Financial industries are now beginning to realize the tremendous benefits of automation. With digital transformation rapidly changing, companies are relying on technology to remain competitive by automating front and back-office processes and managing compliance electronically.

Challenges in the Workplace

Banking and finance institutions lagging behind the technology curve are being held back by manual business processes in day-to-day work. This creates frustration for employees and leads to a disturbance in customer satisfaction, security, and regulatory compliance. 

What Employees Are Saying About Their Current Business Processes

• 35% say business processes have let them down
• 58% say business processes make their job more challenging
• 44% say business processes have wasted their time
• 32% say business processes make made them want to leave their job

Where Do Finance Workers Spend Their Time on Unnecessary Tasks That Can Easily Be Improved Through Automation?

• 36% say sorting and classifying data and documents
• 32% say digitizing paperwork
• 27% say reminders/prompts to do tasks
• 26% say understanding data from documents

Get Ready to Improve Your Financial Processes Through Digital Transformation

To ensure you do not fall behind on the most recent digital practices and employees are satisfied, smart solutions such as process intelligence, automated data entry, and electronic records management are here to transform your business processes. Are you ready to break the chain of inefficacies, inaccuracies, and security breaches? 

73% of Financial Services workers said their organization has started to apply smart technologies in order to improve productivity, accuracy, and security. 

What Automation Looks Like When Implemented in Your Organization   

Implementing deep process mining technology leverages your existing data to provide complete process transparency. Once you see where bottlenecks and inefficiencies lie, smart solutions can be implemented to make the most out of your time and money. Some of these solutions include, but are not limited to: 

Data Extraction: Thousands of document types used in Financial Services can be captured and classified with a high degree of accuracy, including complex and unstructured documents. The data from these documents can be extracted from email, faxes, or scanned paper. This data can then be used to automate data entry into any of your business systems, creating the foundation for downstream automation. 

Records Management: Incoming records and data are instantly and automatically stored in their proper location. This provides your agents and advisors with instant access to the information they need to deliver top-notch service. By automating the filing process, we can also ensure records receive their appropriate retention schedules and automatically manage record lifecycles to keep you in compliance. 

Automated Communications: Smart technologies play a key role in providing the tools needed to create dynamic, responsive, and customized interactions. At all stages of the process life cycle, including onboarding, approval, and updates, documents are reviewed and approved in a much timelier manner.

Solutions we implement include:

• New Client Onboarding 
• Automated Data Entry   
• Secure Electronic Document Storage with Audit Trail   
• Record Management and Data Compliance   
• Automated Client & Marketing Communications   
• Claim Processing   
• Process Mining and Intelligence   
• Document Centric Workflow   
• Unstructured Document Data Extraction 
• ID Scanning and Data Extraction   
• Mobile-First Strategy   
• Process Data Mining and Intelligence   
• Secure Electronic Document   
• Records Management and FINRA Compliance 
• Data Processing Engines 
• Automated Bill Review and Flagging   
• Digital Loan Application and Processing

We know automation can be very intimidating, but the results of digital transformation can significantly improve your bottom line. Implementing these solutions will improve customer service and employee satisfaction by streamlining and automating daily operations, providing quicker response times, and reducing manual errors.

39% work more efficiently

34% collaborate more efficiently

28% ease administration

36% complete work faster