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Research June 26, 2025

Banks Are Facing an Automation Crisis - Why They're Falling Behind

Banks Are Facing an Automation Crisis - Why They're Falling Behind

Mark Norman, Head of Content

Many banks are failing to keep up with the pace of financial reporting automation, and it's costing them in terms of efficiency and compliance. Despite widespread recognition of the benefits, many institutions are hesitant to make the necessary investment

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A new report by The Center for Financial Professionals commissioned by Workiva suggests banks are caught in a difficult situation when it comes to the efficiency and effectiveness of their reporting processes.

Despite the clear benefits of automating financial reporting – such as improved accuracy, efficiency, and compliance – many institutions remain stuck in manual processes.

This reluctance to embrace automation stems from competing investment priorities, as well as a lack of understanding about the long-term value of modernized reporting systems.

The consequences of this inaction are significant. As financial reporting grows more complex, institutions that fail to adopt automated systems will struggle to meet evolving regulatory demands.

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