If you work in the financial industry, whether it's mortgage banking and lending, commercial banking, or hedge funds and other high interest opportunities, you have without fail experienced the pains of overwhelming amounts of paper and poorly maintained processes - employees burdened by busy-work, inefficient processes, and lost documents.
In lending, these pains occur to an extreme level. The paper processes required begin outside of the institution with contracts and sales agreements, and this kicks off a paper trail that the IRS would applaud.
This also leads to enormous client files and stored copies of documentation during and after the process - why? With a secure and responsive electronic document management system, these files could stop taking up space, and your organization could reduce search times by nearly 97%.
The time employees are spending searching for, retrieving, migrating, and reproducing documents is costing your company both money and clients - instead of replicating work or performing tasks that could easily be automated by a process automation engine, employees could be focusing on value-adding tasks that create a more reliable, efficient, and quality partner for your clients.
We also notice this issue when we've looked at hedge fund client onboarding processes. There is such a focus on the meticulous and completely necessary paperwork that often clients become discouraged, frustrated, or even decide to take their business elsewhere.
A client portal power by workflow automation can be a great way to solve both the internal and client-based stress factors in this process. By automating the routine tasks and moving to a paperless process, you have the opportunity to provide a client-facing portal on your company's website. This lets clients see what documents have or haven't been submitted, what may need a correction or approval, where the documents are in the institution and how long they may remain in that phase, etc.
By revealing your process to your clients, you give them both peace of mind and the satisfaction of knowing exactly where everything is - all without requiring constant phone calls and distracting emails that take time away from workers who are actively trying to process all of these onboarding documents. While from the inside of the system, it's easy to see that calling to check on an order invariably makes the order take longer because you are stopping people from working on it, it can be difficult to see this as the customer who just wants to know what is happening with their secure documents.
We often use Domino's Pizza as an example - they added a "Pizza Tracker" to their website several years ago, and ever since they have reduced the number of calls asking "Where is my order?" almost 76%. By providing real-time information of what is happening at the store, a customer can look at the simple workflow and see that it's still being prepared or that it is out the door for delivery.
Similarly, not only will a financial institution gain efficiency internally and be able to perform the work faster, by using a business process automation platform you can provide that kind of granular information to your clients with ease - where exactly are onboarding applications and required documents, who has them, why do they have them, what errors or difficulties have occurred, is this a normal and expected wait time, etc.