Curing Paperwork Pain In Building Societies With Document Automation
Today, savvy financial services organisations are taking steps to eliminate inefficiency and to streamline front and back office processes. New programs and solutions are being used to automate task assignments, information and documentation workflow, including the population of information from reports, E-forms and documents into disparate banking systems. Banks and building societies with document automation eliminate paper and inefficiency, allowing to handle paperwork, without the pain. Here are just a few of the different areas within a financial institution that document automation could help with:
Loan origination tends to be a paper form, leading to a document-intensive business process with a number of complicated steps, tasks and forms to fill in. Lending also has many industry compliance requirements, along with internal audit and process controls to adhere to. Lending also has a number of sub-tasks associated with it, each with their own task owner and regulations, so for many banks they are a complicated and lengthily process. In 2015, it was estimated that the average cost to the institution to process a mortgage was £5754, most of which was driven by salaried employees performing manual paperwork processes like document review, audit, data entry, document tracking, collaboration and dealing with documentation errors. But by employing a document automation solution, lenders can significantly increase staff productivity and reduce costs. Every one of the processes detailed above can be programmed and carried out by automated document software or digitized into E-forms, freeing up resource, speeding up processes and saving around £120 per loan in processing costs.
Many banks and building societies that deal with investment or wealth management services will have a dedicated trust department. Their daily tasks of onboarding new clients, managing ongoing investment and account requests, ensuring good client communication and addressing regulatory compliance with paper-based, manual processes adds up to large operational costs and increased risk or errors. In order to ease this burden, document automation software can help wealth management departments free up time, eliminate errors and reduce costs by accelerating new client onboarding, eliminating manual forms and document review processes in favour of E-forms, and even automatically update client information into your record systems. Our solutions can synchronise any wealth management system with the core banking system and provide the built-in control and real-time auditing needed to ensure full compliance and minimize the risk of errors.
Out of the hundreds of back office systems and processes used, accounts payable is usually the first that most businesses choose to automate. While it might seem like a simple process, the sheer number of steps means that the scope for errors is quite large, and that can lead to very serious consequences, especially for financial institutions. Document automation enables finance departments to capture invoices from a variety of sources, digitize them and automatically route them for approval based on pre-programmed criteria, before and sending all invoice data to the AP system to be stored for retrieval and archiving purposes. For more insights into how document automation can revolutionise your invoice processing procedures, click here and read our business case.
And finally, another area that document automation is very popular in is human resources. Within HR, there are many processes to manage, but the most document intensive of them tend to be employee recruiting, onboarding and separation. Onboarding in particular can require 10 or more different internal and government mandated documents that must be filled out, scanned or manually entered into the company’s systems – no small task if you are the HR manager of a company with several branches scattered across the country. But savvy HR executives have started to utilise the highly customisable rules of document automation to help them digitize and automate their paperwork processes, speeding up the onboarding of new employees with E-forms, increasing new hire satisfaction and freeing up their valuable time.
It’s not just the front end, domestic side of banking that can benefit from document automation. The business processes building societies must follow may be restrictive, but that doesn’t mean they have to be labour intensive or manually driven. By embracing document automation, building societies and banks could see improved efficiency, better data security and much happier employees. For more information, or to book your free demo of our document automation solutions, get in touch with us today.