4 Ways That Workflow Automation Saves Financial Firms Time and Money

4-Ways-That-Workflow-Automation-Saves-Financial-Firms-Time-and-MoneyNo one has an eye on money more than those in the financial industry, regardless of whether they are an executive or someone who plays a supporting role.  Watch insurance rates flip direction or the Dow drop ten points, and the industry is suddenly abuzz with adjustment.


1. Paperless documents ease compliance efforts.

The financial services industry is bound by copious amounts of regulatory bylaws. These equate to pages of signature-requiring paperwork that oftentimes aren’t even read. Besides making budgetary allowance for paper and copying costs, businesses must make room to store walls-to-wall Bankers Boxes of data that isn’t easily retrieved. Auditors don’t care that the signature page you need isn’t where it should be.

All they want is that signature, and not finding it can mean big bucks in lawyer fees and federal fines. Instituting workflow automation processes turns pages of paper into bits of data that can be easily stored and retrieved in just a few clicks. So, if a sales assistant needs to get evidence of a client’s approval to New York by 10am and they’re in L.A.? No problem. It’s just a few clicks away from being done.

Taking your paperless process all the way (including those Bankers Boxes you’re required to store) means no one is waiting for a fax machine that refuses to send or has to jump through hoops to get a deadline extended. 


2. Digital security measures facilitate confidentiality.

Money is a sensitive topic for sure. Besides the regulatory risk of allowing financial information leaks regardless of the cause, brands that can’t stand firmly behind their privacy policies won’t stand a chance against competitors with better safeguards in place.

Workflow automation solutions include intuitive, airtight privacy management tools that can keep unauthorized parties from compromising personal data. Automated signature software can quicken the approval process while trigger-based rules ensure each process is followed—in the right order—to a T.


3. Centralized processes reduce work redundancies and error.

Change of status events like divorce and death can often be troublesome within financial settings when having to make adjustments to multiple accounts, especially when some of those accounts exist elsewhere.

In both cases, thoroughness is key. Even the slightest discrepancy in name changes, beneficiary information or account transfer figures, and an ex-spouse’s unauthorized access has you lined up for a lawsuit or additional resources have to be brought in to straighten up transactions done inaccurately. 

Computer-driven, centralized business processes allow financial firms, banks etc. to enter customer account just once that can then be used auto-populate related forms with things like names, addresses and account numbers—saving time and preventing manual errors from costing you a fortune.


4. Integrated business capabilities enables adherence to strict collaboration rules.

The new Loan Estimate and Closing Disclosure handed down by the Consumer Financial Protection Bureau (CFPB) not only replaces several government-related housing forms, it outlines new requirements for how lenders and other workflow participants must collaborate with each other to meet these new standards.

Workflow automation platforms are increasingly capable of integrating disparate systems, ensuring that every person integral to a particular financial process can theoretically be on the “same page.” In light of pending and future industry changes, the ability to successfully integrate financial systems and processes is quickly moving from luxury to necessity.

The financial industry has always exceeded others in terms of complexity and litigiousness and big data complications are only cranking things up. Find out how iDatix can help you create efficiencies in your financial services related processes.

Schedule a free process automation consultation here.

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