Financial services (FS) organizations of all types, including wealth management firms, insurance firms, credit unions and banks are adopting technologies to stay ahead of the game under economic uncertainty. Customer experience and streamlined internal process efficiency are the major drivers of their digital transformation strategies which are critical accelerators of overall growth. A recent survey conducted by WealthManagement.com and Laserfiche found that 88% of the respondents changed workflows as a response to the COVID-19 pandemic, especially for customer-facing processes such as adoption of virtual meetings, digital signatures, online client onboarding and processing of new accounts.
Challenges Facing Financial Services Firms and Reasons to Adopt Workflow Automation
Today’s customers look for intuitive, seamless and personalized digital engagement with organizations, whether it’s for new account openings, insurance claims, e-signature requests or wire transfer requests. Thus, a customer’s decision to do business with an organization may be dependent on the robustness of a digitized experience.
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