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Today, financial institutions are continually pressured to decrease costs while increasing profitability. On top of these tasks, they must juggle demanding customers looking for faster, more personalized service, safeguarding against cybersecurity attacks and adhering to regulatory compliance standards.
To meet these demands, banks, credit unions and other financial services organizations have focused on creating and improving processes through automation. Process automation allows them to:
What platforms or systems are financial institutions using to automate their processes? Many financial institutions already have SharePoint, but haven’t maximized its potential for improving policy and contract workflows. In fact, recent Association of Information and Image Management (AIIM) survey respondents labeled SharePoint “best in show” for team collaboration and content management — meaning they have a strong commitment to making SharePoint work, but aren’t sure how to go about making the most of it.
Not to be mistaken as an application, SharePoint is a platform that requires “integration with other enterprise systems and third-party systems to fill out its functionality,” according to a recent CMSWire article.
In other words, policy and contract processes can be automated using SharePoint, but only if organizations plan correctly and are dedicated to making SharePoint work properly — and to do so, they need to:
With increasingly strict regulations and customer demands, financial institutions have unique requirements for policy management software and contract management software. Among the top three concerns, SharePoint addresses:
To see how a correctly configured SharePoint system can mirror your processes and automate your workflows, schedule a free, no-obligation demo with us:
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