The Transformation of Banking: Taking on Fintech with Document Automation
Summary
To navigate these and other disruptions in financial services, banks and credit unions must embrace technology to become more responsive to customer expectations while reducing risk and cost. Bank errors occasionally make the news, when, for example, a loan officer manually enters a figure with too many zeroes, causing excessive funds to be deposited in a customer account. SOX law establishes requirements for the secure storage and management of corporate-facing electronic financial records, including the monitoring, logging, and auditing of certain activities. Document automation eliminates the need for double entry of customer information, which usually takes up a considerable amount of time and creates room for mistakes. The result is a highly interactive, structured data-gathering workflow that virtually eliminates human error, saving time and labor costs and significantly reducing legal exposure.
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