How Business Activity Monitoring Can Transform How Your Bank Does Business

Banking leaders no longer have the luxury of waiting for a quarterly, monthly, or even weekly report to inform them of what’s happening in their business. One missed anomaly can lead to costly legal and regulatory issues, bad media attention, or a breakdown in customer relationships. 

While most businesses are armed with a deluge of data, few have the ability to turn it into insightful, real-time action. To combat this problem, banking managers are turning to new visibility tools like Business Activity Management (BAM) solutions. Business activity monitoring can automatically identify and flag time-sensitive opportunities and anomalies like large cash withdrawals, loan requests over a certain amount or loan requests from companies with a certain amount of employees. Instead of waiting for a report after-the-fact, you can set up real-time alerts triggered by important events. With the right business activity monitoring conditions in place, you can have a new window into the real-time state of your business and transform how your banking team manages data. 

1. Rapidly spot real-time anomalies

The purpose of a business activity monitoring solution is to simplify, not complicate, how you operate as a financial institution, so it’s important to select one that doesn’t add extra steps into your processes. A plug-and-play platform like ProcessMaker can deliver alerts right into your inbox, with no need to log in to a complex system or mine an unnecessarily cumbersome report. Custom, real-time alerts bestow your team with the power to rapidly spot anomalies and take immediate action. 

2. Easily monitor COVID-19 pandemic-related banking irregularities

Rapidly changing conditions like those related to the current pandemic require the ability to make on-the-spot adaptations. Banking activity that was once considered standard can quickly shift to abnormal. If making changes to your reporting is a prolonged, time-consuming process, your team can quickly fall behind the 8-ball. 

COVID-19 changed many personal and business-related banking behaviors overnight. Weekly deposits by restaurants slowed as new mandates forced them to close down bars and dine-in service. The purchase patterns of elderly customers sheltering in place shifted to online ordering for groceries and other essentials. With a platform like ProcessMaker, you can make agile adjustments to your alert system to have a true picture into how your customers are banking. 

3. Employees can focus on more productive tasks

Instead of sifting through spreadsheets to compile critical data points, curated alerts allow employees to spend time on more profit-centric activity. Whether it is handling a customer complaint or streamlining incoming loan requests, employees that aren’t strapped to their desks wading through time-draining reporting processes are able to push forward on business activities that truly impact the bottom line. 

4. Boost customer satisfaction

Congress has set forth a variety of loan types to mitigate the repercussions of coronavirus on small businesses. Banks and other lending institutions had to quickly build new workflows to take on the influx of loan applications. 

The flood of applicants shined a spotlight on unprepared loan origination software, leaving many customers angry and confused. Many applications were slow to approve as they made their way through outdated and clunky back-end processes. However, smart institutions plugged into an efficient loan origination software saw the opposite. Decision-makers received instant alerts when applications came in from important customers or if an application was missing critical information. Employees could reach out to customers in real-time to make updates and green-light approvals to make sure businesses were on the fast-track to receiving much-needed funding. 

5. Empower your team with proactive insight 

Discovering an error weeks—or even just days—down the line sends your team scrambling to find a solution. By the time you’ve realized a problem, its complexity has doubled. 

If your team spends most of its time in deep water reacting to problems, business activity monitoring tools can shift your focus on proactive solutions. By systematizing the right conditions, your team can start to predict problems before they turn into an uncontrollable fire. 

By leveraging the right business activity monitoring tools and real-time alerts, you can transform your team into a decision-making powerhouse.

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