Automation in financial services: Real-world success stories
See how Hyland has helped financial institutions intelligently automate tasks, transform workflows and deliver exceptional customer experiences.
Manual processes and missing data are still significant challenges for financial firms.
A recent Banking & Capital Markets Survey by Deloitte showed that:
- An overwhelming number (92%) of respondents said data is unavailable or takes too long to retrieve
- 88% said available data is from different sources, duplicated and not integrated
- 81% said available data is of poor quality
When asked about optimizing internal and external data via automation, 67% of the respondents said they were utilizing automation to optimize the data, but a lot more needs to be done. Another 19% said they weren’t optimizing the data with automation.
Is your financial institution struggling with inefficient, manual processes? Hyland’s intelligent solutions help organizations accelerate business processes, reduce errors and costs, and deliver exceptional customer experiences.
Here are just a few examples:
Redstone Federal Credit Union
Use case: Debit card disputes
Challenges they faced:
- As the credit union grew, the number of debit card transactions significantly increased, and disputes almost doubled.
- The process Redstone used to resolve the disputes was highly manual. The process relied on a member of the security and investigations team to complete each step, which meant the credit union needed several business days to issue a credit.
- As a result, member experience suffered, and the credit union found it challenging to effectively communicate with members.
Hyland enables me to be able to almost always say yes, and that’s extremely important when we’re trying to automate, streamline and improve processes.
— Chris Appleton, Technology Integration Manager, Redstone Federal Credit Union
Automation in action
Redstone started by digitizing its in-branch dispute process with Hyland OnBase. By no longer requiring members to physically sign forms and eliminating the need for employees to make multiple trips to the printer, the credit union saved almost 2,000 hours per year.
Redstone then created a self-service tool in which members can dispute a charge via a fully digital process. Later, the credit union launched a multiphase plan to automate the processing of provisional credits with OnBase. By automatically posting journal vouchers, which are used to document provisional credits, the credit union saved nearly 1,100 hours per year and reimbursed members much sooner.
Key results
- Time and cost savings: Members receive an email within 30 minutes of a dispute being submitted. The automated process is saving Redstone more than 5,100 hours — the equivalent of more than three full-time employees — per year.
- Enhanced member experiences: Reducing the time it takes to issue a provisional credit from five or more business days to minutes has produced a cumulative annual wait-time reduction of more than 33,000 business days for the credit union’s members. Redstone also generated a 329% increase in funds recovered over a three-year period.
- Fraud protection and compliance gains: Redstone is automating the detection of repeat dispute requestors, and the reimagined processes are supporting efforts to comply with requirements to issue provisional credits within set time frames.
> Learn more | Hear how Redstone transformed its debit card dispute process
How automation positions mortgage lenders for smart growth
This report from National Mortgage News explores how the right automation technology can help firms now and in the future. Find out why lenders struggle to find the right platform and explore the key factors in enhancing the customer experience.
American National Bank of Texas (ANBTX)
Use case: Document management
Challenges they faced:
- The bank’s document storage system was being sunset, and it needed an enterprise-wide content management system that could easily integrate with core applications.
- The bank’s loan services processing was manual and paper-based, resulting in delays.
- Treasury management, an essential offering for the bank’s corporate customers, was being impacted by the time it took to process requests. The onboarding process took five-plus days and involved paper, email and network folders.
Automation in action
The bank identified 45 requirements for replacing its legacy system, and it became clear it needed to manage its content in the cloud, which would be more efficient and cheaper to maintain than its on-premises solution.
ANBTX now deploys OnBase in the Hyland Cloud to automate processes, securely manage documents, solve business problems and empower employees to focus on customer service. With the help of Hyland’s managed services, the bank migrated 2.5 million documents to the cloud.
The bank later added WorkView, Hyland’s low-code application builder, to create solutions and address challenges with speed and agility.
I truly feel like with Hyland, it’s a partnership. Some vendors want to talk about their latest offerings. With Hyland, we talk about what problem the bank is trying to solve and how we can do more with our solutions than what we’re doing today.
— Karma Hicks, Senior VP and Director of Operations and Process Improvements, American National Bank of Texas
Key results
- Improved lending processes: ANBTX created OnBase workflows to automate loan onboarding, collateral tracking, insurance and escrow. The bank’s mortgage warehouse loan process was reduced from two hours to fewer than 20 minutes per day.
- Treasury management gains: Via WorkView, the bank incorporated DocuSign, reducing a five-day process to less than a day.
- Regulatory compliance support: The bank created a new workflow to transform its review-and-approval process for Regulation CC holds. The bank’s ability to create new applications and workflows in-house has also helped it solve compliance and regulatory audit challenges.
> Learn more | Hear how ANBTX is making the most of automation
Suncoast Credit Union
Use case: Transforming workflows to accommodate growth
Challenges they faced:
Suncoast Credit Union converted from a federal to a state charter. The credit union had grown to 54 locations and almost 550 million documents. Still, it had workflows — notably domestic and international wire transfers — that relied on paper.
Automation in action
- The credit union has automated more than 150 workflows, enabling it to notify the right people as information and documents are forwarded through processes.
- Branches and the call center no longer rely on paper to manage member requests for wire transfers. With digital forms that initiate OnBase workflows, the electronic funds transfer department has reduced processing times from one hour to three minutes.
- Suncoast has integrated the OnBase wire transfer workflows with its core banking systems, keeping processes moving quickly and accurately.
With the ability to easily create workflows and get help complying with regulations, our return on investment is immeasurable.
— Wanda Chambers, Senior Vice President of Payment Services, Suncoast Credit Union
Key results
- There’s a workflow for everything: When the credit union faces process challenges, employees look to create a workflow. There’s even a workflow for employees to suggest new workflows.
- Built for growth: Hyland’s integration capabilities give Suncoast confidence that it will be able to evolve as the pace of business increases and technologies change.
- Simpler, faster processes: The credit union’s automated processes are user-friendly, convenient and give employees more time to focus on members.
- Improved compliance: Better access to information and increased visibility into processes help Suncoast proactively deal with regulations and audits.
> Learn more | Accelerated workflows accommodate Suncoast’s rapid growth
A smarter way to work
Automation is playing an increasingly critical role in financial firms’ enterprise strategy. To keep up, institutions need to adapt and evolve with the competition.
Hyland can help your financial institution intelligently automate manual tasks, high-volume processes and complex workflows to transform employee and customer experiences.
Interested in learning how we empower organizations with content, process and application intelligence solutions? Chat with us now.
