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Kofax 2022 Intelligent Automation Benchmark Study

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

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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? 
Document Intelligence:

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:
Process Orchestration: 

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: 
Connected Systems:

Strong Links

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:

Paying Dividends

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.