There is no doubt about it, the financial services industry is one of the most vital sectors for the UK economy. And yet it is one of the industries that seems to advance the slowest when it comes to adopting new technologies. The reason for this is simple. If you were to walk into a building society or financial institution and ask them what their biggest business pain is, most of them would reply with ‘paperwork’. Purely because of the industry they are in, workers in these fields find themselves hindered by complex and sometimes incomprehensible regulations surrounding paperwork – how it is handled, who is allowed to see what, how it must be sent and how it has to be stored. These regulations impact everything, including what technology can be used. But with a financial institutions ensure their documentation and workflow processes are completely compliant with regulations, and prove it too.
When it comes to financial institutions of any size, compliance is always the number ones concern. There are thousands of different regulations and laws that financial institutions like banks, hedge funds and building societies are expected to follow, with heavy fines for those who don’t. All of which can make processing documentation a challenge. But by utilising a powerful content automation solution, financial institutions can see better control and access to their documents, and higher rates of compliance with minimal effort. With digital audit trails, automated workflows and customisable permissions features, compliance management has never been simpler.
Reduce Manual Checks
Within building societies and banks every single document that is put out into the world, from promotional literature to application forms, new account announcements and other documentation has to go through a series of stringent checks. So in order to ensure that every single thing that is done, whether that’s the processing of a document behind the scenes or a new form to be created, it has to go through at least 100 checks.