Changes in the banking services industry have forced the implementation of technologies at all scales.

Having access to accounts, obtaining information from them. In addition to that, having a range of services within reach of a click are demands that multiply every day in the interconnected world we operate.

However, the success or failure of overall customer experience – and the results – depends directly on how organizations manage those operations.

For that reason, financial service providers need to find the balance between generating innovations and controlling costs, complying with the regulatory requirements imposed by local laws.

This culture of interaction and access to information in real-time means that organizations must review the company’s operational processes. Also, think critically about their basic back-end banking systems’ capabilities, modernizing them to keep up to date. We present five critical strategies for doing this:

1. Turn to automation to perform better: This is a crucial factor in increasing operational efficiency.

In terms of speed – especially for high volume tasks like payment processing – the automation at real-time speeds can provide much higher performance levels.

Financial institutions routinely processed transactions in batches according to a pre-established schedule. However, this is no longer sufficient for customers who today want and expect quick access and information about their accounts updated in real-time.

For that reason, today’s automation technologies have a greater capacity to handle large volumes of information. Banks can use them to make way for new business practices, such as direct processing for trade settlement.

This level of banking operations process improvement enables virtually instantaneous settlement and exception handling. Businesses, consumers, and governments alike can remit readily available funds to their payees. Payers can receive real-time confirmation and have their operations carried out as planned.

1. Maintain the consistency and quality of information: centralizing information management in a particular area will make it possible to supervise the entire process of managing this information. It also makes it possible to perceive the diversity of uses and to coordinate them accordingly.
2. Increase and guarantee the quality of service: this banking operations process improvement strategy can also help organizations detect and best respondent to financial crimes. Money laundering, scam, and other financial crimes can be costly in impacting the organization’s finances. And the bank’s time and resources devoted to investigating and preventing them.

Many organizations implement capabilities capable of integrating new types and sources of data and predictive information in a more agile way to help combat fraud. Fraud is one case where incorporating innovative capabilities such as machine learning (ML). Artificial intelligence (AI) on top of an open hybrid cloud using Linux container technologies can help combat fraud.

1. Reduce the complexity of process changes: operational efficiency centers offer a set of already active services provided to any entity that changes its processes. It also provides assistance to staff dedicated to supporting the development projects of other entities.
2. Analyze data and take action quickly: Some factors can hinder efforts to achieve operational efficiencies, such as many operations and policy exceptions, new or changing regulations, different fraud detection systems, and complex manuals. Automated decision-making technologies can be used to quickly and consistently evaluate operations based on defined business or regulatory policies. While predictive information can help identify potentially suspicious activities that warrant further investigation, automated decision making can direct such cases to the appropriate investigators.

The banking sector providers face several problems and challenges daily, including find modernization of payments, fraud detection, and risk mitigation, and at the same time are under pressure to minimize the time and cost of operations. Lpors’ open hybrid cloud portfolio helps financial services providers meet a new generation of customers’ needs. As a result, it can help your organization achieve higher levels of operational efficiency. Learn more about lpors.com operational efficiency solutions and learn how to drive greater efficiencies across your organization while delivering innovative, agile, and compelling experiences to your customers.

Paul Petersen