Market pressures are rapidly changing the banking market. Growing challenges such as significant shifts in the social and political environment, rising customers demands for speed and convenience and expanding compliance and fraud concerns are all part of the world today.
UPDATE: On March 21, 2021, the FCA, the PRA and the Bank of England published their final rules and guidance on operational resilience. This means firms within the UK financial sector, such as banks, building societies, designated investment firms, insurance firms, e-money and payment services firms will be expected to take steps to ensure their operational resilience. If you do business in the UK you may want to read our latest blog – ‘Are you ready for the new operational resilience regulations?’
BusinessOptix is here to guide you in your journey towards resiliency and digital transformation.
To successfully manage these challenges it requires digitalization and innovation which better enables your workforce to focus on areas where they add value. Now is the time to modernize the systems and processes that underpin your portfolio of products and services.
Regardless of which channel the customer journey is launched in, customers expect a consistent omnichannel experience when they use account, credit, mortgage or insurance banking services.
With the help of BusinessOptix customer journey mapping capabilities, you can map and visualize the end-to-end customer experience, across all services and channels. Using process analysis tools, bottlenecks, issues and opportunities for banking process improvements can be identified and addressed – not just today, but on an ongoing basis that gives you the agility to continuously improve and adapt to your customers’ needs and regulations.
The frequency of new laws and regulations mean banks must spend large amounts of finance and time on compliance. According to McKinsey, better use of data analytics can lead to risk-reduction savings valued at up to $1Billion annually for some large banks. With BusinessOptix, you can easily embed and manage compliance requirements at the heart of your processes.
To understand how you’re performing against regulations, BusinessOptix process mining provides real-time insight into your process flow. By visualizing accurate and real flows you can analyze your data to gain a clear overview of your executed processes and implement timely interventions to address or prevent issues and their consequential damage.
Complicated banking processes, a growing amount of data, multiple systems, and heightened compliance demands all call for optimized business efficiency. Having insight into your end-to-end processes means insight into employee performance, process deviations and bottlenecks. Using Process Mining, you can identify sources of additional revenue, prevent inefficiencies by determining which processes to automate, and improve overall performances by visualizing multiple systems within the company as a cohesive entity. Not only does our platform help in optimizing operating models and processes to be more simplified and resilient, complex manual reports will be replaced by standardized documentation and work instructions.
Banks and financial institutions are reaping the benefits of smart investments in digitalization more than any other industry. While their investments are in line with the average across all sectors, they expect a higher return on investment. In addition to cyber security and big data analytics, blockchain, artificial intelligence, digital currency, and internet of things are also coming into full force. The need to stay agile in the face of international disruption and competition has never been greater. Not only does our cloud-based transformation platform generate better decision making through end-to-end process transparency, it can also equip your organization with the tools to optimize and continuously improve your services. With help from our Scenario Modeling and Simulation tools, you have the possibility to predict how changes across different departments will impact your organization. This will help you set the right priorities and realize benefits in an incremental and iterative way.
Are you prepared to take on competition and thrive in disruption?
BusinessOptix is here to guide you in your journey towards improving banking processes, resiliency and digital transformation. Request a free trial or get in touch today.