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.