Financial Services

Financial Service institutions are reaping the benefits of smart investments in digitalization more than any other industry. But, even so, the market is rapidly changing with growing challenges such as cyber security, big data analytics, Blockchain, artificial intelligence, digital currency, and the internet of things coming into full force. The need to stay agile in the face of global disruption and competition has never been greater.

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 delivered process improvements across areas such as customer experience (particularly onboarding and retention), regulatory compliance and governance, and operational resilience.

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BusinessOptix supports Financial Services institutions in the areas of:  

  • Discovery: use process mining, crowdsourcing, and manual mapping to understand and visualize the DNA – people, process, technology, and data – of your operations to gain an accurate picture of how you operate today.

  • Operating Models, Process, and Customer Experience Alignment: create, align and adapt operating model(s), customer journeys, and processes, so the end-to-end flow of your services are connected and operating efficiently.

  • Automation: identify opportunities to use automation and technologies such as RPA, DPA, Machine Learning, and Blockchain to eliminate manual front and back-office tasks and improve customer service quality.

  • Digital Twins: create and use digital twins to support the fast creation and testing of alternative ways of working before delivery in live environments.

  • Knowledge Work: use guided work instructions to support frontline employees by delivering high-value support to your customers.

  • Compliance and Risk Management: embed and track internal and regulatory compliance requirements in the core of your processes and work instructions to ensure adherence.

  • Digital New Product Development: eliminate manual tasks and delays in delivering new products to market while giving operational teams the information they need to get ready for launch.


Transforming Client Services in a Regulated Industry

With multiple applications (such as Visio, Word, PowerPoint, and an EA tool) and no standards or common language for process design, this financial services solutions provider suffered from significant process errors. They were wasting time recreating processes that already existed (in silos). To address these challenges, they wanted to transform the creation and management of the processes that underpin their client services while ensuring they met regulatory requirements.

Using BusinessOptix, the solutions provider leveraged its process design knowledge and capabilities to create “as-is” and regulatory compliant “to-be” processes, which included:

  • adding descriptions and contextual data against processes
  • capturing requirements across all stakeholders
  • delivering work instructions and a knowledge repository
  • implementing a collaborative review and feedback process between process designers and stakeholders, rolling 100s of new processes with embedded regulatory controls and the ability to capture evidence of their use

BusinessOptix was also used to help train the team, set standards and best practice guides, set up a central repository, and create a direct integration into their BPM engine to deliver process automation

The customer has been able to eliminate errors, remove the need to recreate processes, improve their documentation, and store and share processes. At the same time, team members have embraced the new way of working and have appreciated the more standardized processes. In the future, the team will work on cross-functional process design, overlaying data on top of their processes to understand performance and areas for improvement and extending their capabilities to support RPA (Robotic Process Automation).

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