The financial industry relies heavily on processing a large number of documents daily. From insurance claims to loan applications and wealth management account transitions, every document is critical in decision-making processes.
When all these documents are handled manually, it’s highly likely that the document management process will be slow and error-prone. On top of that, it can be very costly.
Handling documents of this nature is becoming increasingly unsustainable. So why not opt for financial document automation?
Powered by advanced technologies such as Artificial Intelligence (AI), Optical Character Recognition (OCR), and Robotic Process Automation (RPA), financial document automation can be a game changer. It can streamline financial document handling and ensure compliance with regulations such as FINRA (U.S.A) and GDPR (Europe).
No more repetitive tasks.
No more slow processes.
No more wasted time.
We’ve previously covered the benefits of intelligent document automation and processing.
In this article, we’ll focus more on document automation in the financial industry. From examining real-world use cases to showcasing how you can implement document automation with Feathery, we’ll try answering any burning questions you may have.
The Three Pillars of Financial Document Automation
At its core, financial document automation involves leveraging technology to manage, extract, and process data from documents without any manual intervention. It enables companies to improve accuracy, increase efficiency, and ensure compliance.
To make it easier to understand, we’ve divided financial document automation into three main pillars:
1. Data Extraction
The first step in document automation is efficiently extracting structured data from unstructured sources like loan applications, financial statements, or KYC forms.
Feathery employs advanced OCR, AI, and machine learning algorithms to extract key data points from these documents automatically. By transforming raw data into a structured format, Feathery ensures it’s ready for further analysis or seamless integration into financial systems such as CRMs or ERPs. This speeds up data collection and reduces human error, improving the accuracy of financial processes.
2. Document Generation
Document automation isn’t just about extracting data—it’s also about generating documents quickly and accurately. Feathery allows businesses to automatically create critical documents such as contracts, reports, compliance paperwork, and more.
For example, Feathery can generate personalized loan agreements or onboarding reports by pulling data from multiple sources and populating predefined templates. Feathery’s document and signature features enable users to manage the entire document lifecycle, from creation to e-signature, in one streamlined process. This automation saves time and ensures that documents are standardized and fully compliant with industry regulations.
3. Data Routing
Once documents have been generated or data extracted, they need to be routed to the right teams or systems for further action. Feathery’s platform automates this routing process, ensuring that documents are sent to the correct financial systems without manual intervention.
Feathery allows seamless data transfers across your organization by integrating with over 100 financial and business platforms, such as:
- Salesforce – Automate the extracted data flow into your CRM for better customer relationship management and financial data handling.
- HubSpot – Sync financial document data with HubSpot’s CRM and marketing automation tools to enhance lead tracking and communication.
- Plaid – Automatically pull and verify financial data such as bank account balances from Plaid for faster KYC and loan application processing.
- Flinks – Use Flinks to access bank data for underwriting and credit decisions, directly integrating with Feathery’s workflows.
- Equifax – Streamline credit checks and integrate with Equifax to automate customer credit reports during lending and onboarding processes.
- TransUnion – Automate credit data retrieval from TransUnion for better lending decisions and faster processing times.
- Temenos – Integrate with Temenos to automate document workflows in core banking systems, improving overall efficiency.
- Dropbox – Store, manage, and route documents seamlessly by integrating with Dropbox for secure file storage and sharing.
- Google Drive – Sync documents with Google Drive to ensure that important files are always accessible and adequately managed.
- MeridianLink – Integrate with MeridianLink to streamline loan origination and processing, reducing application turnaround times.
Feathery’s full suite of integrations ensures that your document workflows are automated from start to finish, allowing you to work more efficiently and eliminate manual data routing.
Financial Document Automation: 6 Use Cases
Discover how financial document automation drives efficiency and accuracy across industries like wealth management, insurance, and lending. Each use case highlights the practical impact of automation on streamlining key processes and reducing manual workloads.
1. Wealth Management
- Client Onboarding & Servicing: In wealth management, client onboarding is a document-heavy process requiring the submission of identity verification forms, financial disclosures, and regulatory compliance documentation. Automating this process accelerates onboarding and reduces the risk of non-compliance.some text
- Use Case 1: Feathery’s document automation can extract and verify client details from KYC forms, automatically flagging missing or incorrect information. This reduces back-and-forth with clients and speeds up onboarding by 50%.
- Custodial Account Opening & Transitions: When transitioning from one custodian to another, financial advisors must manage the movement of multiple client accounts. Document automation ensures all forms and paperwork are processed accurately and securely, minimizing transition delays.some text
- Use Case 2: Feathery can automate the generation and completion of custodial account forms by pulling data from CRM systems, eliminating the need for advisors to fill out the same information across multiple documents repeatedly.
2. Insurance
- Insurance Underwriting: Underwriters rely on accurate and timely data from applications and supporting documents to assess risk. Automating data extraction from insurance applications and supplemental forms speeds up underwriting, reducing human error and enhancing risk assessment accuracy.some text
- Use Case 3: Feathery’s OCR can extract information from insurance applications (e.g., age, medical history, previous claims) and feed it directly into an underwriting system, significantly reducing the manual data entry process.
- Insurance Claims Processing: These types of claims often involve a flurry of customer documents, including incident reports, invoices, and medical records. Automation can pull critical data from these documents to streamline approvals, ensuring faster claim resolutions and higher customer satisfaction.some text
- Use Case 4: Feathery’s AI-driven automation can identify and extract claim-relevant data, such as policy numbers and claim amounts, automatically route the claim to the appropriate department, and flag potential discrepancies for manual review.
3. Lending
- Loan Origination: Gathering and verifying loan application data is critical but often time-consuming. Automating this workflow enables faster decision-making, allowing institutions to approve more loans with fewer resources.some text
- Use Case 5: Feathery automates the collection of supporting documents like bank statements, tax returns, and credit reports, validating the data in real-time to ensure compliance with underwriting criteria.
- Loan Applications: Automating the processing of loan applications, especially for commercial or mortgage loans, where extensive documentation is required, helps reduce processing times from weeks to days.some text
- Use Case 6: Feathery can extract financial data from complex commercial loan applications, categorize it, and automatically fill in various sections of the application form, reducing the workload on loan officers.
How to Implement Financial Document Automation with Feathery
The process of implementing financial document automation with Feathery is straightforward and impactful. Here’s how to get started in just four steps:
- Identify Key Document Processes for Automation: Start by mapping out which document-heavy processes consume the most time and resources. These could include client onboarding, insurance claims, or loan applications. Prioritize processes that are repetitive, prone to errors, or critical for compliance.
- Set Up Digital Workflow and Document Templates in Feathery
Feathery offers pre-built templates that can be customized to your needs. For example, you can use a loan origination template or create a custom form to streamline your custodial account opening workflows
- Integrate with Existing Systems: One of Feathery’s standout features is its ability to integrate with 130 systems, including CRMs like Salesforce, accounting tools, and lending platforms. Through native integrations, you can seamlessly connect Feathery’s automation workflows with your existing infrastructure.
- Monitor and Optimize the Automation Process: We suggest continuously monitoring performance once the automation is set up. Feathery provides analytics and insights into how workflows function, helping you spot bottlenecks or areas for improvement. Regular optimizations ensure the system remains efficient as business processes evolve.
Why Choose Feathery for Financial Document Automation
Feathery offers a comprehensive solution for automating financial document extraction, generation, and routing. Designed with efficiency and precision in mind, Feathery simplifies handling complex financial data, helping businesses eliminate manual processes and enhance their workflows.
AI-Enabled Data Extraction
One of Feathery’s standout features is its AI-powered data extraction capability, which allows users to easily specify what data to capture from documents using everyday language.
Whether you’re dealing with KYC forms, loan applications, or insurance claims, Feathery’s sophisticated natural language processing ensures that even the most complex data is organized into structured formats. For instance, users can instruct Feathery to categorize all stock holdings by symbol and amount, making data organization seamless and intuitive.
This customizable extraction process allows for greater control over managing financial data, especially when multiple data points are required for decision-making or regulatory compliance.
Customizable Workflows
Feathery automatically enables businesses to generate documents like contracts, reports, and compliance paperwork. With a few clicks, you can pull data from various sources and populate templates, such as loan agreements or onboarding reports. Feathery’s document generation tools also allow for e-signatures, completing the entire lifecycle in one platform.
User-Friendly Interface for Interactive Processing
Feathery’s intuitive, interactive interface adds an extra layer of transparency and control over the document automation process. The system visually highlights the areas of a document that are being processed, allowing users to see exactly which sections are under review.
Seamless Integration with Existing Systems
Feathery’s ability to seamlessly integrate with document storage platforms like Google Drive, Dropbox, and Egnyte simplifies document access and management. By integrating these popular storage platforms, businesses can ensure that their documents are processed, stored, and retrieved with minimal effort, streamlining the workflow.
This level of integration is essential for businesses looking to automate document management without disrupting existing processes.
Continuous Optimization and Support
Once Feathery is integrated, continuous monitoring and support are provided to ensure the automation runs smoothly without disrupting existing workflows. If needed, Feathery offers testing and validation stages to ensure compatibility and functionality, allowing your business to fine-tune the system as it scales.
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