Leveraging business process to drive modernizationĮmerging from the pandemic, a capital markets utility firm needed to modernize its technology footprint and operational approach to reduce dependency and use of mainframe applications. Some FIs have realized that process transformation, automation portfolios and Lean Six Sigma training are key to improving resiliency while serving their customers better, faster and more economically. They’ve recognized that the operations and processes that were effective pre-pandemic may need to be reassessed and improved upon to drive future business resilience and operational effectiveness for more successful outcomes against future threats. They’re reassessing their relationships with and reliance on third-party outsourcing providers while also examining their overall business continuity plans to protect their businesses against further disruptions. This lack of business continuity planning, coupled with inexperienced onshore contractors, affected overall business operations, and uncovered a previously unknown vulnerability in their risk management.Īt present, many FIs are still recovering and working to right-size their operations. Many offshore outsourcing providers, burdened with a lack of infrastructure for handling work from home, were prevented from fulfilling their service-level agreements (SLAs), causing detrimental force majeures. The FIs found that knowledgeable onshore resources were few and far between, as they had long since outsourced the bulk of operational work and were compelled to hire high-cost, onshore contractors. When many offshore countries instituted country-wide shutdowns, FIs were forced to return to an “onshore” business model as outsourcing providers struggled to meet demands. Offshoring business processes: Key challengesįIs with offshored business processes were caught off guard by a myriad of infrastructure failures that exposed them to significant operational risks during the onset of pandemic-issued quarantines. They’re making bold moves to reimagine and reconfigure their operations and processes by focusing on three themes - process simplification, acceleration of automation and revisiting the value of programs such as continuous improvement - to help them not only maintain but strengthen their marketplace position. But forward-thinking financial institutions (FIs) are using the experiences of the last 22 months to safeguard their businesses to increase resilience, improve sustainability and drive growth. CC BY-SA 3.0 Creative Commons Attribution-Share Alike 3.It’s no secret that the disruption caused by the COVID-19 pandemic laid bare financial services organizations’ operational challenges and inefficiencies. This licensing tag was added to this file as part of the GFDL licensing update.
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