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Transforming Approval Processes in Financial Services: Real-Life Examples

Transforming Approval Processes in Financial Services: Real-Life Examples

Paper-based solutions are outdated, slow, and inefficient. They will inevitably cause delays in the approval process, which can vary from something as simple as approving a vacation request, to signing off on multi-million-dollar projects. For those working in the financial sector, it is a vital process to help guarantee compliance and show consideration and reasoning for decisions made. But requests for approvals can often get lost in a sea of admin, holding up important operations. 

Here are three examples of how financial institutions have transformed their approvals process to maximize speed while minimizing risk.  

 

Driving speed & efficiency at AEON Credit Service Asia (ACSA)

Nothing is quite as frustrating as a bottleneck in a process that stops you from completing a task. Unfortunately, when it comes to approvals from external parties, such as credit bureaus for approving loans and lines of credit, these bottlenecks are common. This can hinder efficiency and prevent organizations from meeting their SLAs. 

Financial company ACSA was looking to speed up its credit card application process, which was taking over two weeks from the moment that customers filled out a paper form in-branch until they had their credit limit approved and new card sent to them to use. 

Automating the credit card application process has reduced the time that it takes to approve credit limits to under 30 minutes from completing an application through to a physical credit card in the hands of the customer. ACSA has combined this with on-site embossing machines so customers can get their new credit cards, ready to use, on-the-spot.

Read ACSA’s full story of loan origination automation to discover how they delighted customers in a secure and compliant manner. 


Enabling agility at AgFirst

Rule and regulations rarely remain unchanged, so it's important to keep processes up-to-date to reflect any amends. InformationAge reports that JWG, a think tank focusing on regulations, estimates that over 300 million pages of regulatory documents will be published by 2020. Whoever is responsible for signing approvals need to know that these regulations are adhered to, or else they could be the one facing penalties. 

Agfirst approval process.JPG
 
AgFirst Credit Bank needed to develop an agile approach to working to ensure their loan approval process kept up with the stringent, ever-changing regulations that surround financial services. 

Utilizing agile methodology and Bizagi’s automation platform, AgFirst now has a responsive, mobile platform capable of adapting to its customers’ changing needs, all without increasing headcount and dramatically improving compliance consistency. Thanks to the smooth new process, loan cases were closed in an average of 12.5 days, 60% faster than expected, with agile workflows immediately reflecting changes to policies and regulatory updates. 

Find out more about how AgFirst are using the agility of Bizagi as part of a broader compliance project. 

 

Ensuring compliance at global risk, insurance and retirement solution provider

In an industry as highly regulated as financial services, risk mitigation is vital. While securing approval from a more senior member of staff is in itself a way to mitigate risk, it's important to ensure the process itself is secure. Those who have upgraded their signoffs from paper to email still face uncertainty: emails can bounce, or get buried in inboxes and have no traceability. 

This was an issue for a global risk, insurance and retirement solution provider. They were using emails and spreadsheets to communicate around the trading request system to manage subscriptions and redemptions of pension funds. 

By using Bizagi for requests and approvals they gained more control and visibility over processes with an added benefit of halving the time it took to process complex tasks. Not only did this bring transparency to the process, but also ensured FCA compliance. An additional benefit of digitizing the process is an automated audit trail. This not only proves compliance but can also be referred to when updating processes.  


The approval process is just one of many vital steps that organizations in financial services need to undertake in part of their everyday operations. To find out more about other processes that can be transformed by process automation, and for more real-life examples of those who have benefited, download our ebook, The Essential Guide to Automation in Financial Services. 

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