Banking and Financial Solutions
In a recent survey of top bankers by Center for the study of Financial Innovation and PWC, regulations were cited as the third biggest concern impacting the banking and the financial institutions. These regulations not only effect the way banks withhold taxes and report them but also other areas like data management, business rules, processes and their integration. For banking and financial institutions, these regulations along with clear audit trail, STP (straight through processing) are a major concern since they must invest time, effort and money in meeting these regulations. This must be addressed along with other challenges of acquiring new customers amid more competition from nimble footed smaller banks.
In this scenario Business Process Management (BPM) with its capability to automate routine processes becomes more than a necessity. BPM not only helps in automation but also improves diverse process and ensures employees make quick and right decisions.
Acwiron with its BPM offerings helps its financial services companies in the following ways.
- Acquire and retain more customers
- Automate important but routine processes - loan, deposit and mortgage management
- Stay compliant with changing government regulations
- Strengthen record management while tracking customer through credits and deposits
- Launch innovative products while maintaining consistency and auditability across its lifecycle
- Ensure SLAs are measured and enforced by employees/departments
- Enable mobile access with easy to use interface
- Standardize business rules and encourage compliance