Most financial institutions evolved their back office in a product-centric manner as they added new products, territories, and engaged in mergers and acquisitions. Consequently, their back-office environment is full of complexities, added costs, and inflexibility. Because the underlying processes are fundamentally flawed by the multiple operating complexities, the conventional approach of making incremental changes and adding automation will not deliver the maximum possible benefits.
This white paper discusses how to transform to a process-centric environment, using a unified capture platform and reengineered process to deliver efficiencies, eliminate cost, improve customer satisfaction, and respond to market conditions more flexibly. The paper explains the operational problems that result from product-centric back office processes and contrasts it with the benefits of a operating from a process-centric back-office. It also provides insight into change management issues associated with transforming a bank’s back office and presents recommendations for a roadmap for implementing change.