Consider a time when you had to sift through stacks of paper documents, armed with a highlighter, trying to extract relevant financial information for analysis. Remember the frustration, time, and energy spent?
Now, imagine this task being accomplished in minutes, with clockwork precision, without requiring a single keystroke. What if technology could automate document processing, allowing you to focus on more strategic tasks?
Welcome to the future of financial services, where document automation is not only transforming operations but also shaping efficiencies, increasing accuracy, and fostering rapid strategic growth.
What Is Document Automation And Why It Matters
Document automation uses advanced software to automate or reduce manual involvement in the creation and management of a large number of documents. By digitizing data, analyzing data, and embedding it into pre-configured templates, document automation dramatically reduces the time spent coordinating documents while increasing accuracy and productivity. But how exactly does document automation transform financial services?
Consistent with its name, Record Mechanization is an innovative cycle that computerizes the creation, coordination, and the board of reports. It considers information to be caught, dissected, and integrated into pre-planned formats, subsequently wiping out manual information, decreasing blunders, and accelerating handling time.
But how does this revolutionize financial services?
- Boosts Efficiency and Accuracy
The financial sector consists of countless documents – invoices, account statements, insurance claim forms, loan applications, and more. Automation allows for faster, more accurate document processing, reducing mistakes associated with manual handling. For instance, information on a loan application can be quickly and accurately extracted and used to auto-populate the financial institution’s systems.
- Enhances Regulatory Compliance
Keeping up with administrative consistence is a fundamental part of monetary administrations. In the U.S., for instance, elements are committed to stick to the Dodd-Candid Demonstration, the Sarbanes-Oxley Act, and other regulation intended to safeguard customers and keep up with the trustworthiness of monetary business sectors. Document automation aids in compliance by providing templates that adhere to regulatory standards, ensuring critical components are not omitted.
- Deepens Customer Insight and Engagement
Automated documents can be customized for each client, integrating relevant variables from client interactions, thus presenting potential opportunities or risks. This level of personalization improves customer engagement, an important aspect in the competitive financial sector.
- Enhances Agility
With document automation, financial institutions can respond more rapidly to market changes. Say, a sudden economic downturn requires a re-evaluation of lending rates, the automation software could quickly adjust loan documents across the board.
Real-Life Examples Of Document Automation In Financial Services
Financial institutions around the globe are reaping the benefits of document automation.
- JPMorgan Chase & Co. implemented a Contract Intelligence (COIN) platform that uses Machine Learning to automate legal document reviews. What took legal aides 360,000 hours, COIN achieved in seconds.
- Canadian Imperial Bank of Commerce (CIBC) employed document automation to revamp operations, eliminating the need for manual document creation for mortgages. As a result, not only were the service delivery times radically reduced, but it also led to enhanced accuracy and productivity.
The Future Of Financial Services
As technology advances, so does the prowess and scope of document automation. Two promising avenues are Artificial Intelligence (AI) and Blockchain technology.
- Artificial Intelligence: AI can improve document automation to handle complex tasks like content analytics, predictive modeling, and even autonomously generate financial documents. For instance, AmyPro, an AI-powered business intelligence tool, can auto-generate financial reports, thus reducing the workload tremendously.
- Blockchain Technology: Traditionally witnessed in cryptocurrency settings, blockchain is gradually integrating into financial document automation. The secure, transparent, and immutable nature of blockchain provides a robust solution for securely transferring digital assets. In Dubai, a government-backed blockchain platform aims to digitize all governmental documents by 2020.
The combination of automation and adoptable technologies marks a paradigm shift fueled by the financial industry’s mission to be accurate, efficient, and customer-centric. The adoption of advanced tools such as document automation heralds the emergence of a more purpose-driven, high-performing financial services sector, prepared to tackle the new digital landscape.
So, the future of financial services isn’t about piles of paper. It’s about intelligent, automated systems that automate inefficiencies, minimize mistakes, and open up unprecedented growth opportunities.
As the paper-pane era winds to an end, financial institutions that embrace this transformative wave of change will redefine success within the industry. As the saying goes, “The future is automation, the future is now”, and thankfully, the future is automated, efficient, and promising!
