5 Critical Document Workflows for the Financial Sector

Got documents? Every financial organization does – often too many to know what to do with.

From loan applications to annual statements, the paperwork that passes through a financial institution’s doors is vast and varied. As such, it’s important for banks and other organizations in the financial sector to have efficient document workflow solutions in place that can handle the job of sorting, verifying, approving, and archiving essential records.

Each and every connection within the financial sector can be made easier and more efficient with the right document workflow system. That’s why banks have been turning to cutting-edge solutions for years – to keep up with the ever-changing demands of their clients, as well as remain competitive in a quickly evolving industry. Read on as we discuss the significance of document processing in banking, and list out five powerful workflows that could be just the ticket for streamlining your document chaos.

Five Critical Document Workflows for the Financial Sector

Most major organizations have processes in place to control the flow of files through their back offices, albeit grossly inefficient ones. Best intentions aside, it’s not uncommon for banks to make clerical errors amidst all the hustle, bustle, and paperwork of their daily operations. With so much at stake for clients and business viability alike, it pays dividends to invest in a system capable of streamlining the chaos. Read below for a rundown of five powerful workflow tools fit to serve this purpose.

#1 Web form to CRM workflow

Automates transferring data from web forms to CRM platforms to keep customer data updated in real-time as it is collected.

#2 CRM to document template

Automatically transfers relevant customer data from CRM into customized document templates for accuracy and branding consistency.

#3 Personalized statements to customer

Leverages customer data and preferences to tailor and personalize statements before efficiently delivering them to customers across channels.

#4 Document to e-signature tool

Integrates documents seamlessly with leading e-signature tools like DocuSign to enable fully digital, compliant signatures collection and workflow management. This eliminates the need for printing, faxing, scanning or mailing paper documents.

#5 Internal review workflow

Provides a streamlined digital review and approval process for documents across departments and stakeholders. Securely facilitates collaboration without any physical paper passing hands.

When you put all of these capabilities together, it’s possible to create simple, or highly complex, documents and automations. For example, our client MorningStar recently leveraged all the workflows covered here to create self-service reports for their customers. This allowed them to automate the process of compiling financial performance and forecasting data, as well as creating engaging visuals so their customers could easily access information about their investments. In other words, they both saved a ton of time and used document automation to stand out from the competition.

Download the full PDF to read more details on how modernizing document workflows can help your financial organization improve efficiency, compliance and customer experience.