Here's another installment of "5 for Friday," a quick spin through a few items that caught our eye this week.
Here's another potential buzzword. We've been hearing from a few banks, particularly in Canada, about the need for "Operational Resilence Compliance."
The idea predates the pandemic, with the pandemic adding some momentum to it. Similar, but not identical, to risk/recovery/continuity plans, operational resilience extends beyond a focus on a company itself to how companies (Fintech particularly) affect the economy when they can't operate normally.
Currently, the UK seems to have more advanced standards and banks and other financial services need to be compliant (links below) by end of March 2022.
In the US, there is some beginning guidance on the concept. Here's a brief overview: https://www.lexology.com/library/detail.aspx?g=b89548af-16c3-4a0f-bea7-7b065beeedd0
Or here's a direct link to the document referenced in the previous link: https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20201030a1.pdf
Business Process-as-a-Service to Boom?
While we would say this is a little bit late to the party, it was interesting to read that Google Cloud CEO Predicts a Boom in Business Process as a Service.
Google Cloud CEO Thomas Kurian is focusing on automation and business process improvement as the company seeks to gain ground on cloud computing competitors.
Speaking at the virtual Automation Anywhere Imagine Digital conference, Kurian said a shift in focus to business processes as a service will define enterprises’ future cloud migrations.
The traditional on-ramp to the cloud was about technical integration. That meant migration of enterprise apps to virtual machines, data to cloud databases, and refactoring apps to scale more efficiently with microservices, Kurian said. Now, business executives’ traditional focus on practical business problems — the search for new opportunities, improving customer experiences, and reducing the costs — will come more into play.
Mortgage Lenders Getting Squeezed
Hyland has an interesting infographic highlighting issues (and goals) for mortgage lenders. You can download the complete infographic here. One thing we are hearing from customers and Celonis is that optimizing workflows via migration can help providers "lend more than money."
Automation Challenges Abound
Doculabs has understood the power of automating manual processes since we were founded. The pandemic has pushed the rest of the world to begin to move automation from a "let's do that one day" project to a "we need this now" project. An interested article on the Celonis blog highlights the 5 top automation challenges. They're all challenges for sure, but we'd add another important challenge -- don't forget to digitize your paper documents. It's obvious, but you can't automate a manila folder that needs to be walked around an office.
Customer Experience Continues to Grow in Importance
It's always about the customer. Over the past few years, software vendors have taken this messaging to heart and often make an improved customer experience a part of their marketing pitch. An interesting research report sponsored by Microsoft and performed by Worldwide Business Research surveys financial service organization leaders about how customer experience changed in 2020 and what leaders expect to carryover into 2021 and beyond. The report is free upon completing a form. Download a copy here.