The financial services industry has long been at the forefront of digital transformation, and document automation has played a pivotal role in its evolution. With the relentless demand for efficiency, reduced operational costs, and maintaining regulatory compliance, streamlined document processes becomes ever more critical.
As a result, FinServ organizations are constantly evolving to meet the shifting needs of consumers and to keep up with emerging technologies and disruptive market forces, to sustain a competitive advantage.
Recent research from Forrester’s 2023 Marketing Survey highlights the industry’s focus on content performance effectiveness, with over 50% of marketers planning to significantly enhance their efforts in the coming year.
So, with that in mind, here we’ll explore three key content and document automation stats, and briefly look at how financial services orgs can stay ahead of the curve when it comes to creating and publishing their own content.
Financial Services are Embracing Enterprise Content Management (ECM) Systems
Based on Mordor Intelligence’s 2022-2027 forecast, the Enterprise Content Management (ECM) Market is poised for significant growth, with an estimated value of USD 77.20 billion in 2024 and a projected surge to USD 149.80 billion by 2029, marking a robust Compound Annual Growth Rate (CAGR) of 14.18% during the forecast period (2024-2029).
The significant increase in investment reflects the critical role enterprise content management systems play in addressing the challenges faced by enterprises like financial institutions. Conventional, highly manual processes for document creation and publishing are widely recognized for their drawbacks, being time-consuming, error-prone, and costly. This is particularly evident for organizations with a growing need for managing large volumes of data across diverse geographic locations and customer bases, which largely propels the demand for ECM systems.
Document automation, as an integral aspect of ECM, is dedicated to achieving many content-related operational goals. By providing a centralized and secure platform for creating, storing, and publishing content, it effectively streamlines operations, to help reduce both time and effort.
Driving Efficiency in Regulatory Compliance with Document Automation
Key to the financial services content landscape is regulatory complexity. In this dynamic environment, Regulatory Technology (RegTech) emerges as a powerful catalyst, reshaping the way institutions tackle documentation and compliance challenges.
According to DataHorizzon Research, the Global RegTech spending was projected to have reached an impressive USD 9.8 Billion in 2022, with expectations of a 17.3% compound annual growth rate (CAGR), reaching a staggering USD 47.7 Billion by 2032.
For financial institutions wrestling with document-heavy processes and ever-shifting regulations, RegTech is more than just a fad; it’s a lifeline. As compliance requirements escalate in complexity, institutions are turning to technology solutions to streamline workflows, enhance accuracy, and ensure unwavering adherence to evolving standards.
Document automation plays a crucial role in ensuring financial services content is compliant with stringent regulatory requirements. By automating document workflows and ensuring robust access controls, you can maintain data integrity and safeguard customer information.
But the perks don’t stop there; financial institutions utilizing document automation solutions are significantly reducing compliance-related errors. According to a study by Ponemon and Globalscape, the price tag of noncompliance is three times higher than that of compliance. This underscores the substantial financial incentive to fully embrace document automation.
Financial Services Organizations are Streamlining their Document Lifecycle with Content Component Management Systems (CCMS)
According to IDC, a substantial majority of organizations, including financial institutions, have recently made significant investments in cutting-edge content services technology including component content management systems (CCMS). Notably, 49% embarked on this transformative journey within the past year, while an additional 36% are planning to follow suit in the next 12-18 months.
A CCMS like in Quark Publishing Platform NextGen helps manage content at a granular level. By empowering users to swiftly create mission-critical documents using modular, structured, reusable, and format-free “components,” organizations attain an unprecedented level of control. This not only enhances content operations efficiency but increases content compliance with industry and government regulations.
By considering compliance at the most elemental level, these organizations operate with confidence, avoiding the severe costs associated with publishing non-compliant content.
Moreover, the right CCMS ensures consistency and velocity in messaging across various digital or print formats, allowing orgs who engage in high-volume omnichannel content production to maintain a uniform and impactful communication with their audience.
In summary, the financial services industry is undergoing a transformative shift with the widespread adoption of document automation. This evolution is driven by the industry’s persistent pursuit of efficiency, cost reduction, and regulatory compliance.
To stay ahead of the competition and satisfy customer needs, financial institutions must leverage the most advanced document automation solutions to optimize their operations. By implementing these tools, organisations can achieve streamlined content creation and efficient distribution of approved omnichannel content across all platforms.