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How Automation Helps Finance Companies Handle Six Document Pain Points?

Download the PDFPerson looking over financial documents and working on document automation

Majority of finance companies recognize the necessity of automation technology that can promote efficiency as it drives business value. It is much more than reducing cost and increasing the speed at which documents are generated. Document automation for financial companies is the remedy for major pain points and it helps to extract and analyze data. These companies can depend on automation to solve the following finance documents problems as they improve profitability.

Adherence to Regulatory Guidelines While Creating Different Types of Financial Documents

Financial regulations are mainly intended to protect customer investments, prevent fraud, and limit risk. The regulatory bodies depend on records like KYC documents to ensure that financial institutions are sticking to the guidelines. Before a company can think of optimizing cash flow, it needs to collect information about a new client and conduct verification. This is just one pain point in sticking to regulatory guidelines but it is the most common headache since often errors may occur when collecting the information and that results in fines, losses and at times customers may lose faith in the company.

Document automation creates a flawless process to collect information and create the needed customer profile. Templates used to create signup forms capture every necessary detail and this data is used to create a detailed document. The software can also be used to check if some information is missing or if wrong information has been provided, for example, if a client’s name doesn’t match their social security number, a notification will be sent.

People looking over financial documents

Handling Finance Department Documents in Different Formats

Because finance companies carry out investments and partnerships with companies in different countries and regions, there’s always a difference in document formats. Even when a company has embraced a paperless system, certain formats may not be compatible with the system they use. This creates a problem in trying to open certain documents.

Document automation software is designed to be compatible with various formats and they can be converted automatically to what the bank uses. This solution even extends to language, documents in a different language from an overseas partner can be translated automatically to English and vice versa. This makes it easier to collaborate with multinational companies.

Providing Financial Reports

Reporting makes up a big part of the tasks finance companies undertake. With a large customer base, demands from regulatory bodies and the board all demanding different reports and statements, a lot of time have to be invested in generating reports and statements. Not only is it a burden having to dedicate so much time to create reports, but it is also prone to errors. Reports however are essential for making data-driven decisions. This means they cannot be ignored despite the pain they cause.

The solution to this is to automate the generation of reports. Automated reports and statements are more accurate and are available on request without the need to inform an accountant days before a meeting that a cash flow statement is needed.

Group of three people conversing

Compliance with Finance Documents Formats

Because these companies have many employees, there’s always a possibility that not everyone will follow certain guidelines about documents. For example, one person may decide to write the data in the format, mm/dd/yy and another may use, dd/mm/yy this can create confusion when interpreting financial data. They may seem like small issues but they can cause bigger problems. When individuals are not guided document quality is affected, branding is lost and losses may occur.

Automation software depends on templates that ensure the right format is followed all the time. Every document will have the same quality as the one before and there is no need to check and double-check documents for compliance issues.

Guaranteeing Safety of Customer’s Information

The information gathered by financial companies about their clients can be hijacked in the process of recording it. Paper documents can be misplaced, left unattended to or physically damaged. Companies need to spend a lot of money on physical security for this information and it is still no guarantee that the documents are safe.

Automation on the other hand offers a better option since the information entered into the system is encrypted and the software company goes on to provide increased security for the documents using cloud storage which is harder to break into. With document automation software, it is easier to comply with guidelines for securing financial data.

Person sitting in front of computer

Customer Relationship Management

Communication with clients makes up a big part of customer relationship management. Finance brokers need to provide portfolios for clients to go through and see possible investment opportunities. Notifications are also vital to ensure that the customer is kept in the loop about pending payments, promotional offers as well as the state of their account. All this communication needs to be personalized but it is hard to personalize communication with thousands of customers. Or is it?

By automating responses, notifications, and other communications with clients, the avenue of communication is kept open and most customers report that they are happy with the attention they receive. Questions can be answered immediately or forwarded to responsible personnel and there is a clear record of customer’s concerns.

Conclusion

Document automation is a key driver of financial transformation as it unlocks the full potential of a company to serve its clients efficiently and handle critical customer communication and financial processes. Software designed specifically for finance companies provides unique tools to address the pain points that are currently experienced when using traditional document generation practices.

If you've just discovered us, we're excited. Try Windward with our 14-day free trial and start creating those financial documents in quick time.

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

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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"

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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.

Written by:_
Genesis Abel

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