Signavio’s process mining capabilities model, analyze and improve inefficient operations, allowing Banking organizations to manage processesses with a customer centric approach
Signavio, a leading provider of business transformation solutions, today announced the release of the Signavio Business Transformation Suite for banking and financial services, designed to help finance-focused organizations transform their operations through modern process management.
In recent years, the banking and finance sectors have undergone major operational changes through new regulations and the catalysts of digital transformation, ultimately leading to increased competition, customer scrutiny and the need for greater efficiency and customization. In response, institutions are working hard to reimagine the products and services they offer, in order to integrate them seamlessly into the everyday lives of their customers.
In response, the Signavio Business Transformation Suite leverages business process management and process mining to help companies understand and redesign processes with a customer centric approach. This powers rapid evaluation and improvement of process inefficiencies, helping banks and financial institutions save money and time, uncover compliance issues, and face the challenges of a complex business environment.
Banking institutions can transform their operations through the SIgnavio Business Transformation Suite in a wide variety of business practices:
Streamline accurate compliance and auditing
Signavio provides banking organizations with a seamless view of a transaction from beginning to end, flagging non-compliant behavior within an organization’s process landscape, and highlighting instances where the specific rules or requirements associated with particular processes are broken or missed. This allows for real-time visibility and action against compliance violations. Over time, process mining generates data on critical risk and compliance metrics, ensuring that organizations are always up to date with the latest insights into the way their processes are actually working, and react quickly to any elevated issue.
Analyze and consolidate siloed systems
Signavio enables banking organizations to view their disparate systems as a single seamless unit, uncovering actionable information about the way complex processes run and their connection with the organization’s overall process landscape. This holistic view gives them the necessary information to identify competitive advantages and refine processes as needed.
Increase the pace of innovation
By offering insights into the way existing processes operate, and highlighting opportunities for optimization, Signavio can help organizations create an ongoing culture of innovation. Process mining helps track and understand historically time-consuming product lifecycle processes, ensuring better decisions, faster, and enabling a competitive advantage.
Provide more transparent, data-driven decisions
Signavio helps organizations to understand not only how their processes are designed, but also how they execute and flow in reality. Users can then take the information generated by process mining and use it as the basis for analysis, to run effective change management projects, optimize resources, and lower costs.
Comprehensively map the customer journey
Signavio reveals the holistic journey of banking customers, providing details of when, where, and how customers interact with specific processes. This allows organizations to better understand customer behavior and reimagine their processes to predict and respond to future customer interactions.
The powerful combination of process discovery, analysis and action supports a collaborative approach to process improvement, giving banking and finance unique and powerful insights into the way their businesses work.
“The data-driven, results-oriented nature of the financial services market makes it a prime candidate for process improvements,” said Mark Elkin, Global Head of Solution Consulting, Signavio. “These organizations possess immense potential found in the hidden knowledge within their operations. Signavio helps capitalize on these broader sources of value that can have tremendous productivity and financial gains for these organizations.”
CAPITAL MARKETS PARTICIPANTS HAVE HIT A WALL WITH COMPLIANCE, NEW INTERNATIONAL STUDY FINDS
The research suggests that many broker-dealers and other trading entities have come to a fork in the road, where they must choose between continuing to budget and plan for new IT/data projects ad infinitum, or find a more sustainable approach to real-time reporting -which satisfies the needs of multiple regulators. Jordan Ambrose, CEO of Inforalgo, drills down into the deepening challenges as Capital Markets succumb to regulatory overload.
More than a decade on from the last major financial markets crash, which triggered the spiralling regulatory scrutiny that has been seen across financial markets in recent years, the majority of Capital Markets participants continue to battle with compliance-related complexity – which has now reached a peak.
The severity of the pain these firms are enduring is highlighted in new research commissioned by Inforalgo. Set out in the report, Meeting the challenges: Compliance and obligations across regulatory regimes, the study finds that the practical issues are universal. (Half of the research respondents were based in Europe, almost a third in North America, eight per cent based in Africa and just over two per cent in Asia.) The findings are timely too: the survey was conducted between September and November 2019, at a time when the Consolidated Audit Trail was looming large for trading entities, adding to what already feels to be an untenable compliance workload. Indeed, many firms are still reeling from the introduction of MiFID II two years ago. Almost 70 percent of those surveyed said this had had the most significant impact on their firm over the last 12 months.
Enough is enough
Increasing changes and updates to requirements, and varying needs between different markets around the world, is causing particular fatigue and frustration. Adding to existing reporting burdens are the MAS overhaul in Singapore, FINRA’s CAT requirements, and adjustments to EMIR Refit and MiFID II in Europe.
Without exception, all respondents flagged short preparation windows as a major source of anxiety, with eight percent listing this as their greatest compliance-related concern of all. Related to this is the scale of the work to be done. Half of respondents indicated serious concerns around the volume of transactions or transaction sizes to be reported, while all survey participants worried about their ability to interpret the rules correctly.
The call for near-live data feeds prompts firms to seek external help
Seeking relief from this relentlessly stressful situation, 45 per cent of market participants said they were looking to outsource their regulatory obligations to one or more external partners, as a more sustainable long-term approach. This is driven not just by soaring regulatory workloads, but also by the growing demand for real-time reporting.
Under Europe’s MiFID II, for instance, trading venues and certain categories of investment firms must publish volume and price within 15 minutes of a completed trade of equity or similar products. In the US, broker-dealers facing CAT are looking for solutions that capture and manage data in real-time, to ensure reports are made according to the rules’ tight timeframes.
Drastically reducing the amount of time a firm has between execution and filing reports, significant pressure has been put on the market in terms of internal resource – as well as finding the right ‘Regtech’ solution to ensure compliance. Asked what the most important real-time regulatory reporting functions market participants look for in a solution, more than 50 per cent of survey respondents cited data insight or analytics, an intuitive front-end user experience for operations and compliance teams, and real-time reconciliation.
Practical worries ranking highly among market participants ranged from the cost of resourcing compliance projects, to rising concerns about punitive fines and reputational damage if firms are caught out – whether by missing deadlines, or submitting inaccurate or incomplete data.
Data complexity and system interconnectivity are increasingly critical concerns too. It is dawning on market participants more than ever how much duplication of effort is involved when data has to be repeatedly input between multiple systems, because these are not connected or compatible to enable reliable data flow and automated data exchange and reporting.
Time to stop reinventing the wheel
The biggest realisation for market participants is that continuing with their existing approach to reporting compliance is unsustainable – practically, financially and resource/time-wise.
To this end, over a third (39 per cent) of respondents acknowledged that any viable future solution must begin with a more holistic and consolidated approach to trade data. Specifically they acknowledged the value of creating a single, reliable ‘golden source’ of data that can feed everything else, with many firms noting a Regtech solution offering to deliver would hold significant appeal.
Ideally firms need to get ahead of evolving regulatory demands, to the point that they are able to deliver accurate, complete and current data to any authority, in any market, anywhere in the world – both now and in the future. If this means leaning on external services, for instance a cloud-based data management platform/managed service, then so much the better. Such an approach would also offer a means of rationalising already unwieldy and costly-to-manage technology estates.
Probably the biggest realisation of all is that all market participants share the same pain, and have reached similar conclusions about the changes they now need to make – so that compliance becomes more manageable and less of a drain on resources going forward.
The author is the CEO at Inforalgo, the capital markets data automation specialists. You can download a copy of the full report, Meeting the challenges: Compliance and obligations across regulatory regimes, here
BATTLEFACE RECEIVES INVESTMENT FROM FINTECH VENTURES FUND
battleface Inc., a rapidly growing tech-enabled insurance startup focused on providing travel insurance products for unconventional travellers worldwide, announced today that it successfully closed its seed financing round with backing from leading strategic and venture capital investors.
Atlanta, Georgia-based Fintech Ventures Fund has invested in the company, joining existing investors Greenlight Re and Tangiers Group. This investment will be used to expand software development, hire sales and business development personnel, and further the company’s global reach.
battleface is led by a team of travel insurance experts. CEO Sasha Gainullin previously developed global operations for AIG Travel Guard and has worked with battleface since its inception. Managing Director Paul Simmonds brings experience as a Lloyd’s of London underwriter with previous leadership roles at Berkley Syndicate, CNA Hardy, Brit, and Goshawk.
“We got our start because many travellers couldn’t find the right insurance products with coverage for their unique travel destinations and real needs,” said Gainullin. “With the latest investment from Fintech Ventures Fund, we’ll continue to expand our B2B partnerships custom-building travel insurance solutions for groups, including business and NGO travellers, associations and membership-based organisations.”
battleface combines innovative technology and underwriting to create, distribute and service specialty travel insurance products for people in both retail and wholesale. Products are supported by a network of 24/7 assistance coordinators, medical providers and on-the-ground field agents who provide emergency claims, medical and travel assistance services on a global basis.
Fintech Ventures Partner Lucas Timberlake said: “A core area of our fund’s investment thesis is that technology can be leveraged to more efficiently provide insurance products to markets that have been underserved by current offerings. We believe that battleface’s seasoned management team will create an industry leader in the travel insurance space. It is for these reasons that we are excited support the company’s future growth.”
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