Automatic Lead to Contact Conversion in CRM

Is there a way to automate lead to contact conversion? In my case I would like to merge (convert) lead and contact records, if a contact being created already exists in leads - by matching email address.

I understand the manual conversion of a single lead record or mass conversion via the standard CRM functionality.

I could probably put together a workflow with a custom script doing this but wonder if there are alternative solutions?

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