Today, most of the financial staff is focused on operational activities. This reduces time and resources for more important activities, such as innovation, analysis, and building relationships with customers and partners. In this sense, automation is a tool that frees up these important resources. Routine activities such as answering typical customer questions can be shut down by a chatbot, and the throughput of loan applications can be increased by implementing a credit pipeline. At the same time, integration with scoring systems and security services reduces the financial risks of credit organizations. Automation also reduces the burden on staff, which in turn increases employee satisfaction and engagement, bringing the relationship with customers to a new level.
Automation not only allows banks to achieve operational flexibility and measurably greater profitability, but also helps them deliver the increasingly digital experiences that customers want.
In doing so, it is especially important for banking organizations to move away from siloed solutions and pursue a unified digital strategy that considers internal and external communications, workflow bottlenecks, security and design practices.
You can automate the entire approval process: from submitting payment requests to controlling the execution of payments, and integrate this with internal systems. One of the key points of automation in the banking industry is taking into account complex approval processes that involve a multi-level system of roles, a variety of routes for different legal entities, many exceptions, and dependence on approval limits.
To simplify the administration of a complex system of roles, you can create a mechanism for automatically creating system roles and assigning them the required access rights. For example, when a new legal entity is created in the system, the following roles are automatically created for it: lawyer, accountant, document management specialist, etc.
Automate the process associated with approving loan applications. This will significantly shorten the loan application review cycle and increase the bank's throughput capacity. The solution can be integrated with the customer scoring system, which will noticeably reduce the financial and time costs of the procedure. Security service and credit specialists are usually connected to the credit automation system at certain stages.
Management of client applications for investment funds
The system of registration of applications for work with mutual funds and investment accounts is designed for management companies. Such system is installed in service offices to process applications from clients. Automation of work with clients' accounts minimizes labor costs and errors of investment units seller, simplifies collection of documents. The system can maintain a single database, and each operator who creates documents on transactions can receive from it the actual data on the unit holder previously received by the management company. All necessary documents on transactions are generated automatically, and it is possible to track the status of each of them.
Legally significant document flow with clients
The system allows to exchange legally significant documents with specialized depository clients (and between clients). It is possible to enter formalized documents (payment orders, reports, etc.) and documents of any type. Supports an electronic signature, authorization by certificate. Integration with Contour-dialog, SBIS, etc. systems is possible.
Automation of internal document flow
Automation of internal document flow in banks is the implementation of a system that allows with minimal human involvement to create, conduct and store agreements, payments, invoices, acts, orders, as well as control all stages of their editing, approval or execution. It is also a way to modernize the order of business in the company, to make the process more efficient, transparent, and error-proof. Often IT departments in banks resort to automating different document workflows with different solutions. But for adaptability and rapid scalability of a financial organization, a system with a holistic structure and unified corporate standards is important.
Management by targets, HR
The company's target management system makes it possible to build a map of the company's strategic and operational targets, and then to decompose them to individual employees. Both quantitative and qualitative indicators can be used to evaluate performance. Routing can be set up for the evaluation process and integration with other systems can be implemented
Electronic archive of documents and client files
Electronic archive helps organize centralized systematized accounting and storage of documents generated in the current activity of structural divisions. It helps reduce labor costs when searching and selecting documents, optimize processes of operational document storage and delimit access rights to documents for subdivisions. The solution can be integrated with other systems, including front-office systems and legally significant document management services.
Take advantage of the Microsoft 365 ecosystem to build an efficient system that meets your business needs.
You can offload your services from repetitive requests by using the virtual assistant.
Most of the questions received by the IT and HR services are standard and can be closed by the chatbot.
It is also known that 85% of employees lose at least 1-2 hours of productivity per week to search for information.
Cloud platform of complex automation of business processes of the company will help:
reduce the cost of ownership of software built on a single platform;
reduce the cost and timing of additional modules and changes in current models;
improve the efficiency of users' work due to a single software interface and the ability to work with mobile devices.
Today, automation in finance and banking is mostly used to perform manual tasks such as data entry, checking and reconciliation. These tasks are spreadsheet-based and tend to be tedious and repetitive, as well as time-consuming.
According to a McKinsey Global Institute study, up to 34% of a financial manager's time can be automated through technology. But there are two other key factors driving financial institutions toward even greater automation: the increasing complexity and volume of data that needs to be processed, and the desire for faster results.
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