The Power of Transformation, Part 2: Automation

Businessperson interacting with process automation software technology
By Michelle Harbinak Shapiro

3 minutes

Survey finds rigid, slow processes are a major barrier to modernization.

According to a 2017 PwC survey, two major barriers to digital transformation are an inability to integrate new and existing systems and data and outdated technology.

In part one of this series, I outlined how integrating technology applications helps connect information throughout an institution. It facilitates better communication between systems, providing employees with the information they need to deliver the best service. Connecting siloed information with a content management platform connects people, processes and data, supporting digital transformation and technology modernization goals by easing the transition to new technology. 

The Right Content at the Right Time

But there’s another pivotal technology tool credit unions should leverage to modernize and transform operations. After credit unions integrate IT platforms, the next step is evaluating areas for automation. 

In the PwC survey mentioned above, 21 percent of respondents identified inflexible and slow processes as an existing barrier to digital transformation, and another 21 percent said it is an emerging barrier. Workflow management software removes this barrier by intelligently incorporating content into processes, automatically sending the right content to the right people at the right time, streamlining procedures and achieving faster, digital transactions.

Flexible workflow solutions go beyond just mapping out a formerly manual process and making it digital. They make processes more efficient to maximize the number of daily transactions a team is able to process, approve and complete. Additionally, workflow technology should be able to appropriately route manual and ad hoc tasks based on either linear or parallel process steps, specific data on documents or information stored in e-forms. 

Once processes are mapped out digitally, it becomes easier to monitor the status of items as they move through different queues. Real-time notifications from the workflow system provide staff with immediate information, enabling them to prioritize work and review or approve priority tasks sooner. With immediate access to information, staff can improve member service by increasing accuracy while reducing turnaround time. 

Accountability and Compliance

A whopping 63 percent of PwC respondents flagged a lack of properly skilled teams as a barrier to digital transformation. Finding an intuitive and easy-to-use solution that promotes transparency and accountability is key to removing this barrier.

With the right technology in place, processes become more consistent. Tasks are mapped out based on a given set of rules. This ensures accountability and helps meet regulatory requirements while increasing transparency. 

Reporting dashboards can be included to grant visibility to a process or document’s real-time status, who has interacted with that content and how long it has taken to complete specific tasks. With greater insight into processes, managers can assign or move work based on an employee’s workload and take care of any bottlenecks. 

While industry terms and buzzwords come and go, it’s safe to say digital transformation is here to stay as a major focus for organizations across industries. While there isn’t one technology, solution or IT tool guaranteed to help an organization achieve digital transformation goals, content management platforms incorporate many key capabilities needed to get started. These include integration tools to connect information as well as workflow management functionality to automate processes. 

Implementing these tools as part of your technology modernization and transformation journey will enable the efficient processes and excellent member service your credit union needs to remain competitive.

OnBase by Hyland LogoMichelle Harbinak Shapiro, solution marketing manager for financial services, brings more than 15 years of experience in the industry to her role as Financial Services Industry Expert at CUESolutions provider OnBase by Hyland. Her mission is to share best practices and evangelize the power of content services as a tool for financial institutions to help automate processes and proactively manage regulations. Follow her at @HarbinakShapiro.

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