing, printing and workflow solutions specifically designed for the financial services industry, including banks and retail branches, capital markets and insurance firms. These products and solutions automate critical processes to help reduce costs, drive up staff productivity, and improve the customer experience. By transforming paper-based workflows into increasingly intelligent, streamlined and secure digital work streams, HP can help your firm re-direct resources from processing to profitability.

For instance, Security is of utmost importance in BFSI sector, with the risk of business critical information getting leaked through print outs and other mediums.

To ensure a secure print environment in the BFSI industry, we have HP Imaging and Printing Security Center which allows securely deploying and monitoring devices as soon as they are added to the network by using HP Instant-on Security. Unique to HP IPSC, HP Instant-on Security automatically connects HP devices to the solution and immediately configures them to be compliant with the specific corporate security policy—saving time.

HP Access Control Express combines cost-control and security features. Offers users to print once to the server and “pull” jobs to any pull print-enabled HP LaserJet device. Pull printing virtually eliminates unclaimed documents hence wastage, enhances security by requiring authentication before releasing.

HP Access Control Professional adding to the cost-control and security features of HPAC Express supports authentication through employee card access, allows managers to set and manage print policies.

How does HP solve the current Printing and managed services challenge in BFSI?

HP’s managed print services address these challenges and allow BFSI firms to shift their imaging and printing infrastructure spending to an OPEX model, instead of the CAPEX that they have conventionally deployed. HP’s MPS also allows them to preserve capital, cut down printing related costs and experience higher productivity that improves their bottom line. HP’s new MPS program for SMB and Mid – market customers offered through channel partners embodies all the key features of HP’s MPS model for enterprises and creates a secure centrally managed print environment that streamlines workflows, optimizes document output and related business processes. Other generic challenges include mitigation of energy and paper waste, which are well addressed by our MPS model.

What are the advantages in terms of costs and quality over signing up for a managed print services and scan services?

There are multiple benefits of managed print services over the traditional printing model. Some of the key benefits of outsourcing printing services are:

Taking control of the internal imaging and printing network – Managing disparate printing and imaging devices and systems effectively, maintaining strong data security and compliance, and the need to adapt the printing and imaging infrastructure quickly in response to change in the face of shrinking manpower resources and limited budgets are ever-present challenges faced by enterprises.

Focus on the enterprise’s core business – MPS provides enterprises with the end-to-end solution for businesses to grow and operate efficiently. By trusting a global leader such as HP, enterprises can be assured of the best management of their imaging and printing environment, and focus on their core business instead.

Managing costs – If enterprises choose the right partner, they will be empowered to better manage their printing costs while reducing the need for frequent maintenance. For instance, HP Managed Print Services will help your business to, gain visibility, create cost effective and secure infrastructure and enable higher productivity while saving resources and reducing energy costs.

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