Follow the Money
Kent, thank you for this article. It's really very interesting to see this gap in process upgrades.
If you're looking for a reason why this area lacks innovation, maybe follow the money: "shockingly high consulting fees," and "$1 million in consulting, attorney, and staff fees to complete one RFP" Those with the know-how to expedite this process may not see the economic benefit of automation.
That being said, this is an obvious opportunity for new business. At the FinTech Innovation Lab Demo Day, one of the firms of great interest was pymetrics, a "next generation job marketplace" that uses neuroscience and big data to help match candidates to jobs. The presenter claims companies using these techniques see massive efficiency gains in recruitment and overall performance of the new candidate. In conversation with those in the program, it sounds like it REALLY grabbed the attention of FinServ companies. To be honest, I didn't really see why the demand for automated requirement tools is SO strong, but after reading this, I think I have an idea. It would certainly help speed along the arduous process that you've described.