Financial services institutions such as Banks, Credit unions and Wealth management
firms need to produce high volumes of customer documents. Moreover, all client
communications must adhere to regulatory compliance. They create
statements, letters, contracts, confirmations, etc. at regular intervals.
Many of these financial institutions operate in multiple countries, each
with different languages, legislation, and regulations. It takes a lot
of effort in production and submissions of compliance documents and forms to the regulatory
Thus, the automation of document creation improves the organization's bottom-line.
Many core banking systems offer document automation capabilities.
Since this is an "additional" feature, the functionality available is very limited.
Almost all of them require templates to be designed in their proprietary designers. Thus
template creation is a pain. Moreover, you can
use these templates only for generating documents from core banking systems.
To generate documents from other front-office and back-office
systems, you require a different document generation system. With
multiple document generation systems, template governance becomes extremely
challenging. Achieving consistent and accurate document generation in this
environment is difficult.
Also, these layers of applications make the architecture slow and sluggish. Thus,
most of the financial institutions undertook digital transformation to
phase out multiple document generation systems. They are moving
towards an IT architecture that contains a central enterprise-wide document
EDocGen document automation software
EDocGen makes it easier for banks to create an entire range of documents.
It helps to greatly reduce errors and risks associated with template
The central repository of templates with a fine-grained access control
mechanism. Templates for all document types are maintained and managed
by business users
Workflows for the template approval process. Only approved templates make
it to the central repository
Those who are creating the documents always use the most up-to-date
Batch generation: Generate thousands of documents in a few seconds. The
performance benchmarks of EDocGen are pretty impressive. Integrate it with
your database, CRM and other core applications to generate a large number
of documents on click of a button.
On-demand generation: Provide documents to your customers with what they
want, when they want it, and how they want it. You could even trigger it
based on certain activities in the customer journey. You can also connect it with
Interactive: EDocGen auto-creates fillable forms from your templates,
grouped by products. These forms offer simplified data input with a wizard
to guide the user along with inbuilt data validation.
By integrating with a workflow system such as SharePoint, you can set-up review and approval
workflows for generated documents. This assures your customers will receive
the right document with the right information. Also, audit trails help you
to track who produced when and what.
Omnichannel document distribution
In receiving documents, customers have different preferences. While some
prefer an email attached, others would prefer physical correspondence. Some
would like for you to send an SMS/text message to them. EDocGen gives you
the ability to use an omnichannel approach with your customers. You can
Enable the distribution of generated documents by email, print, and
cloud storage. Also, there is an option to send generated documents for E-Sign
Documents can be passed to the banks document archival system and can
also be searched and accessed from EDocGen
Benefits of banking documents automation
As you see, using EDocGen you can easily achieve large-scale
personalization, omnichannel delivery of documents. It provides
unprecedented opportunities for banks. Use it to include personalized
targeted offers in customer communication documents. This offers unique
cross-sell and up-sell opportunities for banks to leverage.
It would be the single enterprise-wide document generation platform you would need to
generate documents from multiple enterprise systems and databases. It takes
less time and fewer people to create and send documents. Production of
documents becomes easier and more resource-efficient. Thus, the solution
Enhance customer experience thus promotes loyalty and retention
Minimize brand and compliance errors
Increase revenue per customer