Conga partners can play an instrumental role in supporting the financial services industry – the backbone of the global economy. This sector assists the world economy by facilitating capital flow, managing financial risk, and catering to the diverse financial needs of individuals and businesses.
Like other industries, the financial services sector is rapidly modernizing its IT infrastructure and adopting next-gen technologies like AI, GenAI, and blockchain to meet the growing customer demands and deliver exceptional service. A recent study indicates that 70% of leaders are investing in AI, specifically in customer interactions and building meaningful relationships.
In this blog, we will explore how Conga’s suite of solutions and Conga partners can play a role in accelerating tech adoption across the financial services industry.
The Vastness of the Financial Services Sector and Its Challenges
The vast sector of financial services includes various industries like banking, asset management, insurance, payment services, hedge funds, mortgages, and investment firms. All these financial institutions play a decisive role in economic growth and stability. They also help build both individual and business wealth through loans, payments, investments, and other financial services.
Yet, the industry has its own set of challenges and requires innovative solutions, such as Conga’s suite of solutions, to maintain competitive edge and ensure smooth operations for improved customer experience.
Challenges of Financial Services Sector and How Conga Partners Leverage Solutions
The vast sector of financial services includes various industries like banking, asset management, insurance, payment services, hedge funds, mortgages, and investment firms. All these financial institutions play a decisive role in economic growth and stability. They also help build both individual and business wealth through loans, payments, investments, and other financial services.
Yet, the industry has its own set of challenges and requires innovative solutions, such as Conga’s suite of solutions, to maintain competitive edge and ensure smooth operations for improved customer experience.
CHALLENGE
Regulatory Compliance
One of the key challenges for financial institutions is to adhere to the ever-growing and changing regulations. However, complying with the newest change requires a lot of manual effort and agility yet carries a risk of error and non-compliance. In addition, the changing regulations and manually tracking them increases the complexity of managing legal and financial risks while maintaining transparency. Yet, the purpose of these regulatory compliances in the financial sector is to enhance transparency, protect investors, and encourage trust. Therefore, the sector needs a robust solution that helps financial institutions adhere to the latest compliance standards effortlessly.
SOLUTION
Conga CLM
The financial services industry operates on documents and their customers expect fast and accurate agreements that are compliant, transparent, secure, and private. Firms can implement Conga CLM software to draft error-free documents, automate compliance processes, track changes in regulations, and generate audit trails, which significantly reduces the manual efforts required for compliance.
CHALLENGE
Cybersecurity Threats
As financial institutions are increasingly adopting digital platforms, they are becoming a prime target for cyberattacks. According to this study, financial services firms are 300x more likely to be attacked by cyber criminals than other industries. This kind of increased risk underlines the immediate need to safeguard sensitive financial data and maintain customer trust. The same study also suggests that financial firms are expected to increase their investment in cybersecurity by 28%, demonstrating an inclination to address the problem.
SOLUTION
Conga’s Security Features across Solutions
Conga’s suite integrates with advanced security features and helps protect sensitive contracts and financial data. Per this security data sheet, Conga solutions provide security through encryption, incident response, disaster recovery, and multi-factor authentication access. These solutions also adhere to SOC2 and ISO27001 certifications and conduct regular penetration testing to ensure consistent protection across all products.
CHALLENGE
Customer Expectations
Keeping up with consumers demands in a seamless fashion, offering personalized experience, and delivering faster digital services is always a task for the financial services firms. Without the right technological support, traditional firms struggle to meet these expectations.
SOLUTION
Conga RLP
Conga partners often suggest Conga’s unified solution – Revenue Lifecycle Platform (RLP) – to help financial firms automate their manual process, generate documents quickly, get faster approvals, reduce sales cycle, and deliver personalized experience in a matter of minutes.
CHALLENGE
Risk of Human Errors
Manual processes, whether in quoting, pricing, or contract management, are prone to human error. This can lead to loss of revenue, non-compliance, and damage to customer relationships.
SOLUTION
Conga Solutions
Businesses can use automation tools like CPQ and CLM to eliminate manual errors in data entry, calculations, contracts, and workflows. These tools ensure accuracy and consistency across all documentation and processes.
CHALLENGE
Lack of Scalability and Flexibility
Financial institutions need solutions that can scale as their business grows and adapt to new products, pricing models, and customer demands without complete overhaul of existing systems.
SOLUTION
How Conga Helps
Conga’s solutions are flexible and scalable that allows businesses to adapt to new business models, products, and regulations as they grow. This future-proof approach helps businesses stay competitive and maintain operational efficiency.
CHALLENGE
Data Silos and Lack of Integration
These companies operate with data that is spread across multiple systems, which leads to data silos, lack of real-time visibility, operational inefficiencies, and other problems.
SOLUTION
How Conga Helps
Conga solutions seamlessly integrate with any CRM and ERP platforms and provide a unified view of customer and transaction data. This enables financial institutions to gain real-time insights into sales pipelines and contracts, and ultimately improve decision making.
Conclusion
As discussed, the financial services sector is marred by numerous challenges. To address these challenges, Conga partners like Forsys can be trusted allies. Whether companies are looking to streamline their operations, reduce sales cycle, strengthen data security, enhance regulatory compliance, or achieve any other quoting or contracting excellence, Conga solutions can hold an answer.
Conga solutions are well-integrated with other systems and can help financial firms keep pace with technological innovations. If you are looking at a specific problem, talk to Forsys experts. Forsys is a Conga strategic partner, trusted by companies across financial services, manufacturing, healthcare, and other sectors.