As per reports, there are over four trillion paper documents in the US alone, and this number is growing at a rate of 22% annually. Documentation in businesses can be a major source of inefficiency as it can consume 50% of an employer’s working hours when done manually.
By automating your document management system with Bautomate, financial services such as banks, credit lenders, insurance, etc can gain actionable insights unlocking business information from their static documents to achieve a complete productivity.
Need for Automation in Financial Document Processing
Financial services in particular handle important corporate and customer information that needs to remain confidential. With document automation, you can cut down the time spent on processing the documents and ensure full security to maintain the sensitive information for strict audit trails. It also helps in contributing to cash optimization and profitability.
How Does Document Automation Streamline your Financial Process
Apart from getting rid of the paperwork that crosses the desk, our DMS platform helps you revolutionize your traditional document processing and lets you manage your records the way you wish to and helps in making high quality decisions.
Let’s take a look at some key features that helps in optimizing your financial process
1. Intelligent Workflow:
With intelligent document processing, you can find important financial records and data precisely when you need them. Bautomate processes every document with high precision from loan document processing to getting approval signatures electronically with AI, ML led capabilities digitizing the entire workflow.
2. Securely Manage your Financial Documents:
Internal accounting, tax records and various other financial documents need to be securely protected with high security standards, access controls and multi factor authentication. Our platform gives greater protection to your documents with the advanced safety features that give you the certainty you deserve.
Apart from detecting fraud, financial institutions are responsible for reinforcing government regulations. Our document management system is a cloud based platform that establishes and responds to clear security and privacy requirements on an ongoing basis, as advanced security is the key for compliance strategy. Automation in compliance helps fintechs save time and money by managing workflows and documenting credit decisions. Document automation dramatically increases your organization’s chances of success in internal and external compliance audits.
4. Document Indexing:
With the help of automation, hundreds of documents can be automatically indexed within seconds with metadata based indexing. Lenders can organize credit applications by applicant name, amount applied for, date, family status, etc. Our solution also helps to index documents using OCR which enables you to extract data from all kinds of pdfs and scanned income statements, on demand documents in wealth management, cash flow statements, etc.
5. Third Party System Integration:
Our document management system is compatible with various third party systems in the financial services industry like Tally, CRM, PLM, SAP, ERP, etc. Central data repository makes it easier to identify third party documents and transfer of data from DMS to third party systems or the reverse.
Automation is a must for fintechs as it improves the quality of the documents, thus improving service delivery and attracting a greater number of clients.
Bautomate quickens your activity by speeding up the processing of documents in no time with low code solutions.
Connect with our experts to understand how our Document Management System can not only cut out your paper based chores but streamline your everyday financial tasks saving more time generating significant value.