Posted 21st January 2020
Trillions of pounds in financial agreements are processed each year. This includes credit agreements, loan/lease agreements, new account openings, mortgages, pensions and annuities. Despite the rise of digital adoption within consumer industries,the majority of these financial agreements still rely on manual, semi-manual or disjointed paper processes.
Disjointed manual agreement processes are a huge risk for financial institutions (FIs). They frustrate customers, leading to high drop-out rates; they create inefficiencies, contributing to high operating costs; and they do not provide any visibility into whether agreements are executed in a consistently secure and legally enforceable way. These issues can lead to legal disputes and regulatory non-compliance.
Today’s financial services customer is looking for speed, ease and convenience – whether online, mobile, through an intermediary, or in-branch. Innovative financial service companies looking to win new customers and increase customer loyalty are turning to technology to help improve the customer experience, without compromising on risk. Automating the agreement process in today’s digital world not only involves digitizing how agreements are prepared, signed and managed, but also how customers involved in the agreement process are verified and authenticated.