Financial services must use smarter business solutions to thrive

A crippling reason legacy banking organizations struggle to keep up with consumer expectations is it deals with a lot of documents and customer-provided content. Traditional financial services companies can leverage “smarter” solutions to improve their business processes while offering customers self-service, real-time engagement, and omni-channel support. In fact, PwC found that most financial institutions are focused on updating legacy systems with emphasis on digital solutions that integrate to improve operations. However, the digital transformation of business processes begs for intelligent capture solutions and stronger case management strategies to not only exceed consumer expectations, but to adhere to regulatory compliances and make faster, smarter business decisions.

Greater need for case management

What distinguishes case management from more traditional business process management (BPM) is how the process­es involved are not monolithic, so they cannot simply be mapped out from beginning to end as a single process.

A “case” typically undergoes multiple smaller process “fragments,” where the sequence is not always pre-deter­mined and the decision to invoke a certain process frag­ment is often made by a knowledge professional based on some understanding of the case rather than an easily defined business rule. Consider, for example, an online application for credit where the names on the driver’s license and credit bureaus differ – a knowledge worker would intervene to discern the reason rather than the system automatically declining the application.

Driving smarter processes

Through the use of case management platforms, financial institutions are maximizing intelligent capture solutions to protect their reputation with the ability to trace data, assign data confidentiality levels based on meaning, complete full audits and detect and prevent fraud. Likewise, intelligent capture and automated process flows are being integrated into existing platforms to streamline daily operations such as opening accounts, credit card application management and loan and mortgage processing. It is also being used to take on more strategic processes – where financial institutions can see the power of case management and automated intelligent capture.

Take the reselling of mortgages, for example. While this secondary market allows lenders to free up capital to sell more mortgages, they divest themselves of the risks associated with non-payment – passing on that risk to the new purchasers of the mortgages. As a result, institutions purchasing existing mortgages need to conduct a complete and thorough investigation of what they are purchasing – which can be a tedious and costly document-based task.

Similarly, loan/line of credit origination also requires financial institutions to exercise a greater level of due diligence with regards to the financial details of their prospective customers. Income and identity verification often comes in the form of paystubs, tax records and other relevant documents. The information contained within these documents must be understood, validated, and cross-referenced against the declarations contained within the original applications.

Financial services organizations must leverage intelligent automation solutions within a dynamic case management workflow to enable knowledge professionals to make quick, informed decisions while also enabling smarter customer solutions such as self-services. This will satisfy the demands of today’s consumers without sacrificing regulatory compliance, and ultimately position them for success. Click to learn more.