Posted by
2017-10-10T22:55:55+00:00 September 5, 2017|

A True TAP Use Case: New Partner Onboarding

As we’ve said before, banks and finance departments have no reason to fear workflow automation. Instead, by automating workflows like the one described here, they’ll reap the rewards of heightened efficiency, reduced costs and eradicated errors.

The challenge?

Automate a process an HR/Finance team can use to onboard new partners that sign on with their company.

The solution?

A workflow that accelerates the process, automating submissions, reviews, approvals and more.

  • Using a self-service online form, the submitter provides the basic information about the new partner.
  • The new partner automatically receives a host of different due diligence checklists to complete before they can be registered as an official partner of the company.
  • Checklists can then be routed for review/approval to the proper parties.
  • Once approved or denied, automatic notifications can be dispatched to the applicant, stakeholders and others involved in the process.

The benefits?

  • Automating the process delivers an error-free process and faster response to applicants.
  • Standardization of forms and workflow enables consistency across all similar situations.
  • The workflow is automatically backed up to a secure Cloud archive, and easily accessible for audit. governance and compliance purposes.
  • E-signature integration standardizes secure approvals.

Here, as with other F&A workflows such as Shareholder Agreement, costly errors or delays are minimized. Recordkeeping and compliance requirements are automatically satisfied, and the enormous amounts of manual labor and paperwork required previously are eliminated.