The State of Systems of Agreement, 2019: A Spotlight on Financial Services and Insurance
- FSI companies still rely heavily on manual processes.
- Thirty-six percent of companies say they are still using pen and paper for at least half of their agreements, and analog processes span a variety of uses cases throughout these companies.
- Poorly executed manual agreements pose a variety of detrimental business problems.
- Issues within a paper-based, manual process have been shown to cause challenges with customer experience (CX), internal processes, and compliance.
- A modernized approach is essential to maintaining a competitive edge.
- About half of respondents are lagging behind when it comes to automating and connecting their systems of agreement. These firms must act sooner rather than later in order to maintain their competitive advantage. A modern approach improves CX, efficiency, employee productivity, and security