Savvion Unveils BPM Solution for Banks
By CXOtoday Staff
Mumbai, Nov 07, 2008 1207 hrs IST

Business Process Management is a technique for continuously improving business processes by defining, measuring and improving them.

The solution termed Banking Foundation will, according to Savvion, allows banks to monitor and improve their business processes across a wide range of banking functions, including loan processing, underwriting, and servicing by enabling them to quickly and easily build solutions to handle new regulations that are imposed.

The solution comprises collection of artifacts, process models and templates, along with reference implementations and best practices customized for the banking industry.

"In these volatile times, regulatory agencies are scrutinizing financial institutions more than ever," said M.A. Ketabchi, president, CEO and founder of Savvion. "Banks' management must be able to monitor, control, and continuously improve their business processes in real time. They must also leverage investments made in existing information systems, integrate with disparate systems inside and outside their enterprise, and continuously optimize their operating costs."

The solution according to Savvion has several features that contribute to improving business processes:

Intelligent Work Assignment: allocates tasks to the right people using work allocation logic that is controlled by attributes, which are easily defined and configured.

Activity-based Job Aid: minimizes or eliminates the need for rework and allows employees to perform tasks faster and more efficiently without errors.

Enablement of External Participants: provides electronic business communication with customers and vendors while allowing process managers to monitor and control the exchanges.
Insourcing and Outsourcing Support: gives banks the flexibility to outsource certain portions of an end-to-end business process without losing the ability to monitor and control.
Reusable Information Models and User Interface Elements: make it easier, faster, and more economical to develop new banking solutions.

Configurable Dashboards and Reports: enable staff and managers alike to have a real-time, easy-to-understand view of their key performance indicators and reports.

Support for Industry Standards: provides coherency and consistency across all information systems - even those of other banks whose systems may be different.

Integration with Existing Business Systems: allows banks to leverage their existing IT investments.