Financial Services

Create frictionless customer experiences and meet your regulatory requirements. 

BusinessOptix has a wealth of experience within the financial services industry. Working directly with leading banking and investment firms, or alongside one of our global consultancy partners we have been able to deliver process improvements across areas such as on-boarding and retention, regulatory compliance and governance.

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?’

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Claims Management 

Seeking to transform its claims handling processes, our client was looking for a platform that could support the multi-dimensional nature of its work; including process modeling, scenario comparisons and version control.

Our client began by mapping its current processes, in order to identify areas for improvement. We also delivered future state illustrations, an analysis of process risk, end-user activity reporting and training material to support the effective implementation of new processes.

Financial Services Process Transformation

See how the BusinessOptix process design and management capabilities helped a financial services organization transform their uses BusinessOptix to transform client services processes.

Customer Acquisition 

Following a period of sustained growth (via new product introduction and acquisition) our client, a global financial services provider, was looking to establish a standardized process for on-boarding new clients.

We developed a sustainable, repeatable process that leveraged the best of current working practices with new innovations. The new standard included an intranet-based reference guide and a tool to help users convert from the old process to the new.

Product Development

Working in conjunction with Clarasys, one of our global consultancy partners, we supported the development of a new service to streamline counterparty due diligence and the maintenance of customer records, in line with emerging regulatory demands.

During product development, we mapped and linked the evolving end-to-end processes to policy documents, to define the requirements for a new workforce tool and to deliver documented training material and work instructions.

Regulatory Compliance

Change is not always driven by internal factors. Following the publication of new financial industry regulations, our customer was required to demonstrate the incorporation of the new regulations in standard working practices, in order to retain its license.

We mapped the existing process and modelled the future desired state, demonstrating the embedding of new regulations across various stages of the customer journey. The new processes also brought compliance and operations teams closer together, improving inter-departmental collaboration and speeding up the decision-making process.

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