Challenges We Are Seeing
Complex, manual on-boarding processes - Many firms within the financial services sector have long, complex on-boarding processes, resulting in a lack of conversions. The major issues - gathering information, uploading documentation, and collecting digital signatures. This results in slow, manual processes with a low level of customer satisfaction.
Silos & disconnected data (too many back-office officials involved) - Silos and disconnected data go side-by-side with complex manual onboarding processes. Juggling data between different systems is not only creating inefficiencies for employees but also having an impact on transactions completed at enterprise level.
Lack of efficiency - The above points both lead to the third one, lack of efficiency. There is no room for errors or data being lost in the financial services sector. Automated workflows can speed up manual processes leading to greater productivity.