In a world of increased connectivity and accessibility, today’s customers are demanding more. They want to do what they want, when they want, and on the device they want to use. These expectations are no different in the rapidly changing, yet highly regulated world of financial services. In order for client services and sales teams to meet these expectations, they must be equipped with the right tools, and more importantly, your firm must have the right processes, systems and technology in place. Often, firms turn to process automation projects as a way to create these systems, but without a clear vision and strategic approach, many of these projects end in failure.
A lack of vision can result in the failure of a process automation project. Many firms fall into these common traps:
- Failing Big – With so many stakeholders involved in these projects, it’s easy to fall into the trap of wanting to address everything to everyone in the initial release. Instead of ‘winning small,’ firms often ‘fail big’ by insisting on 100% automation and no manual work. We’ll discuss specific development methodologies, like agile, which allow firms to see huge benefits over time by implementing features and functionality as they are available.
- Not Collaborating Across Departments/Functions – The best solutions are ones that will provide value and benefits across an entire organization, but it’s hard to get departments and divisions to align their automation priorities. This problem often results in a “just do what you can do” mentality since cooperation is too difficult. Instead of eliminating costs and inefficiencies, however, this approach merely redistributes them. We’ll discuss approaches to working through this common frustration, as well as discuss recent innovations that require cross-departmental collaboration such as e-signature, single signature pages and document tracking.
- Generic Communication – Operations staff may view process automation projects as a threat to their job security, and as a result, may not be willing to help with the change. Instead of communicating generically about a process automation project, it’s important to communicate as specifically as possible, emphasizing how the time that is going to be freed-up could be used. We’ll provide examples of how these benefits can be communicated across all job functions within a financial services firm.
- Forgetting the Customer – With so many internal stakeholders to please, it can, unfortunately, be easy to forget about the stakeholder who matters the most: the customer. Whether the customer is external or internal (such as brokers, bankers or customer service representatives), resistance to change will be decreased when the automation project can show direct benefits to the customer.
By being aware of these landmines, clearly communicating and remembering the purpose of the project, you are more likely to have a successful business process automation project.
Learn more about how to avoid the common landmines associated with business process automation and have a successful project by downloading our whitepaper: