Process Automation for Financial Services
Using Camunda, customers in financial services can achieve benefits in excess of $25m over 3 years – an ROI of 389%.
Today, many financial services organizations struggle to remain relevant. Consumer expectations are sky-high and digital transformation is the only way to deliver the experiences your customers expect as well as the agility your business needs to thrive. Tricky yet common challenges that financial institutions aim to solve with digital transformation include:
- Slow innovation due to legacy technology and technical debt
- The rise of cryptocurrencies
- Complex and ever-changing regulatory landscape
To address these challenges FinServ companies should look towards process automation to orchestrate both automated and human processes.
Helping financial services excel
Camunda customers like Goldman Sachs, ING and BNP Paribas report better customer experiences and faster time-to-value, helping them improve operational efficiency and business agility. A commissioned study conducted by Forrester Consulting concluded that with Camunda, financial services organizations can reap benefits worth $25m over three years. This sum consists of both savings in excess of $23m and additional revenue worth over $1m that organizations can unlock by capitalising on a now smoother customer experience — a significant competitive advantage.
Scalable architecture fit for your growth plans
Camunda’s open software and flexible architecture enable powerful end-to-end process orchestration. It can be deployed on-premises or in the cloud, making it a highly scalable solution that can be easily integrated with most common technical architectures or frameworks.
With Camunda, your team can design, automate, manage and improve a virtually unlimited variety of end-to-end business processes, such as:
“ We see Camunda as a valuable component within our new lending platform, which is built using a microservices architecture. To achieve the desired efficiency gains, we needed a much higher degree of automation in our processes, and Camunda’s capabilities fit our needs well. It is modern, easy to integrate with, and gives us flexibility when designing our processes. ”
— Eric Lind, Chief Information Officer, Bluestep Bank
Global success at scale
Introducing automated KYC processes at one of Denmark’s largest banks
Jyske Bank, which serves a significant number of retail and corporate customers, was looking to process electronic payment card requests raised by their business clients more quickly. Clients use these cards to manage outgoing payments to their customers and other banks. However, sometimes business banking clients are unable to pair payments with a customer, so they have no record of the transaction and have to email Jyske Bank requesting the pairing.
Before Camunda, this Know Your Customer (KYC) process was cumbersome and took up to 4 hours per day to manage. After implementing Camunda, the time required to handle the payments has been reduced by 30%. This frees up Jyske advisors to focus on the more complicated cases where payments cannot be automatically consolidated. Jyske Bank is now exploring more ways to align this process across the entire banking sector.
Enabling deeper client engagement
Fidelity Investments, a US-based multinational financial services organisation and one of the largest asset managers globally, was experiencing the limitations of their homegrown, decades-old legacy workflow application when they decided to invest in a digital automation platform powered by Camunda. The legacy system was used across 30 business units, so smooth deployment of and transition to Camunda was key.
Today, over 10,000 workflows have been implemented and teams are collaborating much more effectively. The standout benefit of replacing the monolithic legacy system with Camunda’s agile process automation platform has been higher-level engagement with customers: instead of spending time investigating individual transactions, Fidelity’s workforce can now have much deeper conversations with customers, improving loyalty and creating additional income opportunities.
Get in touch now to find out how we can tailor our solution to solve your challenges.