Insurers, pension funds, banks, and other financial services institutions are all part of a highly regulated industry. Additionally, they experience high demands for compliance, auditability, and operational resilience. Today’s financial institutions are obligated to deploy data-driven capabilities and sophisticated analytics. These technologies can increase growth and profitability, as well as save money and enhance efficiency, support risk and regulatory compliance priorities, and drive digital transformation. At the same time, it can support and drive your business strategy and priorities. Finally, you will enjoy full visibility into every process, which will help you to detect behaviors that may be helping or harming your operations. You can even set up notifications for these occurrences so you’re always on the ball.
Get to Know Your Processes “As Is”
You know you have a high volume of processes, but do you really know them? The financial services industry is generating more data than ever before at record speeds. Financial service providers need smarter analytics to help them gain competitive advantage in the face of Big Data. Unlock the strategic value potential in these big data streams, which is the ability to leverage your process data. Doing so can help to predict consequential outcomes at critical decision points, which in turn can help optimize your operational decisions in core processes.
Getting insights in processes used to often involve business process management (BPM) or reengineering (BPR) projects. It’s often said to this day, however, that banks’ complicated IT landscapes don’t allow for a proper tracking of process-related KPIs. For instance, there are many banks today which perform manual measurements to gather process-related KPIs. Today, however, with the technical advances that we have, we are able to use an advanced analytics method known as Process Intelligence to facilitate continuous real time tracking and process analysis.