BPM in Financial Services: Reducing Complexity and Improving Productivity

As companies expand into new geographies and adapt to rapidly-changing technology, the very nature of their work has changed. When we consider the intense scrutiny now being placed on their operations as a result of increased regulation that work has becomes even more complicated.

 This is the natural state of today’s financial services industry. Retail banks, investment banks, savings and loans, brokerages, hedge funds etc., all deal in the world of data and transactions. As a result, and to satisfy the best interests of customers and stakeholders, they need to adhere to specific sets of standards. Due to both government and industry regulations, they face legal jeopardy if they cannot demonstrate compliance management solutions with legal mandates. With the proper mindset and tools to address issues of consolidation, compliance, reporting and a host of other activities, financial services firms can operate more effectively and efficiently.

In this highly regulated industry, businesses tend to have fairly complex actions as part of their regular business operations. This magnifies the need to develop and manage activities as actionable and reportable processes. An example of this is Stillwater National Bank and Trust company (SNB), a BP Logix customer. We began working with SNB to automate its loan credit and accounting processes and more than 150,000 forms used by employees across 28 locations. SNB turned to BPM to improve its customer service, address compliance requirements and ensure a more efficient and cost-effective operation overall.

Streamlining the loan credit process, as well as improving Accounts Payable processes, were key requests from Laura Briscoe, SNB’s Director of Information Services. Her initial requirements indicated that the solution needed to be:

1) Browser-based

2) Provide rule-based routing

3) Be able to handle complex logic

4) Offer a user-friendly dashboard with search and proxy capabilities

5) Provide integration with SQL, Active Directory and SharePoint

While doing a cost-benefit analysis Briscoe found that she could do everything she needed to with Process Director — including complex logic for forms, spawning, different rule sets and calculations on loan documents. As a result of streamlining the loan credit process, SNB is reducing  man hours, time and money and  have a well-documented and audited process. According to Briscoe, “With Process Director, we will be doing what we do now – on steroids.”

Process Director enables users to review historical and current data related to business processes, understand the implication of activities in running processes and implement corrective action to overcome a pending problem, if one is present. Process Director fuses traditional business process automation software technology with BPLogix Process Timeline™. The Timeline enables process builders to specify dependencies and conditions, determine the planned duration of a process, and define the order for all activities within the process.

Process Director BPM software provided business process governance and BPM compliance solutions which led to business process improvement that SNB required, that demonstrated compliance with regulatory and industry standards. The result was not just adherence to those standards, but improvements in end user productivity and SNB’s bottom-line.

 

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