# Financial Services: tech tools to foster innovation
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-10-06
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: How Financial Services Industry Thrives Through Digital Transformation
Meta Description: Discover how the financial services industry is evolving amidst digital transformation, and the importance of content enablement for business success. Learn
URL: https://financedigest.com/financial-services-tech-tools-to-foster-innovationhtml

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_By_ **_Christian Lund,_** _Co-founder, Templafy_

![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/christian-lund-co-founder-templafy-450x675-1736837704734-compressed.jpg)

The Financial Services (FS) industry is amid an era of digital transformation that came to life in customer forms like the offering of neobanks – banks operating exclusively online – crypto payments and more. But FS is still trying to shake a reputation as staid, with some stakeholders.

The ‘ [world’s largest unplanned work-from-home experiment](https://www2.deloitte.com/content/dam/insights/articles/7032_TT-Executive-summary/DI_2021-TT-executive-summary.pdf)’ meant that traditional, office-based FS businesses had to move online – completely changing the way the industry usually operates. It became evident that internal [processes and workflows needed streamlining](https://www.financedigest.com/alzheimers-research-uk-streamlines-cheque-processing-with-checkprint.html "Alzheimer’s Research UK Streamlines Cheque Processing with Checkprint") to keep up production levels while working remotely. To accomplish this, [leaders realized the transformation must start with tech](https://www.financedigest.com/top-7-new-tech-trends-for-2023-and-how-it-leaders-can-prepare-for-them.html "Top 7 New Tech Trends for 2023 and How IT Leaders Can Prepare for Them"). Within months, businesses accelerated digital transformation strategies [by up to four year](https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever) s and focused efforts on employees rather than consumers.

In 2020, [nearly half, 46.6%, of FS professionals](https://www.accountingtoday.com/news/under-stress-accountants-seek-new-tech-to-get-them-through-pandemic) added two or more applications to their tech stack. But, this [growing number of solutions](https://www.financedigest.com/the-patient-engagement-solutions-market-to-grow-on-a-satisfactory-note.html "The Patient Engagement Solutions Market to grow on a satisfactory note"), which was supposed to make employees’ lives easier, is actually making their jobs harder. In fact, [more than a quarter](https://info.templafy.com/guide/business-enablement-report) of workers feel that the more tools they use, the less work they can complete.

**Document overload**

Much of the tech tool [pain FS professionals are feeling](https://www.financedigest.com/analysis-russians-feel-little-economic-pain-now-long-term-outlook-darkens.html "Analysis: Russians feel little economic pain now, long-term outlook darkens") is because they’re drowning in documents. Employees’ days [revolve around](https://www.financedigest.com/the-medication-dispenser-market-revolve-around-digitally-driven-innovation.html "The Medication Dispenser Market revolve around digitally driven innovation") contracts, emails, client deliverables and presentations, all of which require several different tech applications to create. Information is often spread over various drives and folders which makes finding it a labour-intensive task. According to [research from Templafy](https://info.templafy.com/guide/business-enablement-report), 71% of employees are spending up to six hours a week consolidating information. This disconnect could result in issues of noncompliance or even worse, damaging lawsuits.

The core of this problem revolves around disconnected content. It’s not easy for FS professionals to find information and in turn, they’re [wasting time](https://www.financedigest.com/office-workers-waste-more-time-on-slow-tech-than-they-spend-on-holiday.html "Office Workers Waste More Time on Slow Tech Than They Spend on Holiday") and money on repetitive, redundant tasks. But automation tools are on the rise and can help streamline processes to complete administrative tasks more efficiently, so [employees can focus on driving](https://www.financedigest.com/lufthansa-launches-drive-to-hire-20000-employees.html "Lufthansa launches drive to hire 20,000 employees") business results. [WorkMarket reported 54% of employees](https://www.workmarket.com/go/2020-insight-report-what-ai-automation-mean-for-work) could save up to 240 hours a year through automation – an incredible amount of time.

**The disconnected content problem**

The key to solving disconnected content lies in the tech stack. Current tech stacks [ignore the role of content](https://www.financedigest.com/5-reasons-not-to-ignore-content.html "5 Reasons Not to Ignore Content!") even though it’s essential for maintaining brand reputation and the overall success of a business. After all, content is exactly what clients, prospects and colleagues [see day](https://www.financedigest.com/uk-retailers-see-40-jump-in-boxing-day-shoppers-springboard.html "UK retailers see 40% jump in Boxing Day shoppers -Springboard") in and day out – from emails to new business proposals to audit reports. It’s what we use daily to [bring ideas to life](https://www.financedigest.com/trump-charges-bring-new-york-zombie-case-back-to-life.html "Trump charges bring New York ‘zombie case’ back to life").

However, content is fragmented throughout organisations due to a lack of proper integration. Research [reports 37% of UK employees](https://info.templafy.com/guide/business-enablement-report) do double the amount of work because their technology lacks useful integrations. This directly results in disconnected content, which can lead to a loss of compliance, delays in processing and a negative [impact on business](https://www.financedigest.com/what-brexit-blues-new-research-reveals-over-half-of-businesses-in-the-financial-sector-believe-brexit-will-have-a-long-term-positive-impact.html "What Brexit blues? New research reveals over half of businesses in the financial sector believe Brexit will have a long-term positive impact") performance.

**Enter content enablement**

The key to combating disconnected content revolves around content enablement. A content enablement platform integrates the entire [tech stack to connect](https://www.financedigest.com/quesnays-female-founders-in-tech-competition-to-expand-program-with-focus-on-insurance-technology-and-event-at-insuretech-connect-2018.html "Quesnay’s Female Founders in Tech Competition to Expand Program with Focus on Insurance Technology and Event at InsureTech Connect 2018") content throughout an organisation. [Employees are served the exact content they need](https://www.financedigest.com/why-your-employees-need-a-mental-health-day.html "Why Your Employees Need A ‘Mental Health Day’"), directly within the applications they’re already using. In turn, enabling them to not only create higher quality content more efficiently but also collaborate, distribute and [manage content elements across the entire business](https://www.financedigest.com/finance-management-for-small-business.html "Finance management for small business").

In FS specifically, a content enablement platform ultimately allows [employees to focus on value-add activity instead of simple admin work](https://www.financedigest.com/voice-quality-matters-quarter-of-employees-working-from-home-still-experiencing-regular-connectivity-issues.html "Voice Quality Matters: Quarter of Employees Working From Home Still Experiencing Regular Connectivity Issues"). Rather than [tracking down different pieces of information to build scopes of work or business](https://www.financedigest.com/5-fx-metrics-your-business-should-be-tracking.html "5 FX METRICS YOUR BUSINESS SHOULD BE TRACKING") proposals, employees can focus on forecasting and business development – the tasks driving better, more impactful results. This level of [automation also cuts the risk](https://www.financedigest.com/adopting-ai-balancing-automation-with-risk-management.html "Adopting AI: balancing automation with risk management") of sharing documents that don’t adhere to regulations or don’t have the correct disclaimer.

**Content enablement [driving innovation](https://www.financedigest.com/cyclic-innovation-to-drive-the-animal-parasiticide-market.html "Cyclic innovation to drive the Animal Parasiticide Market") in FS**

Not only does content enablement [technology empower](https://www.financedigest.com/cut-evidence-empower-how-technology-can-help-banks-deliver-on-cop27-commitments.html "Cut, evidence, empower: How technology can help banks deliver on COP27 commitments") employees to be more efficient and productive at work, but it also fosters innovation. Employees can focus on topics like:

- [Running the business](https://www.financedigest.com/ceo-riggs-eckelberry-of-originclear-discusses-the-power-of-intuition-in-running-a-successful-business.html "CEO Riggs Eckelberry of OriginClear Discusses the Power of Intuition in Running a Successful Business ") more efficiently
- Identifying [future trends](https://www.financedigest.com/future-focus-four-trends-reshaping-financial-services.html "Future focus: four trends reshaping financial services")
- Keeping up with ever-changing regulations that ultimately shape the industry

And as the FS space gets more crowded with newer and fresher competitors the ability to focus on these topics couldn’t be more important.

The only way to do this is to have the correct tools in place. In 2021, [over a third of FS companies](https://www.ifac.org/knowledge-gateway/preparing-future-ready-professionals/discussion/accountancy-skills-evolution-impact-covid-19-path-forward) upgraded their tech to enhance productivity and boost profits and others are following suit. Technology in the hybrid work era should no longer be a barrier, but a booster to improve employee workflows and allow them to spend more time on the things that matter, [servicing clients](https://www.financedigest.com/brand-metrics-bolsters-client-services-team-as-brand-lift-measurement-booms.html "Brand Metrics bolsters client services team as brand lift measurement booms") and innovation.


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