Novatech has years of experience supporting clients in financial services. Along the way, we’ve developed a reliable process to build the right experience from the start.
- Engage primary customer contact and other organization stakeholders to assess needs and develop viable plans that have top-down support.
- Use executive-backed support to drive assignment of responsibilities, execution of process, enforcement of accountability, and ongoing debrief and process refinement strategy.
In Part 1 of this introduction to the managed office, we looked at what the Managed Office covers and who it fits, along with a real-world example of the service in action. Now we look deeper into the topic of managed office for financial businesses.
Ongoing Technology Reviews Uncover Problems, Needs, Opportunities
Unmet financial services needs like branch conversion support come up during the regular meetings between Novatech and bank stakeholders. These Strategic Technology Reviews provide a forum for ongoing optimization discussions and ensure problems get attention. The reviews come standard with our Managed Services packages.
Here’s another example of how our role as valued partner and strategic advisor brings continual value and improvement to this bank customer.
Detailed Print Use Tracking for Interdepartmental Billing
This financial client needed to track copy, print and fax traffic at a per-user level for interdepartmental billing to applicable cost centers within their organization. Data handling to this point had been completely manual. As a result, the work was time-consuming, resource-intensive, and led to inconsistent, error-prone outcomes.
When this unattended need was discovered during a Strategic Technology Review, the Novatech Business Technology Advisor quickly went into action. Our print management/cost recovery software was an easy fix to collect printer use data and pinpoint inefficient and irresponsible printing. Many Managed Office customers, including finance and others like universities and libraries, depend on this solution to:
- Automate and digitize print cost tracking.
- Associate dollar amounts with each type of recoverable transaction.
- Recover expenses internally as interdepartmental billing.
- Use cost recovery to bill users.
Novatech brought in a team of technical experts, along with other vendor partners and technical resources for a holistic approach. Now the bank has data-driven cost recovery in place.
Biggest Obstacle to Managed Services for Finance? Status Quo
What kept this bank from making a change before? “Status-quo,” said the bank’s longtime Novatech representative. “They’d done things the same way for so long, no one considered doing things differently. The competition was comfort, indecision and fear of change.”
Getting approval from the leadership team to adopt a Managed Office approach depends on convincing the internal buying committee of all the advantages of the services and building trust for your partner’s solutions.
4 Ways Managed Services Remove Business Pain, Add Business Value
To sidestep obstacles like complacency and indecision, we recommend focusing on these ideas to move faster under slow conditions. We find emphasizing these four value points can justify a Managed Office for your bank, and we can support your case through our expert assessments and trusted data.
1. Predictable costs and uptime
Predictability in costing endpoints. The bank’s billing became very predictable, because they benefit from utilization of products and services, but they know what price to expect every month. Printer uptime is also reliable and monitored.
2. Thoughtful, familiar user experience
Consistent user experience. Users know what to expect no matter where they are in the enterprise. We use software tools to standardize user experience across all physical locations.
3. Consistent 24/7 service based on situation
Consistent service response. We are very nimble in our response and effective in our strategy, because we understand the intelligent technology behind the bank’s devices.
4. Data-driven decisioning
Data-driven managed services. Our overall go-forward strategies are based on educated decisions supported by data, rather than assumptions.
Building a Foundation of Trust through Action
This financial institution is a typical example of how one good vendor can do many things for financial businesses, once trust is established. With that foundation of trust and transparency, it’s not surprising that this particular relationship continues to grow stronger, always driving business technology to the next step.
What Will Your Managed Services Story Be?
Let’s do a no-obligation technology assessment and find out how your Managed Office story starts.