Topic: Financial Services
What Is Identify Proofing and Why It’s Only Part of the Solution
While identity proofing is a vital capability for organizations looking to secure their processes, there is more to the story. Sophisticated scammers are capable of creating realistic documentation that may even trick some verification systems, even though the human being they describe is purely fictional. This is why businesses need identity affirmation alongside traditional identity proofing.
In Financial Services, We're Losing 8 Hours Per Week Drowning in Documents
How can it be that, in a time when technology envelops our lives, the financial services industry is still so heavily bogged down by time-consuming, manual processes? In processes that we’ve been trying to gain efficiencies for years, such as onboarding, it can still take more than a week—or sometimes, even months to onboard new customers.
Four Steps to Ensuring Process Automation Technology Helps Financial Institutions Win
Financial institutions have the data they need, but often it is stored across different systems of record. Merging these into a holistic view is the best way to protect the business—that's where intelligent process automation can make an impact.
Digital Strategies in Financial Services: Read Our Latest Survey Results
Financial services institutions have long pursued automation opportunities to accelerate lending processing, expedite regulatory reporting, monitor and detect fraud, and a whole host of processes that can be fraught with fractured, content-intensive processes. This quest has only accelerated during the COVID-19 pandemic, and that haste has sometimes created costly blind spots, risks, and inefficiencies.
Overcome the Increasing Challenges of Unstructured Content in Financial Services
Financial services is driven by enormous amounts of unstructured data, and the sources of that unstructured data continues to grow in variety and complexity. The ambiguities of these unstructured files make them more difficult to handle than data held in a database format.
Document Skills and the Future of Trade Finance
Despite the fact that global trade finance revenues decreased by 8 percent from 2019 to 2020, according to S&P Global Revenue Pool, the COVID pandemic disruption led to an escalation of fraud and loan impairments. This caused some major banks to withdraw completely from the sector, such as in Asia. The global Trade Finance market size is projected to reach $10,987,510 USD by 2027, from $7,616,520 in 2020, at a CAGR of 5.4% during 2021-2027.
Surprising Resilience: The Financial Services Industry’s Digital Response to Employee Challenges
Almost overnight, millions of financial services employees, from traders to bankers to support personnel, transitioned to working remotely. While there has been historical hesitancy to adopt this operational approach, the virtualization of the financial services workforce and remote ways of working are here to stay.
How Intelligent Process Automation Drives Compliance Resiliency
Regulators and auditors are feeling the seismic impact from COVID-19. Rising unemployment, small business failures, and widening economic disparity has brought significant operational constraints to the financial services industry. All this makes one thing certain: that the use of digital technologies is not going to return to pre-COVID use, for businesses and consumers alike.
Thrive in a Post-COVID World: The Future of Financial Institutions and Insurance Organizations
The pandemic forced financial institutions and insurance organizations to make overnight changes in how they operated, and for two industries not known for speed in adapting to change—or changing processes on the fly—this proved that they can be nimble when they need to be.