A True TAP Workflow Automation Use Case: Shareholder Agreement

We recently noted how Wall Street was getting worried about workflow automation replacing bankers and brokers. The truth, though, is that it’ll eliminate paperwork, accelerate processes and improve compliance. This workflow is a great example.

The challenge?

Developing a shareholder request and approval process capable of dealing with multiple shareholder types.

The solution?

A workflow that expedites review, approval, and fulfillment for all participants:

• A company CFO kicks off the process, in this case, by using an online form to submit a request for a new shareholder agreement.
• He/she populates the form with all relevant details about the prospective shareholder.
• That form is then routed to the prospective shareholder for their review and approval.
• Once they’ve approved the form, they are automatically sent an authorized Shareholder Agreement that can be one of several types, depending on the type of shareholder.

The benefits?

• In banking and finance, there are countless workflows like this that are conducted daily, so the cumulative cost and time savings to an organization can be enormous.
• Automating the process delivers a better, faster customer experience for the shareholder.
• E-signature integration can standardize secure approvals.
• Transaction records and auditing trails are automatically saved to a safe location, ensuring compliance and security.

By standardizing this process, the chance of mistakes or delays is minimized, as well as recordkeeping and compliance concerns. Manual processes for handling these kinds of tasks swallow up vast amounts of staff time; people often use different methods of signature, too, which only adds to the paperwork wrangling necessary.