If you’re looking to improve your organizational efficiency, productivity, and communication, it’s time to implement workflow automation systems into your back-office processes. Automation systems don’t just make it easier for workers, but they also create a central hub for information, help with compliance with the Securities Exchange Commission (SEC) and Consumer Financial Protection Bureau (CFPB), and minimize office administration costs.
Financial Workflow Automation Transforms How Financial Institutions Do Business
Workflow automation technologies can be easily integrated into current financial processes. While the goals of some institutions are to gain new insights from existing data, other benefits can help to optimize risk management and streamline business processes.
Improve Employee Efficiency
Processing straightforward applications or propositions with automation software rather than relying on manual processes helps underwriters focus on more complex lending projects. Analysis of bottlenecks, data-quality issues, and focusing on potential niche groups could improve current product design and long-term development.
Optimizing Employee Performance
You can avoid losses and remove the risk of human error by using software that automatically controls critical tasks. Workflow automation software also provides your business with advanced analytics, including new data sources, better data quality, and improved scoring techniques.
Improve Your Competitive Advantage
Workflow automation allows you to give improve the time it takes for customer approval by streamlining the validation processes. By being able to react more quickly, customers are better able to use their finances efficiently, which helps increase their satisfaction with your institution.
Build Better Customer Relationships
With workflow automation, you can target potential customers by using triggers to offer relevant products or services. New customer relationship methodologies can help you improve retention by rewarding good customers instead of putting them at risk by switching to a competitor.
Consistent Decision Making
Workplace automation helps eliminate the risk of bias in core decision points, which improves fairness, reduces confusion, and removes subjective interpretation. Your business can be more responsive to implementing changes to credit or fraud policies to avoid repeated problems, losses and costs.
Automation has become a key competency and objective for many financial institutions. Technology and software can do manual tasks faster, more accurately, and more reliably than humans. With the emergence of new technologies like automation, machine learning, and robotic process automation (RPA), financial businesses are becoming much more reliant on technical resources to support the jobs of their skilled workforce.
Why Should Financial Institutions Embrace Workflow Automation?
Workflow automation takes over core banking operations that were previously done manually. When compared to manual processing, workflow automation does the same job in less time, with no effort, and limited resources.
Automation removes the human element and makes the processes less prone to errors. When it comes to dealing with large amounts of money and customer assets, automation helps lower the risk of human error, eliminates accusations of fraud, and produces accurate audit trails.
Financial institutions can report regulatory and legal requirements in a better way through workflow automation. Since workflow automation systems are distinct from decision-making processes, the software will not be prone to judgement calls, since functions are determined by pre-programmed logic.
Discovering ways to make any business process faster and more efficient is critical for increasing profit and lowering costs. Helping employees be more productive by using technology that supports their workflow can help them stay competitive, deliver information to their customers, and reach personal career goals.
Financial Workflow Automation and Regulations
The CFPB focuses on consumer protection and has committed resources into analytics and digital technology. In a world where consumer data is increasingly available, lenders continue to augment the scope of the information they evaluate. Examples of available data include:
- Trends or patterns in traditional loan repayment information
- Data such as telecommunications, rent, insurance, or utilities that require monthly payments
- Account transaction and cash flow data
- Information about prior income or expense shocks
- Data related to stability, such as residences, employment, or phone numbers
- Social media data about consumers’ friends and associates
The CFPB seems to recognize the potential benefits of using data beyond traditional credit file data. By embracing workflow automation technology, financial institutions can provide access or better pricing for consumers who face barriers to accessing credit, or those that traditionally pay more for credit.
While workflow automation helps ensure process integrity, it also helps ensure compliance with the SEC. The scheduling features of workflow software ensure that all documents are kept for the right amount of time, and are disposed of as soon as the limitation has passed.
Build a Workflow Automation System for Your Financial Institution with DRS Imaging
Workflow automation solutions have transformed traditional financial business activities, roles and tasks into a more efficient structure. Implementing automatic workflow processes in your business will help increase productivity, give your employees the tools they need to be more efficient, and reduce the costs associated with human error.
DRS Imaging provides a complete line of outsourcing services, such as Document Scanning, Document Imaging, and Document Management Software. DRS Imaging also helps you to securely manage your operations by:
- Storing financial documents in compliant, audit-proof archives
- Protecting data behind appropriate firewalls
- Integration with Line of Business systems
- Providing solutions for long-term backup storage
- Dramatic reduction in associated labor costs
- Improving back-office processes with workflow automation
We provide ECM, digital transformation, and other services on or off-site, that augment existing staff and capture transaction and customer information. We interface with and support all major Customer Information Systems, Mortgage Origination Platforms, ERP, and Accounting systems.
At DRS Imaging, all solutions deployed by our team of experts have impressive returns on investment. For financial institutions, this allows for complete tracking, auditing, and reporting for SEC and CFPB compliance purposes. Let us help you save time, streamline your processes, and lower your expenses.