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Research
How Manual Processes Are Draining Banks: The Hidden Costs of Financial Reporting
Despite advances in technology, many banks still rely on manual processes for financial reporting, which is costing them both time and money. A report researched and compiled by the Center for Financial Professionals and commissioned by Workiva, found that these inefficiencies not only hinder operational performance but also expose institutions to regulatory risk. Automating reporting tasks could alleviate some of these burdens.
May 14, 2025
Tags:
Regulation and Compliance
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
- Many banking professionals spend up to 60% of their time on manual data collection and reporting
- Manual processes lead to inefficiencies and higher operational costs
- Regulatory complexity exacerbates the challenges of manual reporting
- Automation can help banks reduce costs, improve accuracy, and meet regulatory demands
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