We’re Talking Smart Process Applications for Financial Services
We have all heard the story before: organizations trying to become more customer-centric but can’t because they are held back by ageing applications and siloed operations that leave them unable to keep up with the demands of the modern customer. I have been working a lot recently with customers in the Financial Services industry where this issue is extremely prevalent.
The good news is that there are alternatives to legacy systems that no longer fit the bill, and at OpenText we call them Smart Process Applications. Smart Process Apps combine the power of Business Process Management or Case Management, with ECM, capture, analytics, collaboration, and customer communications management to allow organizations to be more collaborative and support the dynamic and demanding customer environment that exists today. Smart Process Apps break down the barriers of application silos while still referencing the legacy applications as the system of record.
I am really pleased to announce a new case study we did with QSuper, one of Australia’s largest superannuation (aka retirement) funds that service government employees, related entity workers, and their spouses. Like many financial services organizations, QSuper operates in a highly competitive and dynamic environment, where legacy applications with limited functionality and no central view of the customer could limit their ability to open new accounts, provide stellar customer service, and ensure consistence execution of operations.
QSuper used to rely on a workflow system that was embedded within one part of their organization. The system had limited functionality, no disaster recovery capabilities, and experienced frequent downtime – that led to disruptions in their business. In addition to these issues, eight different systems were used by operations staff with numerous repositories for customer information, which included a mixture of paper and electronic documents.
Like many other financial services organizations, QSuper realized that they needed to modernize their application infrastructure to provide a single view of their customer in order to become more efficient and improve the customer experience. This new system, workQ, is a Smart Process Application that now handles 78 percent of customer administration processes and is used across QSuper, from knowledge workers processing claims to business operations and IT staff to mid-and senior-level management. They have also been able to decommission 5 of the 8 former customer systems, which has significantly reduced business operations costs and improved employee responsiveness to customer inquiries. The advanced analytics and reporting in the new system has reduced the manual effort to create reports by 99% and provides a much clearer view of overall business performance.
QSuper is just one example of numerous customers who are providing better customer service with a modern, Smart Process Application infrastructure. To learn more about Smart Process Apps and other customer success stories, follow me here.
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