Fifth Third Bank Works with Ricoh to Transform In-Plant Operations, Delivering Greater Value to Customers
Print Operation Delivers 170 Million Annual Impressions of Color Output for Nearly 1,400 Banking Centers Across the Country
MALVERN, PA. – April 3, 2014 – Ricoh today announced that Fifth Third Bank, a diversified financial services company that is among the leading money managers in the Midwest, has transformed its in-plant operations by tapping Ricoh to support its new, more efficient way of working – providing increased flexibility and cost-savings. Fifth Third Bank has selected the market-leading InfoPrint® 5000 continuous feed print platform and RICOH® ProcessDirector™ workflow software for the production of full-color transactional MICR documents for customers from 1,320 full-service Banking Centers in 12 states.
Fifth Third Bank produces 170M impressions annually and nearly 70M annual mailings in addition to the Bank’s significant online customer base that receives digital documents. With such an immense volume it is vital for the company to provide clients with three important things: the highest quality documents; delivering these confidential, critical communications accurately; and, meeting important regulatory requirements and deadlines. By adding the InfoPrint 5000 platform to its print environment, Fifth Third Bank is no longer burdened with legacy software and hardware, limited marketing opportunities, inevitable operating cost increases, restricted flexibility and outdated black and white documents.
“Traditionally in-house print operations are a cost center for a company. In our case, even more so than a more traditional bank, it is not enough to be cost-neutral, we have to be able to prove that our operations will ultimately save the company money,” said Mark Kearns, vice president, Bancorp Mail & Print Services, Fifth Third Bank. “The InfoPrint 5000 has allowed us to bring in the value of color, while decreasing costs. Shortly after installation, we quickly had a high visibility internal customer bring previously outsourced work back in-house thanks to the new color solution. A win for our customer and a win for us.”
Ricoh’s InfoPrint 5000 platform and RICOH ProcessDirector Express bring Fifth Third Bank an unprecedented level of cost effectiveness, scalability, flexibility and expanded marketing opportunities. Because Ricoh software and hardware are able to meet all regulatory requirements and deadlines, the Bank can now better capitalize on the demands of its credit card business, deliver transpromo output in full, variable data color faster and more effectively, and save on marketing campaigns with onserts, all of which means bringing more work in-house.
Fifth Third Bank has also streamlined hardware costs by returning all leased legacy equipment and converting currently owned assets into a disaster recovery low cost back-up solution, ensuring uninterrupted communications for all customers.
“The diligence Fifth Third Bank has shown in transforming their in-plant operations demonstrates the passion they have for delivering the best value to their customers in today’s new way of work. This is a key milestone for us, enabling Fifth Third Bank to decrease costs, expand business opportunities and exceed customer expectations,” said Winston Liu, vice president, Commercial Solutions, Continuous Feed, Ricoh. “There are many reasons Ricoh was named market leader by IDC for six consecutive years.* We think one major reason is customer satisfaction, like that represented here through our work with Fifth Third Bank.”
More details on Fifth Third Bank’s installation of the InfoPrint 5000, Transforming In-Plant Customer Communications at Fifth Third Bank, can be viewed in the Xplor Webcast, available for download here: http://xduonline.net/video/XplorRicoh120413/XplorRicoh120413.html
* IDC’s U.S. Quarterly Production Print Tracker
Ricoh is a global technology company specializing in office imaging equipment, production print solutions, document management systems and IT services. Headquartered in Tokyo, Ricoh Group operates in about 200 countries and regions. In the financial year ending March 2013, Ricoh Group had worldwide sales of 1,924 billion yen (approx. 20 billion USD).
The majority of the company's revenue comes from products, solutions and services that improve the interaction between people and information. Ricoh also produces award-winning digital cameras and specialized industrial products. It is known for the quality of its technology, the exceptional standard of its customer service and sustainability initiatives.
Under its corporate tagline, imagine. change. Ricoh helps companies transform the way they work and harness the collective imagination of their employees.
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