Banking on Bank Statement Processing Automation
Findings from the Kofax 2022 Intelligent Automation Benchmark Study produced by E.I Studio, the custom division of Economist Impact
Where are your peers planning to use intelligent automation? Automating bank statement processing take priority in digital transformation ambitions: 83% of organizations are focused on automating their bank statement processing
Why is Bank Statement Processing Automation a Priority?
Specific drivers for automating bank statement processing include:
Hurdles to Overcome
Business leaders said they were expecting speed bumps ahead. The most common challenges companies face when implementing bank statement processing automation include:
What’s a High-Value Workflow?
Executives are evaluating their high-priority workflows, including bank statement processing automation, and identifying the tasks and routine procedures they believe are ready to be automated. What’s do they all have in common?
So Much Data, So Little Time
Companies are inundated with data waiting to be collected, analyzed and applied. Data pulled from various sources are key to the processes driving business. Business leaders understand that their bank statement processing automation goals are powered by:
Real Time Processes
In the forefront for executives in the survey was ensuring ongoing orchestration of their automated processes to keep systems running smoothly, especially considering rapidly shifting government regulations. Business leaders say their bank statement processing automation efforts require ongoing updates to:
To keeping the flow of data flowing smoothly to support their bank statement processing automation efforts, business leaders are prioritizing robust connections between systems, data and applications that to work side by side. Some of the common applications executives say must be connected are:
Executives believe their digital transformation journey will pay off in the future. By digitally transforming their bank statement processing workflows, business leaders expect to:
More to Do
The shift toward digital transformation clearly has room to grow, as business leaders said their bank statement processing workflows were still partially or entirely manual. None of the those surveyed has fully automated their bank statement processing workflows.