How to Create Value by Simplifying Financial Processes?

Simplifying financial processes, if done with a good plan, can help you lift down your operating costs, build better customer relationships (thus improve sales) and reduce the number of costly errors made. How to extract that value? You will find out more about it by reading this article!

Table of Contents

• Simplifying Financial Processes in a Nutshell
  • Introduce Large-Scale, Hyperautomation
  • Standardise Your Procedures
  • Monitor Your Processes
• Creating Value by Simplifying Financial Processes
• The Takeaway

Simplifying Financial Processes in a Nutshell

The easier a process is for those involved, the happier and more efficient they are. This is a universal truth embraced by UX designers, marketers, salespeople and businesses in general. But, it’s easier said than done. While you might know that you need to simplify financial processes and analyses in your organisation, do you know how to do it? Well, you don’t have to—here’s a list of solutions to this problem!

Introduce Large-Scale, Hyperautomation

Hyperautomation uses a large tech stack to streamline the processes within a given business—it can also be applied to finance. It simplifies financial processes by automating many of them, leaving human input only where it’s absolutely necessary.

Need help with automation? See our digital process automation services for banks!

Standardise Your Procedures

When large-scale businesses, such as banks, are considered, it’s sometimes not a case of simplifying a single process but rather of making the whole operation more efficient in general. That’s when standardisation comes into play—sometimes, it’s enough to revolutionise the efficiency of your business.

Banks won’t avoid all complex procedures, as some of them are simply forced by current regulations. What they can do is make sure that all similar procedures can be carried out in the same way. A great example of that is composable banking.

Specified software components are applied to different services, ensuring the same processes are in place. This means that your employees have to learn only a general set of procedures referring to particular components rather than a completely new process.

See all Ailleron software components for finance!

Monitor Your Processes

Extensive monitoring and analysis will help you simplify your financial operations. Here, you should focus on two points of view:

• General one—applied to all processes, focused on measuring the time and effort required to complete them.
• Detailed one—applied to those processes that proved to be underperforming in general monitoring. Here, you focus on finding the bottlenecks that make the process more complex and eliminating them.

Creating Value by Simplifying Financial Processes

Let’s say you implemented the solutions we mentioned above. How do you extract value from them? It should be pretty straightforward from here.

By simplifying financial processes in banking, you make their execution quicker. When this occurs, you can expect two things:

• Higher value produced by your employees—they need less time to complete the same tasks, bringing more value for the same price.
• Enhanced customer satisfaction—faster processes improve customer experience, leading to lower churn and higher sales!

In the end, you get visible financial benefits without any additional effort required to extract them.

The Takeaway

Simplifying financial processes and analyses improves customer satisfaction and organisational performance. Thus, do not hesitate to implement the right solutions now!

You might also read: How to Boost Agent Productivity in Financial Services?

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Ailleron Marketing team includes digital marketers and content creators who provide insights and expertise from across the organization, including #AilleronExperts. For media queries, please get in touch with us via our contact form.