Financial Process Automation (FPA)
Welcome to Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. This is the first blog in an exciting series showcasing video discussions with thought leaders in the financial services industry.
Looking to improve productivity in your procure-to-pay processes? Forty-five percent of P2P organizations believe robotic process automation will be an area with the greatest impact on the way accounting gets done.
We continue to find gaps in automated processes where there are activities and tasks between systems, such as keying and re-keying information from one application to another, logging into supplier portals to gather information, and manual updating of financial data or ERP applications from Excel spreadsheets.
It’s lunchtime. And while you have a mountain of invoices to process, you’re grabbing a quick meal to go before heading back to the office. Standing in line to place your order, you look up and see the menu above. Sandwiches, salads…and then you notice something that makes you look again. Invoice Automation. That’s odd, you think. Why would invoice automation be on a to-go menu?
According to Shared Services & Outsourcing network (SSON), the industry’s biggest challenge is the implementation of automation tools. The 2018 SSON keynote speakers will be sharing their insights on intelligent process automation, digital disruption and customer experience.
Anyone who has navigated the loan application process, particularly for a major purchase such as a home, is well aware of the notorious mountain of paperwork required. But as technology and new regulations levy new expectations on lenders—not to mention the demands of speed and convenience by customers—paper-laden, traditional lending processes are becoming increasingly nonviable as a go-forward strategy.