Process Automation is Key to Wealth Management Success

Many financial institutions are offering wealth management services but the costs associated with operations and compliance, along with business efficiency struggles, are cutting into projected revenue. Business process automation can provide a path to profitability.

Business process automation (BPA) and enterprise content management (ECM) solutions can drive efficiencies, automate compliance monitoring, improve accountability and help meet consumer demands for digital services. Comprehensive ECM solutions now contain BPA capabilities, and vice versa, making them interchangeable.

Financial institutions have successfully used BPA to automate and streamline loan origination and processing for years. The digitization of paper and processes into e-forms and e-signatures has reduced printing, mailing and storage costs. It has also eliminated manual processes, improved access to client information, and enhanced data security and compliance. Wealth management departments can achieve these benefits by applying BPA to their paper-based and manual key-entry processes.

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