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Building society

Building Society iconBuilding Society
1 min read

1. Building Society: A building society is a type of financial institution that is owned by its members. These members are essentially the customers who have accounts with the society. Building societies offer banking and related financial services, especially savings and mortgage lending. They are similar to credit unions in the United States. Building societies exist in the UK, Australia, and other countries. They are known for their conservative management and customer-focused approach.

2. Professional … Services: This is a broad category that includes any organization or profession that offers customized, knowledge-based services to clients. This can include fields such as law, architecture, finance, engineering, and consulting, among others. These services are typically provided by professionals who have the necessary training and qualifications in their respective fields.

3. Mortgage & Lending: This refers to the business of providing loans to individuals or businesses for the purpose of purchasing property. This can include residential or commercial real estate. The property itself usually serves as collateral for the loan. Mortgage lenders can include banks, credit unions, and other financial institutions. They make money from the interest charged on the loan, as well as any fees associated with the loan process.

4. Building Society: As mentioned above, a building society is a member-owned financial institution. They are often considered more customer-focused than banks, as they are owned by the members who use their services rather than by shareholders. The main purpose of a building society is to provide home loans to its members, which are funded by the savings of other members. In other words, the money that one member saves with the building society is used to fund the mortgage of another member. This is why they are called "building" societies, as they help members to build their own homes.

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Based on the information from the provided documents, here are the flows and processes that can be automated for businesses operating in Building Societies, Professional Services, and Mortgage & Lending:

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1. Member Onboarding & KYC

- Automate new member onboarding by integrating digital forms with backend systems.
- KYC verification by connecting identification services (e.g., document upload, ID validation APIs) and storing results.
- Document collection and review with automated reminders and status updates.

2. Mortgage Application Processing

- Collection of application documents through automated forms and task assignments.
- Automated triage for document completeness and initial eligibility checks.
- Loan application status updates (SMS/email notifications).
- Integration with credit bureaus for real-time credit checks and updates.

3. Loan Underwriting & Approval Flows

- Automated routing of files to appropriate underwriters and compliance teams.
- Task assignment and reminders for underwriters and managers.
- Automated logging of decision history for compliance and auditing purposes.

4. Valuation and Survey Management

- Mortgage valuation request initiation from internal or dealer portals.
- Automatic assignment to surveyors based on region/workload.
- Status notifications to applicants and internal teams.

5. Case Management & Communication

- Automated case creation from emails, forms, or portals.
- Track case progress, assign tasks, and trigger escalations if SLAs are breached.
- Automated updates to customers and advisors via email/SMS.

6. Regulatory Compliance & Reporting

- Automated tracking of compliance checks, risk scoring, and audit trail generation.
- Compile periodic reports for regulators by aggregating data from internal systems.

7. Payment Collection & Arrears Management

- Automated payment reminders (SMS/email).
- Integration with payment gateways for scheduled or recurring payments.
- Trigger arrears management workflow if payments are overdue, including automated letters and escalation steps.

8. Professional Services Workflow Automation

- Contract creation, review, and approval—automate document assembly and e-signature routing.
- Client onboarding and record management, with linkages to billing and time tracking.
- Automated status updates on cases/matters to clients and team.

9. Digital Customer Interactions

- Auto-responders for web inquiries, chatbots for FAQs, and lead qualification before passing to advisors.
- Integration with CRM systems to update lead status and trigger follow-up tasks.

10. Data Migration and System Integration

- Automate migration loads when moving from legacy systems (e.g., CSV extracts into new databases).
- Sync data between mortgage systems, CRM, and financial platforms to prevent manual entry.

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These automations reduce manual workload, increase compliance, improve customer experience, and shorten decision cycles.

For a customized automation plan and specific implementation details tailored to your business, contact AutomateDFY for a more detailed offer.

### 1. Customer Onboarding & KYC Automation
- Digital identity verification and KYC check integration
- Automated document collection and validation
- Real-time address verification and update
- Automatic customer risk profiling and scoring
- Automated welcome communication workflow (email/SMS)
- E-signature capture and storage
- Scheduled onboarding follow-ups and reminders
- Automatic creation of customer records in CRM
- Compliance reporting automation
- Fraud and anomaly detection alerts
### 2. Loan & Mortgage Application Processing
- Automated loan application data extraction and validation
- Credit score retrieval and eligibility checks
- Document request and status tracking automation
- Automated underwriting decision workflow
- Real-time application status notification to applicants
- Automatic task assignment for manual review cases
- Electronic document signing and storage automation
- Rate quote generation and delivery to applicant
- Pre-population of recurring application fields
- Automatic application archiving and audit trail creation
### 3. Professional Services Operations
- Calendar scheduling and meeting coordination automation
- Timesheet submission and approval workflows
- Automated billing and invoice generation
- Document management and sharing automation
- Secure digital signature requests for contracts
- Automated client onboarding and CRM updates
- Workflow triggers based on client interactions
- Compliance deadline tracking and alerts
- Custom report generation and distribution
- Service renewal reminder sequence
### 4. Member & Account Management
- Automated membership renewal reminders and processing
- Real-time account balance and transaction notifications
- Automatic dormant account detection and follow-up
- Account update confirmation workflows
- Automated communication for policy changes
- Scheduled member satisfaction surveys
- Automatic distribution of annual statements
- Member profile update campaigns
- Escalation of unresolved member requests
- Data syncing between membership and core banking systems
### 5. Compliance & Regulatory Reporting
- Automated production of regulatory compliance reports
- Anti-money laundering (AML) transaction monitoring
- Scheduled GDPR data processing checks
- Automatic notification of regulatory rule changes
- Incident reporting workflow automation
- Backup and retention policy compliance checks
- PEP and sanctions list screening workflows
- Record of consent management and logging
- Compliance training assignment and tracking
- Secure audit log generation and distribution
### 6. Communication & Customer Support
- Omnichannel ticket assignment and routing
- Automated response and FAQ bot for customer queries
- Escalation triggers based on sentiment or repeated contact
- Callback and appointment scheduling automation
- Survey and feedback collection automation
- SLA breach alerts to management
- Batch notification distribution (e.g., rate changes, holiday hours)
- Automated incident communication updates
- Post-interaction follow-up messages
- Real-time status update notifications to customers
### 7. Payment, Billing & Collections
- Scheduled direct debit initiation and confirmation messages
- Missed payment alert and follow-up workflows
- Payment reconciliation automation with accounting systems
- Invoice generation and dispatch automation
- Automated issue of payment receipts
- Overdue account escalation and notification
- Refund initiation and approval automation
- Integration of payment gateways for seamless processing
- Recurrent billing cycle management automation
- Automated payment ledger updates
For a more detailed automation offer tailored to your business, please contact AutomateDFY.

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