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Industry Breakdown: Automation in Financial Services

If financial services organizations want to achieve market differentiation, they should strive to provide a more efficient, compliant, and transparent experience for their clients and customers. To improve the outward service a business provides, it helps to first look inwards.

Automation in financial services allows organizations to build workflows that improve internal processes on the line of business. By removing menial tasks that take up employees’ time and improving the processes that provide customers with the most value, financial services organizations can increase their speed of service and improve the overall experience for the customer.

There are many facets to financial services—from commercial and investment banking to financial planning, insurance, and public accounting. Automation, too, has many forms—from advanced robotics to machine intelligence to automated workflows in SharePoint. For automation in financial services to be a success, organizations must understand which type of process automation will most benefit their business and the service they provide to customers.

This post will look at how automated workflows can be used in three areas of financial services: Banking, insurance, and wealth management.

Automation in financial services: Banking

Modern-day banking firms are stuck at a crossroads. They have vast databases full of client data and have built an impressive level of trust with customers. Yet those customer expectations are still rising, and competition to meet those expectations is fiercer than ever.

Just 18 percent of Americans do most of their banking in branches, versus 25 percent who mostly bank on mobile devices and 40 percent that prefer online banking. It’s clear that customers want digital solutions that appeal to a technologically-driven audience. The good news is that digital technology and workflow automation can work together to improve the customer experience.

Here are two examples:

  • Account closure
    Process automation software can intelligently prioritize closure requests based on factors such as customer lifetime value and their probability of remaining a customer.
  • Client onboarding
    Automated workflows provide an effortless digital client onboarding process that ensures the right information is collected to enable you to craft personalized experiences at scale.

Automation in financial services: Insurance

Insurance customers today have grown accustomed to accessing services around the clock and at an unprecedented level of transparency. Insurance companies are looking to meet these expectations with the help of data models and predictive analysis to provide customers with a more personalized experience.

And yet many insurance companies still enact manual processes on a web of disconnected legacy systems when dealing with customers. Clearly, insurance is an area where expectations are not matching reality. If (and when) customers realize this, they’re not likely to stick around.

Here are two processes where automation on the line of business can help employees expedite insurance processes:

  • Policy quoting
    Accelerate the underwriting process via modern forms, automatically inputting data into algorithms to generate data-driven quotes and to populate approvals/denials via document generation. Process automation can significantly decrease the response time to requests, log workflow stages, archive necessary documentation, and minimize potential errors.
  • Claims activation power claimants to instantly submit necessary supporting materials (evidence such as photos of damage, incident data points, etc.) to quickly qualify submitted claims. The workflow automatically progresses eligible claims, keeping the claimant aware of milestones as they occur (via SMS, email or online messengers).

Automation in financial services: Wealth management

Wealth management concerns financial and investment advice, accounting, tax services, retirement planning, and more for a set fee. As a combined service, the focus clearly rests on creating a streamlined and satisfying customer experience. But the pace of technology change in ‘Fintech’—new tech that seeks to improve the delivery and use of financial services—is directing customer attention elsewhere.

The expansion of Robo-Advisory in Wealth Management is a prime example. This revolution can provide a completely digital experience with around-the-clock self-service access and low costs for unlimited accessibility and a client-focused digital experience.

Process automation can help businesses provide customers with the levels of accessibility and engagement to compare with sophisticated fintech initiatives.

Here are three line of business processes that can be automated:

  • Pitch deck customizationConfidently equip your front office professionals with automatically generated content that is consistently accurate and personalized for the intended audience.
  • Estate plan document creation
    Generate compliant, customized estate planning documentation with ease through modern forms and document generation.
  • Client onboarding
    Provide an effortless digital client onboarding process that ensures the right information is collected to enable you to craft personalized experiences at scale.

Exceeding customer expectations

Shifts in technology, regulation, global events, and customer expectations combine to create a volatile business environment for organizations in financial services. Organizations that can keep up with the fast-paced technological change are sure to thrive, while those that don’t risk being left behind.

The Nintex Workflow Platform includes the latest automated workflow and process automation technologies to help businesses in every industry and every area of financial services offer more to their customers by improving the operational efficiencies of their own workforce.


To find out more about process automation in financial services, get in touch with us today. See how we can revolutionize your business processes. Start your free 30-day trial today!


Ben McFadden

Ben McFadden has been Director of Finance at Nintex since January 2018 and is based in our Bellevue, WA, office. He has also been a CFA charterholder since 2012. At work he enjoys automating the mundane so his team can focus on more strategic finance initiatives. When not at work, he enjoys hiking in the beautiful Pacific Northwest and traveling the world.

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