Download our data sheet to learn how you can prepare, validate and submit regulatory returns 10x faster with automation. Download our data sheet to learn how to automate your reconciliations for increased accuracy, speed and control. Implementing automation in a large financial institution can be challenging, but it is a feasible process with proper planning, collaboration between teams, and choosing the right technology.

Customers have an extensive digital footprint through the websites, apps, and social media they use daily. Every time a customer uses an online service, it creates data, and banks can make use of every attribute to better understand creditworthiness. For example, Lenddo spans 12,000 characteristics from social media, internet browsing, and smartphone data. Putting everything together provides a credit score reflective of future risk, allowing banks to accept over 50% more applications.

Below we provide an exemplary framework for assessing processes for automation feasibility. Perhaps the most useful automated task is that of data aggregation, which historically placed large resource burdens on finance departments. Financial automation can generate standardized reports, including financial statements. Some systems provide consolidation capabilities and even provide budgets. FP&A has seen vast efficiencies created as a result of financial automation.