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Automate or Die Hiring: 5 Ways Automation Moves Financial Institutions Further, Faster

Ryan Dimick
Ryan Dimick
VP of Engineering
Read Time
2 mins
Last updated
Jul 14th, 2022

The 5 Ways Automation Moves Financial Institutions Forward, Faster:

We all interact with top-level brands and product with great user experiences every day. Starbucks, Amazon, Netflix, Apple—they’ve all set new expectations for customers. For everyone else—FI or not—the challenge is living up to that expectation of a modern user experience. COVID has accelerated the expectation of digitization—if it’s not all digital for customers, it’s both surprising and disappointing. For Financial Institutions, automation is crucial to delivering on that expectation.

The hard truth: You can’t fill that gap with staff. If your backroom isn’t automated, you will die hiring.

The Financial Brand and SMA Technologies got together to address this and the webinar ‘Automate or Die Hiring: 5 Ways Automation moves Financial Institutions Forward, Faster’ came out of this partnership. Available now on-demand below. Read on for additional highlights as well. Enjoy!

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1. Payment Processing (16:43)

Among the biggest and most beneficial tasks are online payments, remote deposit, ACH processing, incoming and outgoing payments, even accounts payable can be automated. In accounts payable alone, the average cost of processing an invoice being $10-30, there is much money and time to be saved.

2. Mortgage Loan Origination + Processing (20:39)

This process is very manual and paper-based. It consumes a tremendous amount of resources and is prone to errors. Automation can help organizations expedite and deliver both on loan origination and servicing. SMA has seen organizations save over 10x reduction in time. Internal talent can be repurposed from the repetitive work of error-checking and data entry.

3. ETL + Data Warehousing (28:10)

Data and analytics drive good, modern decision making and it can be used to personalize the user experience. But data in disconnected, disparate places and formats is stale and goes unused. Getting that data into the right spots is hard, but automation makes it easy. It is ideally suited to extract data from a variety of sources, transform it, and load it into the appropriate places, activating it and put it to use for your business.

4. Document Image + Storage (32:16)

All the printing, scanning, sending and receiving of emails, document submittal tracking, compliance issues are easy wins for automation. Processing loan documents faster will help you meet those customers’ high expectations and help transform the process from a ‘paper trail’ to an ‘image trail.’ You can digitize from the start and automate document upload to all the mission-critical places.

5. Digital Banking (40:08)

Automation allows you to deliver the best digital banking experience. It can be tempting to deliver the newest fancy features but without automating and orchestrating your data and manual tasks behind the scenes, you can be left with a hodgepodge solution, prone to error and breakdowns. Delivering the best user experience—delivering a truly digital banking solution—requires a digital, automated backroom.

In this article

If you're spending more time hiring as a means to get ahead, you may consider a new angle.

Stop Hiring. Start Automating.

Use this form to schedule a 1:1 session to learn more about automation, review your current processes or just see what's possible!
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