Connecting Systems, People and Processes with Workflow, Part 1: Connecting Systems
As financial institutions rely more and more on technology, it’s imperative that systems can easily communicate. No more silos.
A recent article in Financial Times echoed this belief, because so many financial institutions are dealing with this very subject. “Digital efforts in many firms lack scale, are disjointed and are often the pet project of one silo within the organization,” it says.
Systems that lack easy communication slow things down. In the age of increasing digital connectedness, employees can become frustrated when the technologies they rely on every day can’t talk to each other. It also negatively affects business relationships outside the organization.
To better meet the needs of customers and members in a very competitive environment, financial institutions need to get as much value as possible out of existing technologies and resources. One of the most cost-effective options is to use electronic workflow to increase the capabilities of your existing document management or enterprise content management (ECM) solution.
Workflow automates processes and the routing of documents, which means your organization works faster and more efficiently. Since documents are easily accessible in a central database, there’s no more searching. With information at their fingertips, employees focus on organizational goals – like contributing to the bottom line.
Tying systems to the bottom line
Let’s take a quick look at how workflow’s ability to connect systems affects the bottom line. Workflows begin with events, like a new loan document ingested into the system. Most loan operations departments receive daily “Paid Off” reports. At that point, they determine if overpayment refunds are required or if they need to release or return collateral. Then they initiate record retention periods for the loan files. It’s a slow process, especially when employees have to wait for paper documentation or systems can’t share information.
Workflow speeds the process dramatically by sharing that information between systems, identifying process triggers and then automatically delivering the related documents or information through a lifecycle of pre-configured work queues. Everyone who needs to see information receives an email notification alert, letting them know that it’s ready for review.
That’s how connecting your systems increases communication, speed and accuracy – ultimately affecting the bottom line.
Connecting systems to make them work for you
To connect your systems without disruption, the right workflow solution should be simple to configure and easily integrate with your existing systems, including your core banking, loan origination and other critical line of business systems – giving the technologies you rely on every day the ability to communicate seamlessly with one another. Make sure it integrates without custom coding, so when you’re ready, you can easily expand the solution on your own.
In the next part of the series, we’ll take a look at how using workflow to connect people takes that speed and accuracy to the next level.