• Document Generation
  • Blog

Top 8 banking challenges and solutions

5 min read
Woman reading financial reports

For banks and credit unions, nothing is more important than building deep, lasting customer relationships. But it’s no secret that the paperwork and processes powering those relationships require significant time and effort. A modern document automation solution can transform banking operations and elevate the customer experience—without introducing unnecessary risk. 

Despite the clear advantages of streamlining banking processes, many financial institutions are hesitant to implement a document generation and automation solution. Simple inertia is a common problem, but there are also some very real concerns that prevent banks and credit unions from fully embracing digital transformation.  

Let’s take a look at eight of these banking challenges and explore how to solve them with Conga.  

8 barriers to document automation—and how to overcome them 

  1. Regulatory compliance: The banking industry is heavily regulated, with stringent requirements regarding data security, privacy, and compliance. Adhering to these regulations while implementing digital solutions can pose challenges, as banks must ensure that digital platforms meet regulatory standards.  

Solution: Conga’s digital document transformation suite is ISO/IEC 27001-2005 and TRUSTe certified. Once implemented, our document automation solution maintains a detailed audit trail and strict version control for every document. Automated document workflows with built-in compliance alerts help to ensure you never miss a regulatory obligation. 

  1. Data security concerns: Banks handle sensitive customer data, including financial information and personally identifiable information (PII). Concerns about data security and privacy can make banks hesitant to adopt digital solutions, particularly if they perceive a risk of data breaches or cyberattacks.  

Solution: Conga Composer lets you encrypt documents to maintain client privacy and lock down sensitive data, while Conga Sign provides a secure, compliant way to capture electronic signatures. In addition, our dedicated in-house security and privacy team is available to help you meet compliance, data protection, and regulatory obligations from around the globe.  

  1. Customer trust and adoption: Despite the growing popularity of digital banking, some customers may still prefer traditional banking channels. They may be hesitant to adopt digital services due to concerns about security or usability. Banks should also ensure that their digital solutions are inclusive and accessible to all customers, regardless of their technological proficiency or resources.  

Solution: PwC reports that over 60% of banking customers are already using digital channels, but banks must build trust and educate customers to encourage adoption. Delivering a cohesive experience through easy-to-use digital solutions can help to boost customer confidence and ensure long-term satisfaction.  

For example, Conga Composer includes pre-built, configurable document templates to provide a consistent, unified customer experience—with white labeling to keep your brand in the forefront. And Conga Sign lets you capture electronic signatures however your customer prefers: in person or remote, drawn on a screen, via SMS, or through email. 

  1. Cost and resource constraints: Implementing digital solutions requires significant investment in technology infrastructure, software development, and staff training. Smaller banks and credit unions may face budget constraints or lack the resources and expertise needed to undertake large-scale digital transformation initiatives.  

Solution: Scalability is key for smaller banks and credit unions looking to transform their business operations. Conga’s products are purpose-built and work seamlessly together, so you can start with the solutions you need today and expand your tech stack over time to automate and streamline banking processes from end to end.  

  1. Cultural resistance to change: Banks and credit unions may encounter resistance to change from employees who are accustomed to traditional banking processes. Addressing cultural barriers and fostering a culture of innovation and adaptability is essential for successful digital transformation. 

Solution: Your experience with Conga is our top priority—because we’re only successful when you’re successful. When you partner with us, you get end-to-end support including: 

  • Implementation Services to get you up and running quickly 

  • Personalized training from the Conga Learning Center 

  • Technical support to answer any questions that may arise 

  • Access to the Conga Community—a one-stop success center for Conga customers  

  1. Complexity of integration: Integrating digital solutions with existing systems and processes can be complex and time-consuming, particularly in organizations with multiple legacy systems or siloed departments. 

Solution: Conga Composer offers robust functionality to support almost any use case, plus flexible APIs to access data from any system of record and embed document generation capabilities in any application or site.  

  1. Vendor selection and partnerships: Choosing the right technology vendors and partners is critical for the success of digital transformation initiatives. Banks must carefully evaluate vendors based on factors such as reliability, security, scalability, and alignment with their strategic objectives.  

Solution: Banks and credit unions have plenty of options when selecting a document generation tool—but Conga Composer is the go-to-solution for more than 8,000 brands looking to save time and eliminate errors with automated document processes. But don’t take our word for it: here’s a side-by-side comparison showing how Conga Composer stacks up against top competitors like PandaDoc, DocuSign, and S-Docs. 

  1. Competitive pressures: The banking industry is highly competitive, with fintech startups and digital-native banks challenging traditional institutions. Banks must innovate and adapt to evolving customer expectations to remain competitive in the digital era.  

Solution: Addressing these banking challenges requires a strategic approach, collaboration across departments, and a commitment to continuous improvement and innovation—as well as the right technology. With a partner like Conga, banks and credit unions can unlock the full potential of digital banking and deliver superior value to their customers.  

4 of the top 8 banks in the US trust Conga

Conga customer HFM Investment Advisors is a perfect example of how banks and credit unions streamline operations, improve accuracy, and strengthen customer relationships with document automation. The firm turned to Conga Composer to help increase efficiency, reduce manual data entry, and improve the overall quality of its customer financial action plans. With Conga, HFM created custom templates that can be automatically populated with all the relevant data in just a few clicks.  

Business outcomes include: 

  • Saved over 1,000 hours of manual data entry annually 

  • Reduced time to develop a custom plan from 1 hour to 30 seconds 

  • Increased frequency of financial plan delivery from semi-annually to every 8 weeks 

  • Completely eliminated manual data entry errors from documents 

“We deliver a high level of service through engagement and communication to our clients regarding their accounts and financial plans. Without Conga’s ability to automate essential document creation, updating, and delivery, we’d have to hire a part-time employee to do it all manually. It would be difficult to run our business effectively and efficiently.”  

Jason Gabriel, Financial Advisor, HFM Investment Advisors 

Ready to see how Conga’s document generation solutions can transform your banking operations?  

Visit our Banking Resource Page to get access to key insights and resources. Then get in touch to meet with a Conga expert and learn how we can provide a solution that’s right for you! 

Get Conga's latest insights delivered to your inbox weekly.