Luxembourg Times recently published the article “Finance firms in Luxembourg set to cut costs” to cope with the impact of COVID-19.
This is the year that financial services companies have faced reality: they were lagging behind their digital transformation. They were stuck in discussions, and progress was, at best, too slow. Most businesses were still lost in their manual and inefficient processes.
Then Covid-19 happened and became the accelerator of digital transformation, which now is in the mainstream. It has climbed to the top of the financial institution’s agenda.
It is more important than ever to keep focus and understand that one can only talk about digital transformation when you are truly transforming your business. This is where you start saving money, create efficiencies, and increase robustness because you start doing things smartly, with a digital mindset.
To do that, you need a pragmatic approach and start by transforming your processes digitally. It doesn’t need to be as sophisticated and dramatic as many people often present it, and in going back to the topic of the article in Luxembourg Times, it will help you cut costs… through efficiency! What a better reason to start now?
A document factory at your fingertips
As it is that time of the year again, think about how much time you spend filing your annual accounts. This is one of the most manual and cumbersome processes. But imagine for a moment that you have a Document Factory solution at your fingertips that:
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Covers your risk management processes. You will never be late or incomplete with your filings, with the risk of sanctions from regulators.
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Makes the proper controls by monitoring the status of the processes, making them more transparent.
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Covers the oversight function by sending reminders and performing reviews. What has been finalized, what is still open?
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It gives you better time and resource management, giving you full control over the whole process.
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Provides you with bulk processes and bulk signatures.
And now imagine that it can be up-and-running within 6-8 weeks, producing the first tangible results already from week 1, making your life much easier, creating efficiency and robustness while at the same time saving you costs.
How does that sound? Stop imagining! This solution already exists. Contact us and experience the benefits yourself.