3 Must-Have Data Collection Workflows for Financial Services Organizations


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If you oversee data collection at your financial services organization, you play a critical role in optimizing the processes that drive your company forward. 

However, you are also likely well-acquainted with the unique problems that come with building forms and managing data workflows in such a highly regulated industry. 

From ensuring data accuracy and integrity to maintaining security and compliance, the hurdles you encounter seem endless — and endlessly challenging. 

To navigate these challenges for such processes as loan approvals, new client onboarding, and account application, you need streamlined and automated workflows. 

Learn how adopting three digital data collection workflows for financial services enhances efficiency, reduces processing time, and ensures compliance with regulations.

Workflow #1: New Client Onboarding

Using paper forms and manual processes when intaking new clients is burdensome and insecure. No matter the size of your financial services organization, digitizing these processes can improve all aspects of new client onboarding, from user experience to compliance with regulations like GLBA

Steps of a new client onboarding workflow:

  1. Initial inquiry form with pre-screening
  2. Approval or denial of qualification
  3. Submission of financial documentation
  4. Mandatory Know Your Client check
  5. Account setup and orientation

Between each step of the client onboarding process, the workflow can include approval steps with conditional routing depending on the decision made by a manager. This ensures that with every step, you complete due diligence that mitigates risk for the potential client and your organization.

By following these steps, you can establish strong client relationships, fulfill regulatory requirements, and provide a smooth transition into your organization.

Real-World Success Story

Read how HFM Investment Advisors replaced legacy onboarding processes for streamlined workflows with FormAssembly and Salesforce, which saves hundreds of hours of manual work and thousands on paper costs.

Workflow #2: Account Applications

Setting up a new account for an existing client generally includes gathering sensitive information, such as identification documents and financial records. Completing this process with paper forms can cause delays and inefficiencies, increasing the difficulty in tracking the progress of each application. Introducing a digital workflow can mitigate these challenges.

Steps of an account application workflow:

  1. Inquiry and personal application
  2. Information and documentation collection
  3. Client due diligence and verification
  4. Compliance and internal policy check
  5. Account activation and setup

An account application workflow can also include conditional steps and approvals to determine if a client qualifies for a new account. Automating notifications around these steps further streamlines the application process and reduces bottlenecks or status tracking.

Real-World Success Story

Read how Cadence Bank eased the burden of mergers while satisfying regulatory changes using FormAssembly’s dynamic web forms and secure data collection platform.

Workflow #3: Loan Approval

Paper processes for loan approvals limit access and visibility into key data, making it difficult for multiple stakeholders or departments to collaborate and make decisions. Paper forms also increase the risk of data breaches involving sensitive personal and financial information of clients. 

Digitizing these workflows simultaneously improves accessibility and mitigates compliance risks, which benefits both your organization and your clients.

Steps of a loan approval workflow:

  1. Submission of loan application
  2. Document validation and verification
  3. Credit and risk assessment
  4. Review and decision-making
  5. Approval and account setup

Loan applications will also require approvals during different stages of the workflow. With automatic notifications and clear visibility into a client’s application data, your team can accelerate the approval process and reach decisions quickly.

Learn More About Workflow

Need to modernize your financial services workflows? Discover how our Workflow’s smart, visual process builder lets you build out complex processes — all without code. 

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