This is part six of our Process Automation Decade blog series, in which we examine how automation is evolving the workforce.
As organizations continue their quest for leaner, more resilient operations, the use-case for automation-driven tools and applications grows. In fact, process automation is joining cloud strategy as a core component of digital transformation with the potential to significantly disrupt several industries — one of which is financial services.
Automation in finance has already transformed some fundamental services processes. For example, many customers now withdraw and deposit cash through automated teller machines (ATMs) rather than interacting with human tellers.
However, the financial services industry is rife with outdated technologies that desperately need automation. Legacy financial systems rely on manual processes to complete the simplest of daily tasks, like making copies, sending documents, and performing credit checks. Process automation transforms these back-office tasks, reinventing several financial services roles.
1. Bank branch workers
Automating low-skill branch processes enables employees to shift into more high-skill positions. Think about the transition from bank tellers to ATMs: These employees now fill a customer service role and focus their time and skills on fulfilling specific customer needs that require a human touch. Process automation is the next tool banks can use to keep up with the increasingly innovative financial landscape.
For example, process automation can transform the everyday task of approving loan applications. Advanced workflow tools automatically gather information from customer applications, deliver it to the systems that determine whether the customer is qualified and email the customer the decision — all without the intervention of a branch worker. With the time they would have spent approving a loan application, branch workers can complete high-value work that requires human judgment and creativity.
2. Insurance fraud investigators
Insurance fraud bureaus process thousands of potential fraud cases each year, and each case requires an equally large number of documents sorted through a paper-based process. Before an investigation can begin, a staff member must locate documents, make copies, and deliver the necessary documents to the investigator.
This manual process can delay the investigation by up to a week. But it also consumes the bulk of that staff member’s time, challenges storage capacities, introduces sustainability issues, and costs a lot of money.
Process automation digitally transforms the insurance fraud investigation process by scanning documents into electronic forms, saving them into a digital library, and tagging them with the correct metadata so the system can route them accordingly.
This dramatically accelerates the investigation process. Investigators can access the necessary documents on the same day they were requested, easily shaving a full week off every investigation, freeing up storage space, and allowing staff members to focus on high-level rather than administrative duties. Bureaus that adopt process automation have reported yearly cost savings of around $5,000.
3. Onboarding staff members
Financial services organizations rely on their ability to hire and retain outstanding, customer-centric employees. Process automation can significantly improve the employee onboarding process — for both new hires and HR staff. An outdated or disjointed onboarding process leaves new employees feeling disconnected, uninformed, and unprepared to serve customers. An automated onboarding process, on the other hand, reduces repetitive tasks for onboarding staff and ensures immediate work readiness for new employees.
For example, automated welcome portals provide relevant benefits information and gather banking information required for payroll, making it easy for employees to integrate into the organization from anywhere. Automation also eliminates the need for a formal, scheduled meeting with HR staff.
With centralized, streamlined information flow and task management, new employees are fully equipped with everything they need to get started — faster. Also, this database of pertinent HR information is easily accessible by all employees from any location, saving HR staff hours and allowing employees to more quickly get back to work and continue serving customers.
Process automation is the next step in digital transformation for financial services organizations. The industry faces rising challenges in the current economy, and new regulations and stimulus bills continue to add complexity. Process automation offers a solution to rapidly adapt digital processes, enabling your organization to save money and boost efficiency in the midst of uncertainty.
Does process automation sound like the right digital transformation solution for your financial organization? A process automation partner like Nintex can guide you through the process, map a solution, and take your organization to the next level.
To discover how process automation can transform your financial services organization contact our team today.