Case Study: KeyBank

Improving efficiency and lowering costs thanks to in-house printing and mailing managed services.

About KeyBank

KeyBank, headquartered in Cleveland, Ohio is one of the largest bank-based financial services companies in the U.S. With approximately $135 billion in assets, KeyBank serves three million customers across diverse markets in the Northeast, Mid-Atlantic, Midwest and Pacific Northwest. A large bank with a local feel, KeyBank makes being a good steward to the communities it serves a business priority.

“Since day one of the transition, we’ve met all SLAs and there’s been zero impact on our clients and our data.”
Dominic Cugini
Director and Senior Vice President, Payment and Deposit Operations
KeyBank, Cleveland, Ohio

Challenge

Due to surges in mobile banking, KeyBank’s in-house printing and mailing operation was running at about one-tenth its capacity. Yet there were still several years left on the lease of their 55,000-square-foot production facility, and additional expenses were pending due to needed upgrades on their aging infrastructure and equipment.

Fortunately, however, their cost per click was relatively low compared to large centralized print and mail houses, making it fiscally unattractive to shut down and outsource the operation — to say nothing of handing over sensitive customer information to a third party.

KeyBank decided the best approach would be to find an onsite partner to take over the building, the people, equipment, and the statement printing and mailing. They needed a partner who could produce their statements on time and without errors in order to meet regulatory requirements. Any new technologies needed to be seamless and take the bank’s operational capabilities to the next level. Just as critical, KeyBank insisted on maintaining — or even reducing — their current costs, while retaining their print and mail employees.

Solution

With the KeyBank partnership, we saw a tremendous opportunity to expand their production print and mail managed services. After fully vetting the opportunity and studying the business, we took on the challenge and got to work.

To modernize the workflow and reduce KeyBank’s current print and mail costs, we enlisted RICOH ProcessDirector (RPD) to control and manage the transaction output processes. A workflow-driven solution, we use RPD to:

Aggregate data from various systems to produce KeyBank’s statements.
Manage return mail.
Generate reports and provide dashboard analytics.
Evaluate service levels and quality tracking.
Ensure regulatory compliance.
Optimize high-volume mail for USPS discounts.
Track single pieces.
Handle fulfillment services such as load packages, customer statement requests and binding.

This technology streamlined the bank’s print, mail and fulfillment services, enhanced operator productivity, improved process integrity, reduced human errors and lowered costs — while also surpassing risk management, loss prevention and data security requirements.

From a people perspective, Ricoh and the KeyBank HR department worked with employees through the transition. Thanks to a comprehensive communication plan and open, honest approach, nearly every employee stayed.

Result

Bank teller holding document and explaining to customer at bank counter.

Thanks to our proven business model and ability to meet KeyBank's requirements, the transition to our print and mail managed services was seamless, with zero business incidents and 15 KeyBank personnel on-boarded.

KeyBank is on track to reduce their costs by $250,000 per year, along with an additional three- to four-percent reduction in postage savings.

Since day one of the transition, KeyBank has met all service level agreements (SLAs) and there’s been zero impact on their clients and data. Our team went the extra mile to help KeyBank ensure that everyone from the c-suite to print and mail employees understood how our print and mail managed services would align with the bank’s long-term strategic objectives and provide new career opportunities.

From early conversations all the way through full implementation, we provided the information KeyBank needed to make data-driven decisions and remove risk.

Download PDF