Simple Ways Financial Institutions Can Leverage Banking Automation

Written by Heather Mueller on December 18, 2019

Posted in Form Optimization, Lead Generation, Workflow Automation

Automation is certainly nothing new to the financial industry. Research shows that 42% of common activities, such as cash disbursement and revenue management, can already be fully automated.

Another 19% can be “mostly automated.”

Still, that leaves 39% of activities that aren’t taking full advantage of opportunities for banking automation. Which means there are still plenty of bank processes that are being handled manually.

If you saw our recent tutorial on using advanced templates for workflow automation, you already know how easy it can be to put repetitive tasks on autopilot. With the right suite of productivity tools and grab-and-go guides, any institution can simplify and streamline time-consuming tasks.

Including banks.

To understand what I mean, let’s take a look at a couple of advanced templates that apply specifically to finance automation.

Automated Document Assembly for Loan Agreements

With Formstack’s loan agreement template, your organization can completely digitize the loan agreement process—from collecting document signatures to creating contracts to routing information. Here’s how it works:

First, you create an online form for clients to fill out on any laptop, PC, or mobile device. Once set up, you can connect your form directly to a document creator. As your form is completed, the document creator will extract data from each submission to automatically generate a new loan agreement.

loan request template

Next, you can add a step to have the loan agreement sent off to collect legally binding electronic signatures. Each one will be automatically saved and stored securely for you, right alongside associated records and documentation.

If you’d like to take this type of finance automation a step further, you can use data routing to get information and files to the right people the moment they’re ready.

The entire process can be set up within a matter of minutes, and should save you hours of manual work over time. You’ll never need to manually update, print, sign, mail, or scan a loan agreement again.

Hands-Free Welcome Letters for Onboarding

Automated loan agreements let you win over new business with a remarkably fast loan application process. But that’s not the only way to impress clients with finance automation.

With the customer welcome template, your facility can easily onboard new clients and create more meaningful connections from the outset.

This one differs slightly from the example above, although the general premise is the same.

Once again, you’d begin by creating an online form to easily collect information from new customers and prospects.

new customer registration template

Next, you’d use the same document creator to create a customer welcome letter template. As the contact form is completed, data is collected from each new submission and fed into the corresponding fields within your letter template.

After that, you’ll need to do… well, nothing. Because the entire process is automated, the personalized letter will be sent directly to your client the instant it’s ready.

It’s the easiest, most effective way to share important information with new banking customers and ensure critical client communications don’t slip through the cracks.

These aren’t the only ways to use finance automation to your bank’s advantage, but they’re two of the most common.


For even more ways to put important processes on autopilot, check out Formstack’s tools for financial institutions. Discover how you can use advanced workflows to gather data, populate documents, collect eSignatures, and more—all on a single, secure platform.