BFSI
From managing compliance to streamlining the customer experience and successfully implementing the digital initiative, address your key BFSI challenges and business needs with PRIME BPM.
MAINTAIN YOUR COMPETITIVE EDGE
The banking and financial services industry (BFSI) is standing at a tipping point. Economic fluctuations, emerging tech trends and rapidly changing customer behaviour are presenting new challenges for the sector. Further, Covid-19 has dramatically altered how consumers interact with banks and insurance companies, fast-tracking digital adoption. In addition to the above challenges, there is an increase in privatisation in the industry and more competitors are entering the market space. To be future-ready and stay ahead of the competition, the industry needs to ensure clarity and efficiency of business processes. With PRIME BPM, streamline processes across departments and geographical locations to address your biggest concerns and stay relevant in the rapidly changing marketplace.
BFSI Challenges We Address
Conquer Compliance Gaps
As banks often have diverse lines of business and operate in multiple geographies, managing compliance is a challenge. With PRIME’s Process Compliance and Audit functionality, manage compliance requirements of different geographies from a central place. Get automated alerts and notifications of an upcoming compliance event and ensure that it is actioned by the due date.
Standardise Operations
Process comparison feature in PRIME enables you to standardise processes across branches and geographies. For instance, you can take the loan approval process of the bank in two geographies and compare them side by side. Using PRIME Analyser, calculate efficiency of the two processes to recognise the more efficient process and standardise the loan approval process.
Streamline Customer Experience
Ensure consistent brand experience and effective service for your customers across branches. Easily analyse your customer processes for time, cost and value to identify bottlenecks and inefficiencies in the process. For instance, streamline the customer complaint resolution process by identifying and removing delays and lag in the process. Then, standardise the process across the bank’s branches to provide consistent customer experience.
Risk Management
Analysing the detailed process map created with PRIME helps you identify security gaps on a task-by-task basis and put appropriate controls in place. Effectively reduce the risk of fraud, data loss or error by setting user restrictions and defining who can access, view and edit important documents, systems and information.
Successfully Implement Business Initiatives
Using process simulation with what-if analysis and impact analysis, manage key business initiatives, such as digital, modernisation and reorganisation seamlessly. You can analyse the impact of the initiative on systems, roles and documents with a single click and avoid any interruptions to the interlinked processes. Also, get key insights in terms of predicted impact to support or deny the change initiative.
Minimise Operational Expenditure
Using PRIME’s in-built analytical engine, carry out cost, time and value analysis, to get crucial insights, such as total cost of doing the process, cost of any delays in the process, resource cost and utilisation. These actionable insights help you take informed actions, such as eliminating the repetitive tasks, rerouting the tasks to a lower-cost resource, removing delays, etc., to achieve effective cost savings.
Automate Effectively
Identify high-frequency, repetitive tasks involving multiple people in a process for automation. For instance, using PRIME analyse your credit card processing process to examine the tasks that are structured to be automated. Also, simulate and analyse the impact of automation before implementing the project.
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