Home Resources Business Scenarios Banking and Finance

Banking and Finance Scenarios

Channel Operations Automation

Remittance processing

The problem

  • Document workflow for remittance is not fully integrated with back-end transaction applications.
  • Human user spends additional time copying data between multiple applications. This causes delay in the processing that could be avoided.
  • After the processing is completed, the business user is required to manually close the document workflow. This step could get omitted by the user, which causes a build-up of incomplete actions in the workflow system.
  • Bank uses mainframe application to perform remittance processing. This application does not conveniently integrate with the document workflow and signature verification applications.

The Fusion solution

  • A Fusion dashboard for remittance assembles the mainframe, document image and signature verficiation applications into one Web page.
  • As soon as the user selects to process an item from the work-list, the mainframe and the signature applications are synchronized with the account holder's details. Fusion is triggered to automatically search in each of the component applications and display a consolidated synchronized view.
  • The Fusion solution works seamlessly with 4-Eyes based authorization of tasks, which is common in most financial institutions.
  • Fusion automatically records the closure of the activity in the document workflow system. This ensures that all participating applications are promptly updated about the status of the work-item.
  • As the user tabs through the fields in the mainframe application, the corresponding fields in the image are zoomed and highlighted. This provides an additional for the "checker" role to visually verify the data that was previously entered by the "maker" role.

The result

  • Increase in throughput of back-end processing for remittance applications
  • Elimination of re-typing errors
  • Avoid expensive re-engineering of applications.
  • Improve the quality of data that is recorded in the existing systems. For example, document workflow system shows the completion status accurately.

Related scenarios

Fusion has been used in a variety of scenarios that are similar to the remittance processing described above. These are:

  • Process customer details change application form. Processing forms submitted by customers and the bank's branches. These types of forms include changes in personal particulars (address, name etc).
  • Processing credit card applications for approval requires information from multiple applications such as Credit Bureau, address verification, employer verification, internal cash register

 

Branch Automation

Account Opening at Branch

The problem

  • Poor customer experience due to lengthy account opening process. The bank officer is required to enter data into multiple applications in order to open an account. These repeated actions performed manually, delay the entire process and result in poor customer experience at the branch.
  • Rate of human error is high due to manual re-entry of data in a customer-facing environment.
  • Re-engineering all affected applications to be able to participate in a conventional portal is time-consuming, risky, and very costly. It would be ideal to be able to maintain the existing applications and still be able to eliminate the redundant data entry and manual workflow.

The Fusion solution

  • Fusion portal assembles all the necessary data and form fields into one blended portal page. Additional portal screen flows guide the officer to enter relevant information without having to re-key any item.
  • Fusion communicates with the actual application and sends it the relevant data fields and triggers the appropriate processing.
  • The integrated desktop communicates easily with various technologies such as mainframe, AS/400, unix, Web, and Windows applications through their user interfaces. The user interfaces of these applications are executed in hidden mode and the user does not see any clutter of screens and applications on their visual desktop.
  • Fusion's process engine ensures that the workflows are performed correctly every time. Additional exception handling workflows ensure that any errors are detected and appropriate action is taken.

The result

  • Streamlined account opening process.
  • Minimum time needed to open a new account at the branch. Fusion ensures that spare capacity on the user desktop is utilized to perform parallel tasks so that the overall workflow is completed in the shortest time.
  • Avoid expensive re-engineering of applications.
  • Improve the quality of data that is recorded in the existing systems and eliminate exception flows due to user error while re-entering data fields.
 

Wealth Management

Relationship Management

The problem

  • Quality of the phone based service to high net worth clients requires improvement because the RM has to work through five applications in order to serve a typical customer request. This causes delays during the phone conversation.
  • Rate of human error is high due to manual re-entry of data.
  • Mandatory margin check (business rule) is currently performed manually. Omission of this process due to human error causes settlement delays.

The Fusion solution

  • Fusion portal and workflow synchronizes the current customer's details into all related applications at the press of a button.
  • A single portal page displays all the relevant customer details obtained from various component applications.
  • Additional rules are implemented at the workflow layer. These rules are not owned by any of the component applications. They reside at a higher layer and work on data from multiple applications.
  • Workflows and action are defined to ensure that the RM makes the minimum possible mouse clicks and keyboard entries in order to serve the client.

The result

  • Significantly reduced handling time. Savings of over 50%.
  • Improved customer experience due to availability of information on one screen.
  • Eliminate the possibility of settlement errors due to improper rules checking upfront.