In this new Article devoted to the banking and financial services industry, we highlight the opportunities of automation Low-code applied to the tasks inherent in back office management. How can it increase the efficiency and productivity of your organization?

Why automate your back office?

We repeat it regularly throughout our articles, but implementing automation is a powerful way to prepare for the future of your banking business and to be competitive in a market where competition is fierce. With the rise of online banking, traditional financial institutions are subject to a increasing pressure to modernise to provide a quality customer experience. Unfortunately, they are often held back by their dependence on existing systems And the disconnection between front and back office operations.

That's why automating your back office processes will allow you to offer the experiences your customers expect and to accumulate long term competitive advantages.

• Reducing costs

Not only automation eliminates the costs associated with manual entry data, but it reduces the time needed to locate, retrieve, sort, and file documents. La centralization of information contained in numerous emails, spreadsheets, and systems also saves time and facilitates staff productivity. This increase in operational efficiency relieves your teams of repetitive administrative tasks.

The stage ofprocess analysis in an automation project also allows you toidentify bottlenecks that cost you money and to make the changes needed to optimize.

• Reduce errors

In the financial sector, mistakes can come at a high price. Automation Low-code allows you to put in place strict governance procedures in order to minimize errors in your business. You can automate:

• The check the completeness and accuracy of the data
• Access management to certain data for greater security.

This leads to a reduction in compliance risks and time lost in correcting errors that could have been avoided.

• Free up time for your employees

By automating the most boring and repetitive back office tasks, you free up time for your teams to focus on higher value-added tasks. For example, they will be able to spend more time helping the front office respond to customer requests. As a result, you will attract young talent all the more easily eager to contribute fully to the creation of value within your organization.

• Faster service

Today, a customer expects quick answers from his bank. State-of-the-art fintechs are also meeting this need by modernizing back-office operations that allow for the provision of fast and intuitive services. So automation can also help you optimize your service delivery to give your customers the support they expect, whether it's quick loan approval or a seamless onboarding experience.

• Maintain compliance

If you manage compliance manually using legacy systems, you know it's a time-consuming and error-prone process. Automation Low-code eliminates these problems by allowing you to stay on top of regulatory changes at all times And ofincrease your visibility thanks to clear audit trails.

What back office tasks should you automate?

1. The payments

Once a loan request has been approved, you can automate the process of sending funds to the applicant. This ensures that the funds will be sent on time and that your customers won't be frustrated by an error that needs to be corrected.

2. Financial transfers

Complex financial transfers require compliance and accuracy. Again, automation can manage this process by eliminating errors and increasing transfer efficiency.

For example, our partner, Bizagi, contributed to the automation of the financial processes of a global hedge fund administrator. This allowed it to gain transparency across the company, with $29 billion in assets. In addition, this solution increased operational efficiency, reduced complexity, and ensured regulatory compliance.

3. The approvals

Thanks to technology Low-code, you can now automate the collection, storage, and processing of information. This leads to faster and more consistent approvals.

4. Special cases

Automation can help you avoid bottlenecks when requests don't meet your requirements. VKB Bank, for example, suddenly had to deal with a huge peak in requests for credit deferrals at the start of the pandemic in 2020. Thanks to its solutions, Bizagi allowed it to reduce the processing time for deferral requests to 4-6 minutes.

Modernizing your back office through automation Low-code is a revolutionary way to increase efficiency, improve customer service, and give you a solid foundation to take your business forward. It can also allow citizen developers to collaborate with, rather than relying on, IT teams to transform business processes, which will help you be more agile and create value more quickly.

About StoryShaper:

StoryShaper is an innovative start-up that supports its customers in defining their digital strategy and the development of automation solutions tailor-made.

Sources: StoryShaper, Bizagi