Modern banking has improved leaps and bounds when it comes to extending a variety of services to customers- multiple access channels, a wide variety of products and services and 24/7 access to information and help- making banking for customers simple and easy. On the other side of the counter, inside the bank things have become very complex; in order to satisfy this ever increasing customer expectation and competitive pressure.
Not so long ago, the process of opening a new bank account or for that matter executing most banking transactions was a simple matter of a customer visiting a branch location, filling out a form or two and they were done.
Today, however, even the basic functions of account opening and loan processing are much more complex. Banks have to make seamless provisions for the multiple channels for account opening, the wide variety of account products, to meet regulatory requirements and counter fraud.
Loan origination and processing is also much more complex, it includes all kinds of customer profiling and assessments to perform, new regulation such as QRM (qualified residential mortgage) requiring the lender to validate the borrower’s ability to repay the loan - resulting in a growing number of documents, more stringent information validation transforming the primary business processes into complex customer interactions.
More customer information, new data types delivered through a growing number of channels makes it difficult to capture, classify and assimilate into actionable content when the customer is engaged.
There is no argument, leveraging increased customer information in real time will have a positive impact on credit risk management, fraud interdiction, revenue growth and compliance—but because financial institutions are inundated with both structured and unstructured data, they are being overwhelmed with information and have outstripped traditional front office customer systems.
In order to remain competitive and drive efficiency in business processes banking institutions need to know which business functions have grown in complexities so as to warrant taking a new approach: managing these complex processes as a “case” not as a process.
To know more attend the IBM Case Manager and IBM Forms Deliver for Union Bank and ELG-2844 Improving Information Economics with Defensible Disposal at BNY Mellon sessions at Information On Demand 2012.
These two of over 700 exciting sessions offered at Information On Demand 2012. Don’t forget to register before August 31 to save $300 off your registration fee.