In the way of leveraging trading partners as well as existing information systems and legacy applications for customers, credit ratings, credit risk management, loans, lending and deposits information the following limitations were encountered:
- lack of risk data accuracy and integrity for credit decisions
- audit requirements to reduce fragmentation
- non-automated workflow support for Structured Credit Analysis
- process breaks, manual workarounds/inefficiencies on processes
- lack of transparency and traceability of processes and data for Lending & Deposits
- lack of real-time monitoring
- slow and inconsistent pricing exception approval tracking and execution
While analyzing common patterns for source of bottlenecks in banking and financial ecosystems, it turned out that one of the most expensive factors in terms of delays,resource allocation, adaptability to changes and customer needs would be considerably improved should a custom business process integration layer is added, in order to:
- address the communication and process execution gap between business users and IT, with business process management capabilities,
- allow orchestration of services and integration of business requirements
- alleviate the barrier of communication amongst multiple channels and siloed departments,
- minimize the costs, time and resources required to build and maintain them.
Time was of the essence and delivery was to be achieved within 4 months.