Guide

Financial Process Automation: A Guide to No-Code Workflows

Guide

Financial Process Automation: A Guide to No-Code Workflows

Guide

Financial Process Automation: A Guide to No-Code Workflows

Guide

Financial Process Automation: A Guide to No-Code Workflows

Guide

Financial Process Automation: A Guide to No-Code Workflows

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Guide

Financial Process Automation: A Guide to No-Code Workflows

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Guide

Financial Process Automation: A Guide to No-Code Workflows

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Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

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Financial Process Automation: A Guide to No-Code Workflows

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Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

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Financial Process Automation: A Guide to No-Code Workflows

Discover finance workflow processes that can easily streamline financial document automation and be implemented quickly using no-code workflows.
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Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Collecting payments with online forms is easy, but first, you have to choose the right payment gateway. Browse the providers in our gateway credit card processing comparison chart to find the best option for your business. Then sign up for Formstack Forms, customize your payment forms, and start collecting profits in minutes.

Online Payment Gateway Comparison Chart

NOTE: These amounts reflect the monthly subscription for the payment provider. Formstack does not charge a fee to integrate with any of our payment partners.

FEATURES
Authorize.Net
Bambora
Chargify
First Data
PayPal
PayPal Pro
PayPal Payflow
Stripe
WePay
ProPay
Monthly Fees
$25
$25
$149+
Contact First Data
$0
$25
$0-$25
$0
$0
$4
Transaction Fees
$2.9% + 30¢
$2.9% + 30¢
N/A
Contact First Data
$2.9% + 30¢
$2.9% + 30¢
10¢
$2.9% + 30¢
$2.9% + 30¢
$2.6% + 30¢
Countries
5
8
Based on payment gateway
50+
203
3
4
25
USA
USA
Currencies
11
2
23
140
25
23
25
135+
1
1
Card Types
6
13
Based on payment gateway
5
9
9
5
6
4
4
Limits
None
None
Based on payment gateway
None
$10,000
None
None
None
None
$500 per transaction
Form Payments
Recurring Billing
Mobile Payments
PSD2 Compliant

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

Join the No-Code Revolution with Powerful Finance Workflows 

Are you struggling to take control of projects at work? Are you reliant on the IT team when you need to implement new systems? Are inadequate finance workflow processes, outdated technology, or complicated tools slowing down your workday?  

If you shook your head yes to any of the above questions, you are not alone. In our 2021 No-Code Economy Survey, respondents said a lack of technical resources results in 28% of employees getting held back on projects and/or initiatives. This same lack of resources leads to 59% of projects being sometimes or often delayed.


These are harrowing statistics for anyone in the financial services field, no matter if you work for a bank, credit union, insurance company, or lender. As a business whose success is driven by the experience of customers, it’s more important than ever to deliver quick, intuitive financial process automation solutions in a secure and streamlined manner. 

There’s no time to waste waiting on IT or dealing with inefficient finance workflow processes. Whether you’re limited by legacy technology, paper workflows, or complicated systems, it’s clear that a digital transformation is needed.

In fact, 75% of financial organizations name digital banking transformation as their number one priority for 2021. Luckily, a change in the financial services technology landscape is providing ways to break free from the common pitfalls holding financial institutions back. What is driving this change? The rise of no-code software

You may not understand no-code by the name alone, but chances are you’re already using finance workflow process tools and tech based around its concept. In the last year, many financial institutions have realized they can no longer function on the systems, processes, and tools they’ve always relied on. 

Working through a worldwide pandemic proved how quickly technology can help reimagine the way work gets done. This kickstarted a digital transformation, from eliminating physical interactions and paper workflows to transitioning to virtual meetings and digital channels for customer service. No-code tools, apps, and platforms made it possible for banks, credit unions, and insurance companies across the world to keep up with the need for warp-speed digitization and innovation. Yet there’s still so much more that can be accomplished.

So what is no-code? And how can it transform workflows at your organization? This guide will help you better understand no-code and how it can be used in your financial services organization. You’ll also get four examples of financial process automation you can quickly and easily implement using Formstack’s no-code tools.

What is No-Code? 

Is no-code a new term to you? You’re not alone. In fact, according to our survey, 82% of people are unfamiliar with no-code. If you search the term no-code in Google, you’ll discover many different definitions for the term, ranging from simple to complex. For this financial process automation guide, we decided to develop our own definition of no-code:

“No-code is a type of software development that allows anyone to create digital applications without writing a single line of code. It involves using tools with an intuitive, drag-and-drop interface to create a unique solution to a problem. The resulting solution can take many forms—from building mobile, voice, or ecommerce apps and websites to automating any number of tasks or processes.”

No-code tools include software, systems, or products that allow users to build a solution without needing to know any code. These tools enable non-technical workers, in any department, to create the processes, products, and tools they need to get work done—without needing support from IT. They help organizations become more digitally agile, which makes it easier to edit, change, and adapt workflows with limited investment of time, money, and technical resources. 

This type of software provides you a visual arena to build your process, usually with a drag-and-drop menu of options. From creating online loan applications and securely collecting personal information to building paperless customer processes and automating contract creation, no-code makes it extremely quick and easy to develop finance workflow process solutions to your most difficult problems. 

Ways No-Code Can Improve Financial Workflow Management

Now more than ever, financial services providers need to be able to quickly adapt to the ever-evolving digital world. The preferences and abilities of customers are changing, and if your processes and systems don’t keep up, you will begin to see an impact in your customer satisfaction, sales, and ability to grow. 

Whether your organization serves hundreds, thousands, or tens of thousands of customers, they are all beginning to expect a digital-first experience. Creating the best customer experience starts with your internal processes, efficiencies, and tools. Achieving your goals, regardless of department or role, depends greatly on having the right tools and processes in place.


No-code is on the brink of changing the way people work—from automating repetitive, time-consuming tasks to building entirely new financial workflow processes, products, and applications in just days versus months. Investing in no-code tools can enable workers of all technical levels to achieve great results with less time, money, resources, and infrastructure. Here’s how no-code tools can benefit every team across your organization, from marketing and sales to customer service and finance. 


Minimize Reliance on IT 

When your IT team is stretched thin and serving several departments across your institution at once, it can be difficult to get in their queue. Yet many complicated software systems require coding, which means IT has to help get your projects off the ground. 

With no-code, you no longer have to rely on your IT team to build, test, or launch new tools, apps, or workflows; employees of all technical skills can quickly learn how to use them on their own. Plus, you can easily make edits and adjustments and see them in real time.

Your IT team will be thankful when you approach them about adding no-code tools to your tech stack. By enabling your team or department to be more autonomous, IT can focus their time on the technical tasks that require their expertise and abilities.

Accelerate Turnaround Time 

Your customers demand quick and efficient customer service. Whether it’s applying for a loan, putting in a membership application, opening a new account, or buying new products, customers have high expectations of their financial services providers. Delivering on these expectations requires having tools that provide a great front-end experience that can be easily created, maintained, and updated by employees. 

While traditional software may require months to learn the system, onboard employees, and develop, no-code tools take nowhere near this time to implement. Many organizations can get up and running with no-code tools in mere weeks. In fact, our survey revealed that 50% of people choose to use no-code tools because they are easier to use and faster to develop than traditional software. 


When your next project requires a quick turnaround time, you’ll be ready. From improving the digital experience of customers and automating document creation to streamlining how you collect, store, and share personal and financial data, no-code tools can help you get from idea to solution much faster. Because many no-code tools easily integrate with common systems, you’ll be able to connect them to the most important tools in your organization’s tech stack. 


Simplify Processes Across Departments 

Whether you work for a small or large organization, most financial institutions face issues when trying to share data across departments. You may need to collect hundreds of data points to process one new loan, member application, or price quote. This data then needs to be shared across different roles and departments, from underwriting to compliance. 

For many financial institutions, legacy systems, paper processes, and a lack of interdepartmental tools can create dangerous data silos that impact productivity and information management. From paper forms being illegible or getting lost on desks to data inconsistently integrating across tools, it can be incredibly difficult to streamline processes across departments. 

Working in silos leads to poor data management, inefficient systems, and loads of manual work. No-code tools can help minimize, and even eliminate, many of these issues. Because no-code software can be used by employees of all skill levels and technical knowledge, it can easily fit into any department’s tech stack. This enables you to rely on one tool to streamline processes and workflows across many departments. No more paperwork, manual data entry, or complicated systems to learn. 

Control Workflows from Start to Finish 

When you need to rely on others to get your work done, it can create huge bottlenecks that are mostly out of your control. From relying on IT to implement a tool or update an integration to awaiting approval from a manager or tracking down paperwork, there are plenty of roadblocks that can impact your productivity. 


No-code software puts the power to build in your hands, allowing you to update a web page, digitize assets, create robust workflows, and collect data. With a tool like Formstack, you can oversee the entire workflow from start to finish, enabling you to see, adjust, and fix any issues or bottlenecks in real time. 

With no-code tools, you can quickly adapt as the needs of your customer and market change without ever needing to submit a support ticket to IT. Easily automate many of your most tedious tasks, such as securely generating contracts and documents, automating eSignature reminders to clients, or creating price quotes


4 Examples of No-Code Financial Workflow Management

Still running your workflows on paper, in manual spreadsheets, or across multiple tools? It’s time to end these inefficient processes and upgrade your workflows to something better by using no-code financial process automation. 

Formstack’s no-code technology can empower your team to achieve more in less time. From completing daily tasks to building brand new systems and processes, you can build the workflows you need without relying on IT or needing to know how to code. 

We specialize in helping financial institutions streamline their processes and take control of their data management across teams, departments, and customers. Here’s how to use Formstack to streamline some of the most common finance workflow processes. 

Digital Loan Applications 

Loan applications are known to be long, cumbersome, and complicated. Paper applications can cause data inaccuracies and bottlenecks, while legacy applications can be slow and require maintenance by IT. Use this no-code finance workflow process to securely gather financial information and quickly process new loan applications. Offer customers an excellent digital experience, eliminate manual data entry, and ensure top-notch security.

Products: Forms · Documents · Sign 
Features:
Portals · Smart Lists · Dynamic Document Creation   
Templates:
Loan Agreement · Authorization for Automatic Payment Form · Income Driven Repayment Plan Request Form
Optional Integrations:
SharePoint · ShareFile · Marketo  
Customer Inquiry and Application 

New or current customers can easily inquire about loan options, processes, and applications from a lead from on your website or within your mobile app. Upon form submission, data routing can automatically alert the right loan officer depending on loan region, type, or size. When ready to apply, the customer can find all the forms needed within an organized portal, which will send them automated alerts on deadlines. The loan officer can easily see where each form is in the process to avoid inundating the customer with email check-ins. 

Pro Tip: Use Smart Lists in your forms to quickly manage long, evolving lists of field options across all your forms. This is great for listing branch locations, loan officers, loan offerings, and more. 

Application Review and Approval 

Upon form submission, use Workflows to assign different people, teams, and departments to review and approve loan application details. Field Validation ensures common fields—like credit cards, emails, and phone numbers—are verified in real-time upon form submission, minimizing data errors and inaccuracies. If further information or edits are needed from the customer, the form can be sent back to them with clear instructions. Upon final internal approval, connect your forms to Formstack Documents to automatically generate customized, secure loan documentation

Loan Documentation, eSignature, and Storage 

With document data routing, you can automatically combine files into one document or create several types of documents from a single data source. Easily create professional, branded documents with top-notch security features, such as secure downloads, data encryption, and firewall technology. Use Formstack Sign to gather secure electronic signatures from employees and customers via email and text or in office. Receive a signature audit trail for each document so you can see who signed a document and exactly when they signed it. Upon collecting all signatures, automatically send finalized documents to your preferred document storage solution.


New Customer Onboarding and Welcome

With an average customer attrition rate of 15% and a cost of $500 to acquire a new customer, financial service providers must make smart, strategic decisions when welcoming new customers. Quickly engage with prospects and make new customers feel welcomed with this new customer onboarding and welcome workflow. Automate every step of the process, from initial inquiry to signing agreements. 

Products: Forms · Documents · Sign 
Features:
Conditional Logic · Themes and CSS · Electronic Document Signing   
Templates:
New Customer Registration Form · New Customer Welcome Letter · Customer Satisfaction Survey
Optional Integrations: Salesforce · Microsoft Dynamics · Lob  
New Customer Form Submission and Review  

Create beautiful, branded online lead forms that embed easily on your website and are fully mobile-optimized. Make it incredibly simple for prospects to do business with your bank, credit union, or insurance agency by eliminating complicated PDFs and slow paperwork. Use Conditional Logic to only ask necessary questions, which improves the customer experience and creates a shorter form. If certain criteria needs to be met to become a member, use Approvals to allow for member application review and approval. 

Pro Tip: If you’re a Salesforce user, consider using this workflow with our native Salesforce tool, Formstack for Salesforce, which combines forms, documents, and eSignatures into your existing ecosystem.  

Welcome Packet and Letter 

Providing the best initial experience is what turns new customers into long-term advocates of your business. Personalize a customer welcome packet with the new customer’s information by connecting Formstack Forms to Documents. Automatically generate final documentation, like compliance disclosures or member agreements, and personalize marketing materials. To really make an impact, consider mailing a welcome letter with some helpful information as well.  

Customer Agreement Sign-off and Survey  

Financial service organizations have a lot of regulations and compliance standards to meet. If onboarding a new customer includes getting their sign-off on important compliance documents, it’s easy to add secure electronic signature fields to your documents. Upon return of the onboarding materials, you can automatically add new customer information into your CRM through one of our many integrations. After 30 days, consider sending a customer satisfaction survey to ensure you’re meeting expectations through your products and services. 

Learn More: How Financial Services Can Benefit from Salesforce Automation 

Quote Proposals

The insurance market is incredibly competitive, and consumers expect quick and excellent service. In fact, J.D. Power found that auto insurance buyers are eight times more likely to shop around for a new provider after a poor service experience. Use this quote proposal workflow to ensure prospects are contacted quickly, sent an accurate and clear quote within hours, and able to easily sign documents from their computer or mobile device. 

Products: Forms · Documents · Sign 
Features:
  Calculating Fields · File Uploads · Document Data Encryption
Templates:
Request a Quote Form · Proposal Document Template 
Optional Integrations:
Excel · Airtable · Integromat  
Quote Inquiry and Follow-Up 

Add a mobile-optimized form to your website or mobile app to allow prospects to request an insurance quote. Add UTM Tracking and Partial Submissions to your form to provide the marketing team with valuable insights that can increase conversions. Upon submission, the prospect will receive an automated follow-up email that includes information about their specific insurance rep, next steps, and a timeline. 

Quote Creation and Documentation 

Upon submission of the quote request, data routing sends the prospect’s information to the correct rep, which kicks off a Workflow to begin the quote process. A more in-depth form can be sent directly to the prospect or filled out by the rep during a phone call with the prospect. Calculating Fields can be included on the form to easily create cost estimations and perform financial analysis. Skip cutting, pasting, copying, and typing data into documents and automatically generate a quote proposal document by connecting your form to Formstack Documents. 


Proposal Review and Signing 

Upon completion of the proposal, the insurance rep can electronically sign the document. Formstack Sign’s multiple participant workflow will then automatically send the work order document to any other employees who need to review the proposal before sending it to the prospect. Automate text or email reminders to ensure the prospect signs off on the document within a specific window of time. If on-site document signing is preferred, the document can be signed in person by both parties from a mobile device. 


Client Agreements and Payments

If your organization provides wealth management services, it’s important to have a secure workflow in place for client onboarding. From signing the agreement to collecting the initial service fees, providing a seamless experience to clients that runs efficiently in the back end is an absolute must. This workflow takes minimal time to set up and can integrate with your most-used systems, ensuring accurate data is sent quickly to the correct places and people. 

Products: Forms · Documents · Sign 
Features:
PCI Compliant Forms · CRM Document Generation · Digital Signature Security   
Templates:
Client Information Form · Sales Contract · Credit Card Payment Form 
Optional Integrations:
Authorize.Net · Pardot · Salesforce Marketing Cloud
New Client Data Collection  

Financial advising and wealth management requires gathering a lot of data and information from your clients. Creating a great initial experience is crucial to starting out on the right foot. Formstack’s secure online forms make it easy to create an exceptional form experience that won’t frustrate or confuse your clients. The drag-and-drop, no-code builder makes it easy for any employee to create a robust form within minutes. Adding features like Conditional Logic, Save and Resume, and File Uploads ensures you can collect all the data you need safely and securely while providing clients a streamlined, shortened form they can complete on their own time. 

Pro Tip: Integrate this form with your CRM to eliminate manual data entry and automate other customer welcome and onboarding steps. 

Agreement Creation and Signing 

Use a Workflow alongside your onboarding form to send the collected data to all internal parties who need to review and approve the data submission. If there is ever a question or more information needed, a request can be sent to the client through the workflow. Upon approval, the form data can automatically generate a customized client agreement document to be signed by the financial institution and client. Once all signatures are collected, the documents can be automatically sent to your document storage solution or CRM.  

Related: Simple Ways Financial Institutions Can Leverage Banking Automation
Payment of Initial Deposit and Referral Offer 

Few people want to mail in a check or request a wire transfer to pay for their initial deposit. Please your customers and simplify back-end processing by providing an online payment method. Add your preferred payment processor to an online payment form to gather secure payments or even set up recurring payments in seconds. Once your relationship with your new client is established, you can share a referral form with your client to help secure more business. 


How to Get Started with No-Code Workflow Automation 

If you’re ready to be less reliant on your IT team and more in control of your daily workflows, we have an interactive checklist that can help you choose the right no-code solution for your organization. Click below to access and use this fillable resource to organize your thoughts, outline what you’re looking for in a solution, and prepare your team for implementation. 

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CEO of
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Chris is on a mission to turn people into great leaders. He's passionate about helping problem solvers see more value in the work they do every day.