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This article originally ran in Finextra.
The finance industry has long struggled with outdated, manual processes that slow down operations and burden financial professionals with unnecessary administrative work. However, a revolution is underway: workflow automation. This shift is transforming the industry by streamlining processes, eliminating busy work, and improving the customer experience. While the journey toward full adoption across the sector is still ongoing, the impact of automation is already profound—and it’s just getting started.
One of the most notable advancements in automation is the integration of simple, user-friendly tools that address some of the industry's most time-consuming tasks. For example, eSignatures have become a game-changer in how financial institutions handle documents. Traditionally, the process of obtaining signatures for everything from mortgage applications to contracts was slow, cumbersome, and reliant on paper. With eSignature technology, businesses can collect secure, legally-binding signatures from anywhere, on any device. This convenience is just the tip of the iceberg, however—eSignatures also automate key aspects of the workflow, such as setting up automatic reminders, enforcing specific signing orders, and integrating with document generation systems. These tools not only replace paper-based processes but also free up valuable time for financial professionals to focus on more strategic tasks.
But eSignature technology is just the beginning, the tip of the iceberg if you will. Financial institutions now have the ability to automate entire workflows, from data capture to document generation, resulting in more efficient, streamlined operations. Imagine eliminating the need for hours of manual data entry, approval routing, and document review. With automation, these tasks can be handled seamlessly in the background, reducing the risk of human error and accelerating processes. This newfound efficiency translates into faster response times for clients, allowing banks to offer a more seamless and satisfying customer experience.
Beyond improving internal processes, automation also plays a crucial role in ensuring compliance. Financial institutions operate in a highly regulated environment, where adhering to strict standards is critical. Automation helps mitigate the risk of oversight by ensuring that every document is processed correctly, signed on time, and stored in accordance with legal requirements. Compliance is no longer a manual, error-prone task—it’s built into the workflow itself.
Perhaps the most significant benefit of automation is its ability to improve customer relationships. In a highly commoditized industry like finance, customer experience is everything. Streamlining workflows and eliminating administrative bottlenecks allow financial institutions to focus more on serving clients and less on paperwork. For example, faster document processing, more accurate data management, and quicker response times can make all the difference in maintaining client satisfaction and loyalty. By adopting automation, banks can create more personalized, efficient interactions with customers, strengthening relationships and ultimately improving retention rates.
As the industry embraces these tools, financial professionals are finding that they can reclaim their workdays. Automation allows them to focus on high-value activities, such as analyzing data, offering personalized advice, and building deeper client relationships. Instead of spending hours on repetitive tasks, they can dedicate more time to strategic decision-making and fostering growth.
The shift toward automation is not just a trend—it’s an evolution that is revolutionizing how financial institutions operate. By adopting automation tools, financial organizations can streamline their internal processes, improve compliance, enhance customer satisfaction, and, ultimately, drive better business outcomes. The days of relying on manual, paper-based systems are coming to an end. I tell people all the time to streamline their world so they can do more good for their clients. Workflow automation is the natural progression of that sentiment.
Put bluntly, the future of a streamlined finance function is automated, and it’s already here.
