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Financial Document Automation Software - Document Generation

What is financial document automation?

Rising compliance costs, varying millennial behavior towards savings, estate and retirement planning, and loopholes in traditional financial documentation call for better digital documentation methods. Financial document automation takes the guesswork out of knowing if all your manual invoices, loan payment notices, or financial reports are accurately recorded or circulated in your organization.

It allows you to standardize document summaries and investment performance reports and avoid manual errors, especially in dynamic financial data documents like new account creation in client onboarding. Another benefit of financial document automation is that it can change the way businesses work and profit from productivity. According to an EY study, 65% of CFOs agree with this.

Why financial services need financial document automation

The benefit of financial document automation for financial services

Financial document automation can solve many issues that pull your company’s bottom-line down. Among them are freeing time from tedious manual processes like document retrieval during an audit, simplifying complex procedures between broker-dealers and RIAs, managing high volume-high priority work effortlessly that require an effortless linkage between clients, advisors, in-house teams, and auditors.

Besides, focusing on document automation software means you can concentrate on what’s important and let your teamwork work on a system that aligns with your crucial document generation requirements like pensions, IRAs, annuities, and mortgages.

Some of them are following company policies regarding adherence to guidelines, working equally well in different format types, ensuring compliance in investment planning and coverage, and protecting against data leaks. Another important aspect here is customer relationship management (CRM) that needs your content to be up-to-date like proprietary information, relevant, and accurate for superior customer service.

How financial services can use document automation software

Financial document automation in loan origination can elevate the entire loan experience. It can reduce costs, restrict fraud, better the loan process, which gets the business to expand with the same number of people towards a larger audience.

And it’s not just the generation and delivery of loan payment notices but, in general, other financial documents that can be automated like personal financial statements, creation of financial reports, and review reports.

Consider the case of commercial lending. While the phrasing in it needs to be intact for all documents every time, the customer’s personal details, loan amount, and percentages vary for each individual.

Unless there is document automation here, you risk leaving your team with inaccurate records, poor customer service, and most importantly, bleeding your business over leaking gaps in your process.

Financial Document Generation

What is financial document generation?

Financial document generation is one step in the financial document automation process but an important one. It takes multiple documents that have static (that is the same for all documents) and dynamic content (that changes for each document) and processes them with pre-defined rules.

With financial documents often running in thousands at a time, customizing for each customer manually can be a long-drawn process riddled with errors. This can be a challenge when your clients need consolidated investment reports or accurate real-time reports. Instead, by batching similar documents, you generate them error-free in document automation software.

How does financial document generation work?

It cuts down the process of manually taking in data from different documents and keying in one report. Instead, your document automation software pulls in the necessary data and creates a document template to work with it.

Typically, document creation works by coding templates in the system. However, every time there is a change in the templates, the code will have to be changed. Software that enables this transition for your documents might work well. However, they might be on the high pricing tier and a bit tight for your budget if you’re looking for a cost-effective yet high-performance document generation tool.

What to look for in document automation software?

If you think about document automation software, these ideal characteristics can make it worth investing in and time.

Compliance protection: The document automation software must have the flexibility to work with financial documents that are often time-sensitive, require compliance controls, and allow users to include the fine print as needed, especially in proprietary agreements and contracts.

Integration with third-party data sources: Effortlessly moving across different data sources like CRM, portfolio partnership, and accounting platforms to pull in data and assemble them into a document template is another feature in document automation software.

Flexibility with the templates: Templates that can be duplicated or edited as per the need allow users to retain the static content while maintaining consistency while changing the dynamic content across financial documents.

Workflow Integration: With workflow integration, your team is equipped to assemble and share contracts and agreements spread across different solutions quickly and accurately without worrying about data loss or threat to information security.

Why EDocGen works for financial service firms

It's a DIY business user-friendly document automation solution. The best part is business users can use existing custom templates for document generation. Moreover, it's flexible for automating the entire organization's documents.

  1. It's an API first product. Thus you can integrate it with your databases, applications, and other data sources for the creation of your financial documents.
  2. All the dynamic fields in your document such as text, tables, content blocks, images, etc. can be customized for all transaction types. Also, you have total control over document output using conditional logic, page breaks, and data filters. The system provides the flexibility to carry out the calculations right inside the templates.
  3. Another salient feature is the ability to create graphs or charts.
  4. You can sync generated files to document management systems(DMS) or cloud storage for archival.
  5. The system also allows you to send generated documents to individual recipients from your business email.
  6. Apart from creating the financial documents, you can also automate vendor onboarding and customer onboarding.

Financial services often need to reach a wider audience while keeping your workforce the same yet improving profitability. With better speed and accuracy, financial document automation can deliver just that. EDocGen supports this flexibility to scale your business without leaning on a year-long subscription or fixed lock-ins.


As a financial services firm, when there is high risk involved in compliance, customer information security, and potential violation breach, it’s often a good sign to automate processes that stress your resources and reduce the work time to a fraction of what you are currently spending.

Besides, ensuring consistency in what your team puts out internally and externally is another saving grace to improving work quality, giving better productivity without cutting corners. It also cushions your clients against any potential issues, even while delivering a superior and personalized customer experience every time. It raises the bar to competitively outperform your competitors even while working within your resource constraints.

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