BFSI

As banks often have diverse lines of business and operate in multiple geographies, managing compliance is a challenge. With PRIME’s Process Compliance and Audit functionality, manage compliance requirements of different geographies from a central place. Get automated alerts and notifications of an upcoming compliance event and ensure that it is actioned by the due date.

Process comparison feature in PRIME enables you to standardise processes across branches and geographies. For instance, you can take the loan approval process of the bank in two geographies and compare them side by side. Using PRIME Analyser, calculate efficiency of the two processes to recognise the more efficient process and standardise the loan approval process.

Ensure consistent brand experience and effective service for your customers across branches. Easily analyse your customer processes for time, cost and value to identify bottlenecks and inefficiencies in the process. For instance, streamline the customer complaint resolution process by identifying and removing delays and lag in the process. Then, standardise the process across the bank’s branches to provide consistent customer experience.

Analysing the detailed process map created with PRIME helps you identify security gaps on a task-by-task basis and put appropriate controls in place. Effectively reduce the risk of fraud, data loss or error by setting user restrictions and defining who can access, view and edit important documents, systems and information.

Using process simulation with what-if analysis and impact analysis, manage key business initiatives, such as digital, modernisation and reorganisation seamlessly. You can analyse the impact of the initiative on systems, roles and documents with a single click and avoid any interruptions to the interlinked processes. Also, get key insights in terms of predicted impact to support or deny the change initiative.

Using PRIME’s in-built analytical engine, carry out cost, time and value analysis, to get crucial insights, such as total cost of doing the process, cost of any delays in the process, resource cost and utilisation. These actionable insights help you take informed actions, such as eliminating the repetitive tasks, rerouting the tasks to a lower-cost resource, removing delays, etc., to achieve effective cost savings.

Identify high-frequency, repetitive tasks involving multiple people in a process for automation. For instance, using PRIME analyse your credit card processing process to examine the tasks that are structured to be automated. Also, simulate and analyse the impact of automation before implementing the project.