How Manual Processes Are Draining Banks: The Hidden Costs of Financial Reporting

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In the world of banking, time is money – and manual processes are draining both.

According to a new report on the accuracy of bank reporting by the Center for Financial Professionals and commissioned by Workiva, a significant portion of financial professionals spend up to 60% of their time on manual tasks such as data collection and report generation.

Despite recognizing the inefficiencies of these methods, many banks still cling to manual reporting due to the high cost of transitioning to more automated systems.

This reliance on manual processes is exacerbated by the complexity of modern regulatory requirements.

As financial reporting becomes more intricate and regulators demand more transparency, the burden on employees to manually handle and analyze data grows.