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Transformative Power of Workflow & Decision Automation in Banking

Gone are the days when a customer has a service time of 3 to 4 weeks to process insurance claims, or a bank needs a week to open an account. Over the last decade, all the digital innovations in the IT-BPM world has impinged on the BFSI Industry. It has reduced service time drastically and helped in providing enhanced services. Be it deploying, Robotic Process Automation for better application processing or implementing Big Data & Advanced analytics to create a risk profile and gather insights into customer behaviour and predict fraudulent transactions. It has allowed the industry to fulfil its customer expectations and regulatory norms at the same time. The ever-changing needs of the market and regulators necessitate the bank to adopt Business Process Management (BPM) which allows them to quickly respond to regulatory changes, changing processes, customer, and market needs.This is made possible through automated banking workflow solutions, that make bank employees more productive and reduces the risk of missing documentation/misinformation in the banking workflow processes. Thereby, improving accuracy and speeding up numerous processes like approval workflow or document management.

Banking workflow solution enables banks and financial institutions to streamline business processes, banking workflows and improve technology experience. This improves cost and visibility while at the same time protects investments in other systems.

A Banking workflow solution provides:

  • Standardized processes, use of business rules engine and business activity monitoring tools to manage banking workflows and automate approvals

  • Platform for configuring dynamic, interactive and real-time banking workflows

  • Process optimization through notification, assignment of tasks and SLAs

Similarly, in the era of digital banking when the loan disbursement is just a click away, or customer KYC is done in a few clicks, there is no room for poor operational decision making. Nowadays, banks cannot afford to have a legacy approach when it comes to making an operational decision. All the static decisions can be modelled in banking workflow solutions; however, complex decisions and business logic need a different answer. Decision automation has gained popularity, and banks have chosen a solution that provides the ability to make smart decisions for accurately and efficiently.

Along with banking workflow solution which works on BPMN standards, solution provider offers DMN standard-based rule engine as well. It helps them unifying and simplifying the modelling, implementation, resulting in automation of decisions, enabling end-to-end digital processes. Instead of optimizing internal workflows, companies streamline and automate their decision-making. This permits them to focus on their customers who anticipate instantaneous responses in the digital world.

Making a Bank Digital means Multichannel experience, better and fast decision making, efficient banking workflow management and better customer service levels to delight Customers

Workflow & Decision Automation helps you bring change in your bank

  • Improve Efficiency and Productivity - Implementation of Banking Workflow Solution helps in reducing manual processes and transforming the workplace into a streamlined digital process efficient system. Now, the manager can look into more credit applications and complex scenarios than before

  • Better Risk Management - With the implementation of rule-based decision automation solutions, operation adheres to the guidelines, and reducing the fraudulent activities. Insights from the data can help in formulating better risk and credit policies to curb losses

  • Paperless Environment - When all the fields are captured and completed in the electronic application, it reduces the need for paper. Integration capabilities of the banking workflow solution also help in the integration of various other IT applications for intelligent automation. It helps banks automate document handling, verification & validation, compliance checks, and integration

  • Customer Delight - Who doesn’t like things to move fast? An automation solution optimizes the validation process and provides faster decisions and a smile to the customer. Automation also removes human error which helps in reducing losses and generating mistrust

  • Analytics and Fraud Detection - With data-driven engines, better and accurate data is captured, which helps in data analysis to prevent fraud in real-time. It also helps in other activities such as campaign management, branch scorecard, etc.

  • Better Decision making - Predefined rules and algorithms ensure transparency, fairness and provide better response to local conditions during customer engagements

Camunda BPM has it All

While choosing a BPM or banking workflow solution in your IT application ecosystem, the following should be considered -

Do I need in-depth technical knowledge? - There are products in the market which are too technical and require a specific skill or experience of coding to implement. The maintenance of such products is again very cumbersome during their lifecycle. Instead of enhancing the user experience, it will create a new problem. For many banks, automation and implementation of such technology are at a nascent stage, and they might not be equipped with technical knowledge to deploy such a solution.

Camunda BPM is Lightweight and Developer Friendly. Camunda takes care of business users too, and provides extensive tooling for non-developers:

  • Camunda defines workflows using ISO-standard BPMN 2.0, providing a common language for technical and non-technical users

  • Cawemo enables business users to collaborate with multiple stakeholders to create, edit and specify BPMN process diagrams for developers to deploy

  • Camunda Modeler allows developers to edit BPMN process diagrams and DMN decision tables, and deploy workflows to the Camunda Engines to execute them

  • Camunda Optimize provides live monitoring and reports for business stakeholders so that no question about a process is left unanswered

Camunda also includes a Decision Model and Notation (DMN) Decision Engine so that business users can define and maintain executable business rules that integrate directly with the workflow engine.

And Camunda BPM is open source under the Apache 2.0 License, which means you have direct access to the source code and minimal vendor lock-in.

Is Banking Workflow solution compatible with current IT landscape?

In many banks, there are home-grown applications and legacy applications that still run and is been maintained. They either serve the purpose of core banking solutions or help in capturing the customer data manually. While choosing a solution OEM, current IT applications have to be considered for seamless integration and smooth workflows.

Camunda BPM is lightweight, embeddable, and flexible. It has an option to replace home-grown existing / legacy workflow solution

  • Camunda BPM can be used as a standalone process engine, but can also be embedded directly in Java applications

  • You can use Camunda BPM in a variety of programming languages, be it Java, .NET, and more

  • Camunda BPM is highly available and scalable because the engine is effortless to install and operate in a cluster

Managing end-to-end business processes requires controlling or responding to all of these different activities and events. RPA products play an essential role in processes but serve as a building block. Using RPA products in isolation carries the risk of not having control of the process as a whole.

Camunda BPM works side-by-side with your RPA tool to ensure that you benefit from RPA in process execution without losing sight of the overall process.

Business Continuity in Crisis

During these uncertain times of COVID-19, business operations which are said to be the fuelling engine of the organization have become more important. Business continuity and disaster recovery plans are being tested. Business agility and resilience has come on the agenda sheet of the top-level management. This can be maintained and fuelled by improving the flexibility within the business processes with the help of BPM. BPM enhances the ability of the businesses to react to the changes in the business environment rapidly thereby helping them to improve productivity and efficiency and most importantly helps in better decision making.

As per a report by Technavio, BPM is poised to grow by USD 24.01 billion during 2020-2024, progressing at a CAGR of over 31% during the forecast period. One of the important drivers for the same is an increase in demand for process automation due to COVID-19.

Wrapping Up

The banking workflow solution brings the streamlined business processes, banking workflows, and improved technology experience ensuring high reliability and compliance of processes. It benefits banks in decreasing manual intervention resulting in enhanced productivity and increased customer delight.

Camunda BPM is the lightweight solution that has BPMN, DMN, and CMN modeller to cater to bank’s business needs. It has next-level integration capabilities to fit into bank’s IT landscape.

In our next blog, we will discuss in detail how banks and financial institutions have utilized Camunda BPM to solve their business problem. We will look into specific use cases where BPM has implemented, and banks have perceived fruitful outcomes.

If you have any questions about the implementation of banking workflow solution or a BPM tool, do contact us at

NSEIT is an expert in the implementation of workflow solutions or a BPM tool, as we understand the industry and tech closely and have been empowering our clients to be future-ready.

Check out our other offering in the space of Digital Transformation and understand how we can help you emancipate from the conventional business process approach and step ahead in your digital transformation journey.

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