Financial services industry, in which we would include the banking, insurance, stock market companies, securities, etc, is one of the major sectors where the market is highly demanding and the competition is tough. With continously changing market conditions and demands, financial sector companies must first be able identify, design and run their processes in such a way which would allow them to adapt to this ever-changing environment. In order to achieve this, financial service companies should be adapting highly flexible and measurable systems such as Business Process Management (BPM) solutions.
BPM solutions help organizations to design their processes to increase the productivity and the flexibility within the company. In addition to allowing the organizations to manage their workflows in a structured manner, it also enables them to reduce their operational risk and costs by setting up key indicators and alert systems in order to capture and monitor the processes just-in-time like in the BPM solution provided by Singularity.
In the financial service sector, being cautious is one of the key factors for survival since a simple mistake might lead to the loss of huge amounts of money. In order to prevent this, the human factor (i.e. risk) should be eliminated from the processes to a big extent, minimizing the paper-work and manuel transactions as much as possible. Singularity allows you to define all your business processes and provides an automation that would not permit any leaks within the workflow. Within the system, key indicators, that can be related to any sort of parameter used within the workflow, can be defined and event rules which would alert the necesarry people according to the conditions defined. In addition to giving alerts, the system also has the capability to fix the problem itself by following the algorithms setup during business process definition. For instance, it can alter the delegation of certain tasks according to the cost, skill level or redirect the task to another resource in case a certain paramertes exceeds a value.
Singularity does not only provide the definition of the workflows, but also makes sure that the processes are being executed according to the designs created. By orchestrating the people and the other resources across the company, establishing collaboration and integrity. It then allows you to monitor and analyze the data accumulated during the processes which would add to the organization’s business intelligence. It would be impossible for a non-learning company to survive in such a rough competition. The Business Activity Monitoring (BAM) feature of the system provides detailed reporting and analysis of the current and historical standings which would allow the company to spot its weak links and and decrease the number of bottlenecks.
Another crucial need that has arisen in the recent years, is the compliance to the financial systems regulations and legislations such as the 2002 Sarbanes-Oxley Act (SOX). In order to carry out the businesses in compliance with these regulations, the data across the organisation should be integrated and well organized. Singularity provides easy integration to the company’s core and legacy systems while being already pre-integrated to many enterprise solutions. It also has an ability to automatically generate documentation. This self-documentation feature not only eliminates the time and the labor cost but also the risk of losing the domain knowledge involved in the definition of processes and business requirements. Having the documentation readily available, provides the financial organization the capability to give the regulatory institutions access to processes and operations, making the compliance procedure much more efficient and less time-consuming.
As a conlusion, we can say that in a world where time = money, every financial institution is need of a BPM solution in order to make the processes more efficient and reduce the time and the costs, but more importantly minimizing the risk and improving exception handling. The Singularity Process Platform, considered as the Europe’s number one BPM solution provider, grants the organization the ability in all these areas. Being a privately owned company founded in 1994 and based in Northern Ireland with 4 offices and over 126 customer sites worldwide, Singularity is counted amongst the most established BPM vendors specializing mostly in the Finance sector having a customer base including the world’s leading financial service companies such as JPMorgan Chase & Co., Bank of Tokyo Mitsubishi, etc.
