Align and automate business processes
We offer BPM services across business strategy, process improvement, technology capabilities and project management.
Business Process Management
Banking systems today rest on the foundation of technology, built over a period of time. Taking off as an endeavor to build a core banking system, it gradually evolves into a gamut of applications designed to streamline operations, improve compliance, manage risk efficiently, roll out new digital sales channels, and beef up customer service. In the initial years of fintech, these applications were anchored on existing banking processes. The new age, however, has created an ecosystem where payment systems, credit tools, and product distribution platforms operate independent of the conventional banking IT infrastructure. Processes evolve as the departments and teams take shape.
Often, banks invest in disparate applications serving different purposes. However, in later stages, as processes develop, these applications develop interdependencies, requiring data to be aggregated. Newer technologies arrive, requiring to be integrated with the existing ones. Workflows have to be developed in a certain way. A big chunk of advancing financial technology is hinged to its ability to provide actionable intelligence through analytics which requires banks to get over data quality issues in real time.
Objective of modern IT functions is to automate routine tasks, thereby shortening time to process. Cloud infrastructure is generally automatically configured and deploying applications shouldn’t take more than a few minutes. Robust software operates on flexible, scalable foundations, enabling executives work on these products efficiently. Automation infuses efficiency in the system at one level, while AI lends it another dimension.
Delivering exemplary financial services to customers requires banks to adhere to a process, consisting of design, modelling, execution, monitor, and optimization phases. Streamlining the process, these phases lead to improved business agility, organizational efficiency, and product innovation. As multiple processes conjoin to execute business operations, working separately on every business process and streamlining them becomes essential for running the organization efficiently.
Typical Challenges
Business process management (BPM) is far from being easy. Here are a few typical challenges that we face:
Lack of process definition
When the process is left undefined or incomplete, it might lead to disaster. Banks often fail to view the process in totality, determine where it precisely starts and ends, and gauge potential bottlenecks and inefficiencies.
Insufficient clarity and availability of data for optimization
Failure in ensuring clarity and availability of data might result in never-ending traffic snarls, hampering the agility and efficiency of key processes. Banks miss the opportunity to foster more harmonization in the procedural nature of financial transactions.
Absence of governance and control practices
Ineffective governance and control practices hamper proper functioning of financial institutions. Weakness in exercising control permeates to all operational verticals within the organization and puts stakeholders’ interest in peril.
Understanding gap between technical and functional layers
Financial systems are among the most complex software systems in the world. Bank executives generally find it hard to comprehend how technical and functional layers, making it hard for them to figure out how the whole system works in unison.
Operational challenges for implementation, monitoring and collaboration
In practice, implementation, monitoring and collaboration have always been challenging. Many applications could be overly complicated with lengthy implementation and improvisation issues once implemented.
Our Approach
Our business process management approach relies on all-encompassing contributions to organizational performance. Here are the salient points:
Identification of processes with manual and AI driven approach
Process discovery is about tracking footprint of the banks’ customers and workforce to unravel undesired steps in the workflows and sources of inefficiencies with manual as well as AI-driven initiatives. The objective is to fix these issues through process standardization, automation, or process elimination.
Categorization in to H / M / L degree for the processes
The degree of automation and benefits it provides will be linked to H / M / L (high, medium, and low) score. This will help experts take a decision which of these should be picked up first regarding automation maturity.
Suggesting a roadmap for short- and long-term
To plan out a short- and long-term roadmaps is key to success. Financial institutions require a fine balance between immediate needs and distant goals. Verinite offers a granular execution of this approach that contains two sets of plans.
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Identify areas to be automated and implement
Automation cannot happen in every process. The key is to determine the processes that are best to be undertaken by human workforce, segregating the tasks that can be dealt efficiently by the machines. Selection of the optimal processes depends on several factors.
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Continuous monitoring of the implementation and incorporate improvements
Relentless monitoring and evaluation, followed by the required improvisations, have a key role to play in the success of any project, let alone bank applications. The vigilance enables banks to anticipate risks and identify the necessary changes to be made in plans and executions.
What We Roll Out
Effective business process management is the perfect convergence of process, people and technology. Here is what we offer:
Process discovery consulting
A seemingly daunting task, process discovery often becomes inefficient and costly endeavor for banks. Our process discovery services come to your rescue enabling you view exactly what is going on within your processes and what is best candidate for automation.
RPA tool identification and run POC
Pinpointing the right RPA tool is critical to take your operations to an advanced level. Leveraging expertise in RPA use cases as well as emerging technological capabilities, we pick up an optimal option after running POC (proof pf concept).
Tool build and implementation
With cutting edge dependency analysis and parallel execution, Verinite puts in place for you quick and incremental builds. We help scale your applications, providing a seamless and consistent build interface for diverse languages.
Monitoring, maintenance and BAU services
Continual monitoring along with predictive maintenance and/or preventive maintenance upholds system reliability and prevents unexpected shutdowns. We also offer BAU (business as usual) that focus on clinical execution of standard routine functional operations.
