Financial institutions provide critical services within a modern society. In recognizing this, they must be held to a higher standard. They are required to perform their internal and external operations at an exceptionally high level of quality all the while ensuring compliance with standards, manage accountability, provide accuracy of predicted timelines and be able to respond quickly to exceptional cases. They have a responsibility to their customers to conduct business in the most efficient manner possible. This is not just from a business point of view, but also from a standards and compliance point of view. Best practice procedures should be followed at all times in order to provide the highest standard of services.
Ensuring that these standards of excellence are maintained across the organization is exceedingly difficult. Projects involving a large number of people scattered in different departments and locations makes communication, handoffs, feedback and reviews between individuals complex. Enlisting external resources is often a tedious affair and are often bottlenecks which delays overall project completion. Additionally, it is critical that jobs are carried out that comply with standards and regulations. This means that certain critical criteria needs to be met and certain processes must be performed in a certain order within defined milestones and parameters. Documents important to the job must be organized with the job to ensure compliance.
The financial industry is a process heavy industry and the financial institutions must accommodate the economy wide digital transformation of work processes. However, many are still stuck in outdated manual processes for managing the ever increasing complexity of the digital world. Manual procedures are prone to error and increase the risk of a deliverable of a product or service that is of reduced quality or is delivered unacceptably late. These errors and delays are often masked with poor visibility to management causing them to make poor financial and resource decisions which further exacerbate the problem. The end result is that it could damage the reputation of the company, negatively affecting credibility and integrity.
In order to achieve these standards of excellence:
- All of the processes and their dependencies of a job should be understood and mapped out as a workflow.
- Users need to know exactly what they need to do and have all the materials readily available to do the task they are assigned to
- Project managers need to be able to control all aspects of the project and take manual control if necessary to handle exceptional cases.
- Management needs to have a transparent view of the current state of all jobs so they can make high level decisions
- All data and files related to a project need to be located in a single coherent place, organized according to when and why a particular file or document was created.
TACTIC’s Workflow Engine ensures that all milestones and targets for regulatory compliance are achieved. It does this by tracking all the processes and streams in a job are executed according the definition of the provided workflow. With an integrated DAM (Digital Asset Management), TACTIC ensures the integrity of data and documents within a project. Everything is organized according to the process that created it. Old versions are never lost as new ones are replaced. Everything is tracked in the background. Through custom, easy to use interfaces for each process, users are able to access the information they need quickly without having to be aware of the complex details of the entire job. Everything for the task is automatically assembled and clearly displayed for them. In order to make important executive decisions, management needs to know what is going on, so TACTIC project tracks all interaction through well defined workflows ensuring that on demand and archive status reports are available at all times.
TACTIC products have been used to orchestrate the data flow of a wide variety of real world common jobs faced by Financial Institutions. Some examples are listed:
- Know your customer
- Customer Onboarding
- Risk Analysis
- New account applications
- Loan approvals
- Internal Software Development
TACTIC Products provide a suite of tools that can be used independently or in conjunction to solve a wide variety of workflow problems in Financial Institutions. The flexibility of the workflow engine to orchestrate arbitrary workflows means that TACTIC can ensure that any type of job meets the rigorous standards defined by the financial institution.