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Compliance Issues That Banks Can Avoid with Document Automation Software

Large bank buildings

Document automation software shields banks from several pains that are associated with compliance. Even though compliance is for the good of the banks and the customers, it comes at a cost to both. Customers will spend more time waiting for a response from the institution while the bank will have to spend more money and work twice as much to tick all the compliance regulation boxes.

With the introduction of automation software, compliance becomes a lot easier and can be achieved in simple steps. Here are some of the compliance issues that banks can avoid with document automation software.

Information Processing

Processing data about customers can take up several hours and comes at a cost. However, banks are mandated to know their customers which means they need to capture detailed information about the customers and then process it. Banks spend millions of dollars trying to comply with this guideline and if they fail, there could be a corresponding fine.

With document automation, however, this is a process that is digitized and will be done much faster. With online forms, customer information can be captured and processed in a few minutes. Onboarding that would be done in over a month can be complete in a day.

Data Integrity

Data integrity should be a no brainer for banks. The cost of wrong data entered into key documents is scary. For example, banks need to have accurate data when producing facility letters for loans. This requires a meticulous review of the customer’s data. With document automation, all the details are handled by the software and the user has clear information. When this technology is employed by banks, they can guarantee the accuracy of the data they provide.

Security

Banks need to be sure they are keeping client data safe but at the same time, they need to limit the inconvenience the customer is burdened with. Originally, a customer would have to carry a bunch of documents every time they want to transact with the bank. Now, with document automation, data is stored safely in the system and security verification can be carried out using the same documents that were provided when onboarding the client. Banks can guarantee security with limited inconvenience to the customer.

Complying With Jurisdictional Regulations

Banks with branches in several locations may have to ensure their documents comply with the jurisdiction that they are conducting business. This can easily be forgotten as documents are produced and that could lead to non-compliance penalties. Automation makes it possible to have the right clauses included in documents based on the jurisdiction.

Adherence to Formatting Rules

Banks have to ensure that all documents are easily read and understood. To do this, they have to stick to certain formatting guidelines. This may be hard to do if users can choose whatever format they would like to have for the documents they produce. Document automation ensures that all documents maintain a professional look and provide a clear understanding of the content of a document. For example, the final account balance should be easy to distinguish from other sums within a statement so it should always be bold. Automation will make certain that it always is.

Reduction of Risk When Lending

Banks need to carry out several checks to determine the level of risk involved in lending to an individual or organization. Usually, this would take up hours going through documents to determine an applicant’s creditworthiness. Document automation however makes this a simple task because data is made available within minutes. A bank can generate a credit report that will prove whether there is any risk in lending to a customer.

Bottom Line

Compliance issues usually present a challenge of time and money needed to guarantee that the bank is complying with regulatory guidelines as well as internal document guidelines. Most of the time there is the risk that humans can make mistakes that end up costing the institution lots of money. With Windward's document automation solutions, guidelines are set for all compliance documents and it will ensure the documents always come out the way they are supposed to. The documents are also easier to access for authorized individuals and yet more secure from fraudsters and other unauthorized persons.

If you've just discovered us, we're excited. Know more about Windward and get your 14-day free trial and start creating documents in quick time with our low/no code solutions.


Tags Start & End

Tags Can Start & End Anywhere

Appendix B

.NET code for multi-page image output

Appendix A

Java code for multi-page image output

Data Bin Search

The Data Bin can now be searched to find a table, column, node or other piece of data without scrolling through it all.

Shrink to Fit

This will shrink the contents of a cell until it fits the defined cell size.

Time Zone Conversion

A new Windward macro has been added to help with converting dates and times from UTC time to the local time zone.

Image Output Format

New image output formats added.

PostScript Output Format

PostScript, commonly used with printers and printing companies, has been added as an additional output format.

New and Improved Datasets (Designer, Java Engine, .NET Engine)

Datasets have been re-written from scratch to be more powerful and easier to use.

Stored Procedure Wizard (Designer)

This works for all tag types that are connected to a SQL-based data source (Microsoft SQL Server, Oracle, MySQL, or DB2).

Boolean Conditional Wizard (Designer)

Before, conditional statements could only be written manually. Now they can also be built using our intuitive Wizard interface.

Reorganized Ribbon

The ribbon menus have been re-organized and consolidated to improve the report design workflow.

XPath 2.0 as Data Source

Adds various capabilities such as inequalities,descending sort, joins, and other functions.

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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SQL Select Debugger

SQL Select  Debugger

  • The look and feel was improved
  • Stored Procedure Wizard
  • Improved Exceptions pane

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Tag Editor/Tag Selector

Added a Query tab as a field for typing or pasting in a select statement

  • Color Coding of Keywords
  • TypeAhead
  • Evaluate is now "Preview"

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Rename a Datasource

All tags using that Data source will be automatically updated with that name.

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Connecting to a Data Source

New single interface to replace 2 separate dialog boxes

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Tag Tree

Displays of all the tags in the template, structured as they are placed in the template. This provides a simple & intuitive way to see the structure of your template. Also provides the capability to go to any tag and/or see the properties of any tag.

Added Javelin into the RESTful Engine

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Support for Google Application Engine Integration

The ability to integrate the Windward Engine into Google’s cloud computing platform for developing and hosting web applications dubbed Google Applications Engine (GAE).

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Additional Refinement for HTML Output

  • Improved indentation for ordered and unordered lists
  • Better handling of template header and footer images
  • Better handling for background images and colors

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Redesigned PDF Output Support

This new  integration will allow for processing of complex scripts and bi-directional  text such as Arabic.  Your PDF output  will be much tighter and more closely match your template, and we’ll be able  to respond rapidly to PDF requests and fixes.

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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PowerPoint Support

Includes support for new ForEach and slide break handling, table header row repeat across slide breaks, and native Microsoft support for charts and images.

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Tags are Color Coded

Tags are color coded in the template by type, making it easy to visually identify them.

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Increased Performance

Version 13’s core code has been reworked and optimized to offer a reduced memory footprint, faster PDF generation and full documentation of supported features and limitations in the specifications for DOCX, XLSX and PPTX.

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Advanced Image Properties

Documents can include advanced Word image properties such as shadows, borders, and styles.

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Improved HTML Output

Windward has updated HTML output to reflect changing HTML standards.

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Version 13 New Data Sources

Windward now works with a slew of new datasources: MongoDB, JSON, Cassandra, OData, Salesforce.com

If you've just discovered us, we're excited. Learn more about Windward document automation software now.

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Generate Code

The Generate Code tool in the designer allows you to open an existing template and, with a click of a button, automatically create a window with the code needed to run your current template with all data sources and variables. Simply copy this code and paste into your application's code in the appropriate place. You now have Windward integrated into your application.

You only need to do this once. You do not do this for each template. Instead, where it has explicit files for the template and output, change that to parameters you pass to this code. Same for the parameters passed to Windward. This example uses explicit values to show you what to substitute in where.

Pivot Tables Adjusted in Output

Any pivot tables in an XLSX template are carried over to the XLSX output. The ranges in the pivot ranges are adjusted to match the generated output. So your final XLSX will have pivot tables set as expected in the generated file.

This makes creating an XLSX workbook with pivot tables trivial.

Imported Template Can be Set to Match the Parent Styles

In an imported sub-template, if its properties for a style (ex. Normal) differ from the parent template's properties for the style, the use in the sub-template can be set to either use the properties in the sub-template, or the properties in the parent.

You set to retain when you don't want the child template's styling to change when imported. You set to use the parent when you want the styling of the imported template to match the styling in the parent.

Any explicit styling is always retained. This only impacts styling set by styles.

Tags can be Placed in Text Boxes

Tags can be placed in text boxes. Including linked text boxes. This gives you the ability to set the text in a textbox from your data.

Tags can be Placed in Shapes & Smart Art

Tags can be placed in shapes & smart art. This gives you the ability to set the text in a shape from your data.

HTML Output Supports Embedded Images

When generating HTML output, the engine can either write bitmaps as distinct files the generate HTML references, or it can embed the images in the HTML providing a single file for the output.

Footnotes & Endnotes can Have Tags

You can place tags in pretty much any part of a template, including in footnotes & endnotes.

Document Locking Supported in DOCX & XLSX

Any parts of a DOCX or XLSX (PowerPoint does not support this) file that are locked in the template, will be locked the same in the output.

Specify Font Substitution

If a font used in the template does not exist on the server generating a report, the font to substitute can be specified.
In addition, if a glyph to be rendered does not exist in the font specified, you can specify the replacement font. This can be set distinctly for European, Bi-Directional, and Far East fonts.

Process Multiple Datasources Simultaneously

If you need this - it's essential. And if you don't need it, it's irrelevant.

Windward enables you to build a document by applying multiple datasources to the template simultaneously. When Windward is merging the data into a template, it processes the template by handling each tag in order, and each tag pulls from different datasources. (As opposed to processing all of one datasource, then processing the next.)

This allows the select tag to use data from another datasource in its select. For example, if you are pulling customer information from one data source, you can then pull data from the sales datasource using the customer ID of the customer presently processing to pull the sales information for that customer. If you're interested in patching together your data from multiple datasources, read this post on our blog.

Genesis Abel

Written by:_
Genesis Abel
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