Pacing ahead to conquer the next-gen technology & drive business growth
We have understood and recognized the importance of BPM workflow solution and how it benefits the overall organizational efficiency by standardization of its processes. However, we can reap more from BPM or the use of a workflow engine than just automating human tasks. Better workflow automation can be achieved through business process orchestration and integration with other systems such as Image Routing Workflow Engine to bring automation across the processes.
Business process management suites provide real-time insights to achieve better business outcomes and help [leaders] improve business outcomes through process reinvention and transformation. Gartner, “Magic Quadrant for Intelligent Business Process Management Suites 2016”
We will discuss the next-gen use cases of BPM that can help BFSI player in not only achieving traditional workflow automation of human tasks but also bring intelligent insights to help them in taking useful decisions.
Analytics Fraud Detection - In our previous blog, we have discussed how better and accurately captured data can be useful in detecting fraud and generating the alert. BPM workflow engine can be deployed in any bank or insurance company to reduce its manual processes as well. While it does that, it also captures the process owner and approvers. The knowledge of information flow is a vital component in detecting the fraud and its pattern. We can understand this use case by following the fraud happened in 2018 at Punjab National Bank (PNB), One of the India’s biggest bank.
Story unfolded involvement of two bank officers who colluded together to commit this fraud. Use BPM workflow solution detects the process owner as well as approver. This data can be captured in an analytics engine to produce anomaly in the transactions and raise a red flag. This type of data analysis can be performed to prevent frauds in real-time.
Intelligent Automation - Processing a loan application and credit application require at least five working days through traditional manual paper-based approach. This approach is not only cumbersome, but also bank or insurance company has to spend huge overheads. Processing an application through a paper-based approach requires an organisation to keep printing infrastructure, management of paper and filled applications, postal mailing system and its management. Also, data security is a concern in case of a disaster.
A digital approach to reduce system inefficiency can be implemented by utilising a workflow automation tool and integrating it with an intelligent data capturing tool. Data capturing tool have Optical Character Recognition(OCR) and Handwriting Recognition (HTR), which not only processes the images but also captures the data more accurately. The advent of AI technology also helps in intelligent processing of documents and images. Digitally captured data is more trustworthy and correct than that which is entered using manual processes.
Business Process Orchestration - One of the critical aspects of a BPM application is orchestration of various business processes to streamline digital process efficient systems. Every bank run multiple applications in their IT landscape to perform operations and bring more efficiency in the system. However, these systems create a bottleneck in the process and slow down the complete lifecycle of a business function. This results in customer dissatisfaction and might result in poor customer retention. With the help of the BPM tool, the bottleneck in the process can be identified and mitigated by standardising processes and introducing automation, validation, workflow, and controls. A repeated and redundant task can be eliminated, pull and push capability ensure data drawing from one system into the business process and data reaches to other systems. This makes a process more efficient and hassle-free through automation.
Amalgamation of Banks - We have witnessed a revolution in the Indian banking system due to intrinsic and extrinsic factors. Multiple banks have gone through the amalgamation process, and some are at the verge of merging on similar lines. SBI has merged with its group banks and has gone through rationalisation process. Similarly, the process of amalgamation of Punjab National Bank, Oriental Bank Of Commerce and United Bank Of India will be completed in the coming months.
In this scenario, where every bank has their eKYC, CRM, core banking system, EFRM and AML systems and so on, cannot run their individual application in discrete and isolated manner. It requires to rationalise and baseline processes. Business Process Management tool not only helps in studying the processes, baseline the processes but also helps in standardisation of the operations across amalgamated entities. It helps in deriving the synergy among the digital applications and solution of the banks.
Simply automating and optimizing business processes is not enough to keep pace with the speed of digital operations. Businesses must streamline their workflows, build data into everyday processes, create a positive end-user experience on diverse device types and get apps and services out to employees and customers as quickly as possible.
BPM enables digital transformation in the following ways:
Improving customer experience : Giving users better tools to function in a digital world lets them become more responsive to customer demands.
Integrating data into operations : Integrating data into business processes ensures users have the right information when they need it to make decisions.
Breaking down device barriers : A BPM system can serve as a hub for data and apps that make them available on any device.
Accelerating App development : Low-code platforms within BPM solutions accelerate app creation and help dev teams keep up with shifting business demands.
Streamlining Workflows : BPM tools connect workflows across device and business channels so disparate teams can work in conjunction with one another without disruption.
Creating a connected workforce : Streamlining your information flow with solutions that connect your customers, your company and transform how you do business in the digital world.
The BPM solution can be used for multiple use cases, and I have discussed a few unique cases, among others. Camunda BPM workflow solution has integration capabilities with tools like ECM, intelligent automation, and so on, which expands its functionality more.
If you have any questions about the implementation of banking workflow solution or a BPM tool, do contact us at firstname.lastname@example.org
NSEIT is an expert in implementation of workflow solution or a BPM tool, as we understand the industry and tech closely and have been empowering our clients to be future ready. Check out Business Transformation and understand how you can emancipate from conventional business process approach and step ahead in your digital transformation journey.
Please check out our previous blog to learn about Transformative Power of Banking Workflow Solution, where we have discussed how BPM solution helps in solving the business problem of banks.
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