The financial industry is both one of the most technologically complex industries, and it’s also among the most heavily regulated. That presents some particularly difficult challenges—and with them, as many opportunities.
In this blog, we’ll discuss some of the challenges faced by financial institutions today. Then, we’ll show you how SMA Technologies can help your organization adapt to the pace of technological and regulatory change—and even get ahead.
The complex technological landscape
A wide range of digital systems support every financial institution. From decades-old payment rails and legacy mainframes to predictive analytics and machine learning applications, financial institutions rely on countless sets of technologies.
Each of those technologies plays an important role. Together, they comprise a vast network of interdependent systems. With more moving parts comes more potential for technical failures that could cascade into other connected systems.
To manage such a complex and varied digital landscape, financial institutions usually rely on their people. IT staff work long, unpredictable hours to ensure all processes occur accurately and on time. In addition, they monitor SLAs, handle business user requests, maintain security and compliance, and deliver consistent uptime.
With all that, it can be tough enough to keep up, let alone get ahead.
Shifting regulatory requirements
As technology gets more advanced, new regulatory issues emerge. Cybersecurity, data sourcing, privacy, and miscellaneous compliance issues abound.
As financial institutions introduce new systems into their environment, they must prepare for the legal ramifications of doing so. As digital transformation continues, regulatory bodies are clamping down on questionable practices and relaxed approaches to data sourcing and user privacy. In this world, balancing the need for data, such as with KYC concerns and CECL models, with the need for privacy, such as with GDPR requirements, presents a complicated regulatory minefield.
Knowing how and where data is sourced, plus ensuring its quality, is a critical first step toward compliance. Financial institutions must be prepared to quickly adapt to new regulations that dictate how they handle their data. Remaining compliant will require more than just a watchful eye—it will also take robust solutions that ensure consistency and assiduous documentation.
OpCon seamlessly simplifies complex systems and compliance issues
Financial institutions rely on new technology and data to maintain their competitive edge. Merely cramming more technology into a system won’t cut it.
Powered by SMA Technologies, OpCon automation artfully ties together the myriad of individual systems in each financial institution. OpCon automates repetitive manual processes to increase efficiency and reduce error. Any digital environment can be automated end-to-end to facilitate seamless workflows, curtailing the need for manual operator interventions.
OpCon also comes standard with the powerful Vision module. Vision allows managers and users a top-down view of all active and scheduled processes in a simple dashboard. Navigation through the dashboard’s color-coded cards is easy, and users quickly pinpoint the source of anything wrong. Vision helps businesses:
- Optimize automation performance
- Monitor business processes and SLAs
- Ensure process reliability
- Improve business agility
And, with predictive SLA notification and alerting, OpCon can be configured to leverage historical and current performance data to make sure everything is occurring on schedule. If it’s not, OpCon will notify or alert key personnel if SLAs may be late to start or finish.
OpCon’s ability to continuously monitor all processes is invaluable in compliance, too. As it monitors, it develops history and audit logs. Accessing change logs, generating reports, and even reverting to previous versions are all possible with OpCon.
The rate of technological change
The pace of technological change is already fast, and it’s still accelerating. Fortunately, OpCon is designed to change and evolve as quickly as the world around it.
Automation frees up staff time to pursue higher-level work to push your financial institutions further forward. OpCon also establishes the foundation for true scalability—because it’s a truly custom solution, it grows alongside your organization, incorporating new techniques, technologies, and approaches as needed. And, because of its monitoring and administrative abilities, it helps our friends in the financial services stay in compliance with strict regulatory requirements.
So, can the OpCon automation platform simplify your financial institution’s increasingly complex digital landscape while ensuring consistency, adaptability, and compliance? Yes, that’s possible.