Transformation and deployment of new technologies is not new to the BFSI industry. However, the outbreak of Covid and it’s ongoing challenges have definitely accelerated the digitisation journey for the sector. It is during this hyper transition period, collaborative approach is helping the financial institutions navigate through the challenges. To understand how a technology driven company like Canon is offering assistance to the BFSI industry, Rashi Aditi Ghosh of Elets News Network (ENN) interacted with K Bhaskhar, Senior Vice President – BIS Segment, Canon India.
1. Covid is helping transform the BFSI industry significantly. How is Canon assisting the sector in its transition?
While the BFSI industry was already transforming and rapidly evolving since the past few years, the COVID-19 pandemic has further fueled a slew of advancements to this segment accentuated by the drive towards digital transformation. The pandemic has caused fundamental shifts in customer behavior, bringing large sectors of the economy online and improving their comfort, experience, and readiness to transact digitally. The need for different strategies around innovation and digital banking is at an all-time high as technology continues to develop, thereby encouraging businesses to support the growing customer expectations and move towards a cashless economy.
Canon has remained at the helm of understanding business requirements to support their seamless transition in today’s automated world. Our solutions can be found everywhere from the compliance office to the mailroom. BFSI continues to remain one of our key business verticals for both scanners (document scanners and cheque scanners) and MFDs (multi-function devices), and the sector witnessed a large influx of demand for office automation solutions during both waves of the pandemic. We help financial clients cut the cost of key processes by simplifying and streamlining essential systems, as well as increased automation and digitization of paper-based administration. With our array of digitization solutions (document and cheque scanners), curated tools, cloud services, document management solutions (DMS) and multi-functional devices, we are redefining the digital transformation journey of Banks and Financial Institutions.
2. How are you supporting the banking and financial industry in dealing with its challenges amid the pandemic and beyond?
COVID-19 has unlocked untapped possibilities for the BFSI sector, eliminating many constraints that they had previously faced in implementing the digital dream. Especially in today’s fast-paced environment, thanks to advanced automation solutions, the BFSI sector is better placed to overcome redundancies and manage day-to-day tasks.
Making business simple is the philosophy based on which all our products and technologies are designed. We aim to provide compact, convenient, secure, and reliable solutions to all customers that will improve efficiency and optimize costs.
The BFSI Sector is one of the most important industry verticals for us. Even during the pandemic, as an essential services sector, we saw increase in business from this vertical. With Efficient Digitization and Secure Document Management as the key asks of this sector, we provide the same through our range of high-speed document scanners which support fast processing of KYC documents, CTS compliant cheque scanners with UV sensors for fraud detection and a wide range of MFD’s. Apart from this, we also provide on-premise and cloud document management systems for end-to-end document and workflow management.
3. What initiatives are you taking to match the increasing demand of office automation and DMS by banks?
In an increasingly competitive market, banks are constantly innovating to differentiate themselves by offering personalised, fast, and secure services to their customers. To mitigate the challenge of managing the huge quantum of data being generated every day, banks prefer to invest in DMS solutions and Canon’s advanced offerings can help banks manage this quantum of data while ensuring confidentiality. Our on-premise DMS offering – Therefore™ is best suited for banks because of its security features and its ability to integrate with CRM, ERP and other applications. It can also help streamline workflows thus helping in better operational efficiency across the organization. It is not only important for banks to capture data, but they should also be able to sort, index and export documents as fully searchable files to make data interpretations. We offer this value proposition to our customer through our product IRISPowerscan™.
4. Would you like to tell us about your best seller Programs and after-sales support to the industry?
As the market leader in the printing segment and a responsible corporate, we have started promoting to every enterprise directly purchasing from us to be a part of a sustainable and green future through our Green Environment Together (GET) initiative. Launched in July 2019, we have planted over 20,000 trees till date across the country. This initiative has received widespread appreciation and support from our customers who view this as a Unique USP of Canon that while procuring a quality product, they are also contributing to the environment. Apart from this, all our products are developed using advanced technology to reduce the carbon footprint and have an optimum electricity consumption.
After-sales support is one of the most important elements of our relationship with our customers.
Machine up-time is of critical importance in the BFSI sector and by ensuring a maximum uptime of up to 98.5%, our service-support has earned us a lot of accolades from independent research agencies. With a strong service network panning 1,000+ locations, we ensure the same quality standard of service for all locations. Our endeavor is to prevent problems in our devices, hence the MFDs come installed with one of a kind software that shares regular updates on the machines health so that preventive measure can be taken.
We have also been ranked in the Top 3 companies holding the highest number of patented technologies in the world for the last 13 years, these technologies have been developed keeping in mind user convenience, security, and cost efficiency.
All these initiatives have contributed towards keeping our customers, delighted always.
5. What security measures are put in place for Canon’s product line-up?
Multi-function devices today are very evolved as they are connected to an organization’s network along with having the capacity to store documents – this makes it extremely critical for MFD’s to have adequate security measures in place so that customer data is always protected.
To ensure a secure digital printing experience, our imageRUNNER ADVANCE DX MFD series comes with multiple layers of security that provide complete input to output protection. A few features to highlight include McAfee embedded protection – that protects the device from malware/ransomware attacks. HDD Security (HDD Lock, Encryption and Initialize (Erase)) through which data is automatically erased following each print, copy or scan job to ensure all your company’s data and information is secure. And Uniflow Online software that keeps a check on what is getting printed and ensures that only print-outs can only be collected by the person who has given the print command.
6. What is Canon India’s roadmap to cater to the sector?
Our mission is to continue to bring forward new products and new technologies that will help streamline repetitive day to days tasks and bring in increased convenience, efficiency, and productivity in the BFSI sector. Based on industry feedback, we have continued to add more features to our DMS offerings to make it more robust so that workflows are more streamlined. We are also bringing forth solutions that make it easy for the sector to scan, archive, retrieve data as well as make document classification and data extraction easy. Details of our new products/offerings are regularly updated and available on our corporate website.