Banking, financial, and legal industries have traditionally been slow to adopt innovative technologies. As other industries view modern technology as an innovative solution that streamlines workflows, several of these traditionally managed sectors have resisted efforts to modernize their operations.
However, the game is beginning to change. Corporate and transactional practices such as banking, finance, real estate, and litigation have increasingly explored the impact of innovative technologies on their respective practice areas.
Future of banking and finance is digital
As younger consumers demand more flexibility and convenience from banking services, the future of retail and mobile banking is growing more digitized. Insider Intelligence conducted their fourth Mobile Banking Competitive Edge Study, and the insights point to this growing trend towards digitized consumer banking.
In their findings, 45% of respondents say financial institutions that offer mobile app-based banking solutions are at the top of their list of preferred bank providers. Clearly, there’s a growing consumer demand for more innovation in these spaces, but the advantages of modern technology can also improve internal business processes at these institutions.
Banking executives see technology as a means to save costs
In the same report, 39% of banking executives say that incorporating technology into their own internal workflows can help lower costs for their businesses. The right solution can also deliver more autonomy and flexibility to how executives access important business records. Up to 77% of business leaders say they want the freedom to view business data from remote locations, continuing the hybrid workflows adopted throughout the COVID-19 pandemic.
Incorporating methods that innovate and streamline administrative and clerical processes can save valuable time and working capital for banking and financial institutions. Incurred labour costs to finalize important agreements between banks and their clients are dramatically slashed by adopting modern technology.
Why document automation solutions drastically cut costs
Document automation is one such solution designed to innovate industries and reduce operating costs. Document automation refers to the design of systems and workflows that streamline the creation of electronic documents.
Since banking and finance industries conduct daily transactional practices, document automation can make checklists or virtual closing lists more efficient for the institution. Many of the documents involved in these processes are virtually identical, except for specific information about the client in service.
With document automation technology, most of the workflows to create those deals are consistent from client to client. Once the templates are created, they can be cookie-cuttered, duplicated, and customized to each client experience.
How document automation improves B2B client relationships
When documentation is completed more efficiently, the deals attached to those documents can be finalized with more speed and precision. If large deals are being conducted between one large banking institution and another corporate entity, the speed and efficiency delivered through document automation solutions generates more revenue at faster rates for both entities.
As a banking institution, client satisfaction is essential to earning repeat business. Providing clients with faster models to finalize important business documents makes the process more efficient for the end client. Fast precise completion of their business deals means those satisfied clients are far more likely to come back to your institution when they require financing for another important deal.
Entity management platforms automate documentation
When banking and financial institutions are ready to modernize their workflows with automated solutions, it’s important they select the right solution to support their needs. Entity management software is one of the best solutions on the market.
Entity management platforms are cloud-based solutions, which means users can access all information stored within the platform from a location of their own choosing. This flexibility perfectly aligns with what banking executives are looking for in a document automation solution. They can view the records remotely, secure with the knowledge that their documents and business records are protected in the cloud using biometric and hardware key authentications.
Entity management platforms have pre-built document templates. Any legal documents to finalize a major banking transaction can be duplicated and modified in a matter of minutes.
Once an initial template of that document is created, the platform allows users to quickly duplicate those documents. Minor edits and revisions can be implemented to customize the documents from client to client or use case to use case. It’s a much faster process that simplifies everyone’s lives!