Putting “Service” Back into Financial Services with Automation

When a customer visits a financial, insurance, or banking institution’s website, the experience they receive should be very similar to an in-person visit. Instead, customers often get lost in a sea of websites, apps, and web forms — and it’s easy for financial services companies to lose true, one-on-one customer connection.

But technology does not need to be the enemy of good customer service. The reality is, that if financial services companies prioritize the adoption of advanced technology like automation, they position themselves to deliver the highest level of customer experience to their clients — both in-person and online — by creating process efficiencies, communicating quickly and effectively, and keeping their data updated and safe.

With smart automation, you can give your clients the convenience and efficiency of digital tools while also delivering a personalized, catered customer experience.

This is the true meaning of “service” — fast, accurate, and empathetic. Financial services automation is the most effective way to create this experience for your customers and employees so you can grow your business.       

What is Financial Services Automation?

Financial services automation refers to the use of technology and software systems to streamline and optimize various processes within the financial services industry like loan applications, insurance claims, and portfolio management. This automation can encompass a wide range of tasks and functions, with the ultimate goal of improving efficiency, reducing costs, minimizing errors, and enhancing the overall customer experience.

Challenges in the Financial Services Industry

The financial services sector grapples with a set of unique difficulties that can negatively impact the customer satisfaction, efficiency, and profitability of your organization. Without the support of automation, the friction created by these manual tasks slows the pace and growth of business.

• Extensive paperwork: While many financial services organizations have transitioned to digital documentation, many are still wrestling with spreadsheets, static pdfs, and manual data entry, slowing business processes and delaying revenue.
• Regulatory compliance: The industry operates under strict regulations. Financial institutions constantly need to update their practices to stay compliant with these evolving policies and avoid fines or penalties.
• Economic volatility: Inflation and rising interest rates have slowed consumer investments, loans, and deposits. Financial services companies must build operational efficiencies, competitive service offerings, and new business models to remain profitable.
• Consumer expectations: Demand for convenience, simplicity, and personalization — all while protecting client privacy — are higher than ever. Consumers expect to have accurate information and action at their fingertips at all times without the risk of exposure.

These are just a few of the challenges in the financial services industry, but they hit hard. And with the right strategy and tactics, automation can turn these challenges into opportunities.

Financial Services Automation That Can Change the Game

Automation promises to change traditional financial services from a world of long lines and transferred calls to efficient workflows that accelerate client services. Here are a few key innovations that can help build client trust and satisfaction.

Robotic Process Automation

Robotic Process Automation (RPA) helps employees perform monotonous tasks such as data entry, client communications, or transaction processing at top speed and with little error. Compared to human efforts, this type of financial services automation boasts unmatchable productivity, which translates to faster customer service and eliminates the risks associated with human error or fatigue. One bank experienced a 27% increase in tasks completed correctly on the first try due to RPA.

AI and Machine Learning

Artificial intelligence has broad applications across financial services from generating targeted customer communications to automating compliance. Machine learning algorithms excel in identifying patterns within large data sets — far surpassing manual analysis capabilities. They play an integral role in areas like fraud detection to keep your customer’s accounts safe, and risk assessment to ensure your clients are making investments they can back. They can also predict consumer behavior so financial institutions can offer personalized recommendations and deals.

Document Automation

Financial services institutions manage countless documents daily — from loan applications to policy agreements. Handling these files manually or with basic word-processing apps is both time-consuming and prone to errors. Through centralized digital storage systems along with automated document creation, retrieval, data entry, editing, and signing, administrative burdens are lifted so workers can focus on creating a stand-out customer experience. Automatically pulling data from Salesforce — and updating it bi-directionally — also ensures the details in each document are accurate, bolstering your reliability and consistency.

Automated Personalization

Consumers expect personalized service whether they are on location or online. Advisory chatbots, educational content suggestions, and personalized financial analysis give customers detailed information that helps them make decisions — while also building trust with your institution. 

In addition, with a financial services digital transformation platform that syncs with Salesforce, you can create dynamic content like loan applications, client contracts, engagement notices, and emails that are populated with client-specific information pulled from your CRM. You can even set up triggers to send new forms or documents when old ones expire or circumstances change. 

Cybersecurity and Compliance Automation

Protecting the data and privacy of your customers is table stakes for building trust. Your clients rely on you to keep their information and funds safe from cyber predators. Choosing financial services automation platforms that store all your client data in a single location like Salesforce, encrypt the data, provide detailed access control, and comply with Zero Trust policies will give both you and your customers peace of mind.

Balancing Technology and the Human Touch

Many theorize that our ever-increasing use of technology is thwarting opportunities for human connection and service. However, in financial services, the opposite is true: Financial services digital transformation automates and speeds the pace of business, giving employees more time to spend with clients, engage in strategic discussions, and provide a personalized experience.

While addressing the human and technological challenges in the financial services industry can be daunting, your efforts are much more likely to be successful with financial services automation with S-Docs. S-Docs is your financial efficiency partner, helping your organization streamline operations, enhance compliance, and accelerate client service with our document automation and e-signature solutions. Spin up documents fast, pull data securely from Salesforce, and collect e-signatures without delay.

Let’s talk about how we can help you. Request an S-Docs demo today.