Compliance management and automation for Financial Service Institutions
Today, savvy financial services organisations are taking steps to eliminate inefficiency and to streamline front and back office processes. New programs such as compliance management and automation 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.
The purpose of document automation solutions like the ones we provide is to simultaneously eliminate paper and inefficiency, allowing banks and building societies to handle paperwork, without the pain.
If you were to walk into a building society or financial institution and ask them what their biggest business pain is, most of them would reply with ‘paperwork’. Purely because of the industry they are in, workers in these fields find themselves hindered by complex and sometimes incomprehensible regulations surrounding paperwork – how it is handled, who is allowed to see what, how it must be sent and how it has to be stored.
And while the regulations are there for a reason, many institutions are still working with outdated methods when it comes to managing them, and their paperwork processes.