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How Financial Document Automation Saves Your Staff Time

Document Assembly, Document Automation, Document Creation, Document Generation

No business is more dependent on documents than the banking industry. Every one of these documents is full of precise language and sensitive information. Accuracy and security are critical, and errors can potentially lead to big consequences for banks or customers — or both. You work in banking or finance, you know how much time and energy go into creating financial documents. You also know how manual and tedious the process can be and how often mistakes are made.

Many banks and financial institutions have turned to financial document automation solutions to improve their document assembly processes and save valuable time.

What is financial document automation software?

Simply put, financial document automation software automates the assembly of financial documents. It streamlines and simplifies document generation of all kinds; saving time and money, and decreasing the risk of sending out communications with errors. It uses advanced software tools to automate the manual, repetitive tasks involved in creating and managing financial documents. Automated financial document management is faster, cheaper, and more accurate than your old way of doing things. 

You can opt for a standalone document automation solution or choose to maximize your efficiency by integrating it with other tools such as CRM software, loan origination software, data stores, credit documentation systems, enterprise content management solutions, and other technology platforms and systems.

How financial document automation solves problems & saves time

Financial document automation  speeds up your document creation with standardized templates in the following ways:

1. Eliminates manual data entry and copying and pasting

Manually typing or copying and pasting information into a new document is one of the most time-consuming (and error-prone) parts of assembling financial documents. Financial document automation allows you to avoid this by automatically pulling the data you need into the document you’re working on.

2. Reduces the chances of duplicate or unnecessary work

Have you ever completed a task only to find someone else had already done it? Or spent time filling in detailed information that turned out to be unnecessary? Document automation helps avoid both these common problems with features that track task completion and prompt users for only information that is relevant to the specific task at hand.

3. Speeds up personalization and customization

Financial document automation makes customization easy. You can set up templates and customization settings to allow you to produce documents with different formats, multiple languages, and personalized details in a matter of minutes with just a few clicks.

4. Enables rapid creation of entire document packages

Creating lending packages, credit documentation, and other multi-document packages don’t have to take days. Automating the editing of your financial documents allows you to use one set of information to populate multiple documents simultaneously, dramatically reducing the time required to create, process, and review lending packages and other complex documentation.

5. Automatically keeps documents up to date with the latest terms, conditions, legal requirements, and policies

Terms, conditions, policies, and legal disclosures are always changing, and it’s time-consuming to keep all your documents up to date — unless you’re using financial document automation software. In that case, all you have to do is enter the changes once to automatically update all linked templates.

Financial document automation success stories

Reading that financial document automation saves time is interesting, but how much time can it save you? What kind of results can you really expect? Every bank and financial institution has specific challenges, custom processes, and unique opportunities for improvement. We can’t tell you exactly how much time it will save your staff, but we can share a few of the results we’ve seen from our clients. 

We work with everyone from large international banks to small local lenders. Some of the institutions we work with produce thousands of documents every day, while others only generate a handful, but all of them have been able to save valuable time with financial document automation. With the help of financial document automation, we’ve seen various companies achieve the following results:

  • Reduce document production time for short-term commercial loans by 90% — from 2-3 days to a few minutes
  • Shrink the time it takes to generate insurance policy documents from 6 hours to 1 hour
  • Shorten mortgage lending process from weeks to hours
  • Decrease time to produce lending documentation by 50%
  • Produce documents in multiple languages with a couple of mouse clicks
  • Automatically assemble thousands of documents overnight
  • Significantly reduce customer onboarding time
  • Use automated business rules to detect and prevent fraudulent loan applications

These examples are only a small fraction of the success stories we’ve seen, but they should give you a good idea of what’s possible with financial document automation.

Meet HotDocs — The industry leader for financial document automation solutions

The financial documents you generate every day contain important and sensitive information about your business and your clients. Your continued success depends on your ability to create and manage those documents accurately, efficiently, and securely. Because of this, not just any document automation software will do.

You need a solution with a record of proven success in financial document creation and management. You also need a partner who understands your business and will work with you to tailor your solution to your specific needs. You get both with HotDocs

Top financial institutions around the world use HotDocs to generate thousands of documents every day. We provide financial document automation solutions to four of the top five US banks as well as several of the world’s largest international banks. In many cases, we provide custom solutions based on specific requests to accommodate unique workflows or requirements. We’re proven leaders in this field, and we would love to use our expertise to help you start experiencing the time-saving benefits of automated financial document management.

To get started, visit our banking services page to read more about HotDocs document management software for banks. You can also get in touch to schedule a demo and discuss how we can work together to automate your financial document management process.