Many banks are tackling the process of digital transformation, spurred on by emerging technologies such as machine learning and artificial intelligence. Deciding on how best to leverage this tech is key for a bank’s ongoing survival and competitive advantage.
The Situation for CFOs
As a CFO of a banking institution, it’s becoming increasingly easy to feel left behind. The industry is changing, and new core banking systems are assumed to be meeting CFOs’ needs, but often isn't the case.
CFOs are trying to facilitate innovation and financial automation is a key area.
A lot of high expectations come with financial automation, and many companies are feeling let down and left behind by ERP systems that claim to do business intelligence (BI), analytics, and reporting, but don’t provide the capability they require.
Financial automation reduces errors and manual process. It allows teams to deliver more value while keeping you compliant with regulators. But where should a CFO start?
Audit Your Processes
Look for the tell-tale signs you have too many manual processes within your institution already. Understand how BI and analytics are being run across your institution. Where there's tedious data input and replication, there's an opportunity for automation.
Audit Your Operations
Firstly, scrutinise your processes. By auditing your operations, you can gain valuable insight into the areas that need automation the most.
Start by looking at your biggest and most time-consuming tasks and identify the manual processes within them that could be changed. By identifying which processes would benefit from automation, you can begin to provide actionable insights for your business.
Understanding where your business needs automation the most provides you and your team with greater flexibility to tackle what’s most important.
Free Up Your Key Staff Members
Producing reports is a mundane task that wastes the time of those more qualified and more useful elsewhere. Report creation should be a major focus of financial automation implementation.
By freeing up staff members from tasks like these, they can instead focus on higher priority, more business-critical jobs, like extracting useful data from those reports.
Reducing the amount of human intervention within the report creation process could affect both the accuracy and availability of your reports, ensuring your team is more productive overall.
Access More Valuable Data
Transform your finance department into a value centre by producing insightful, actionable data at a faster, more reliable pace. By automating your reporting process, you’re able to harness your team’s expertise and access a greater availability of information and data.
For many banks currently, the data problem is being solved by tech people that can’t translate that data into valuable insights. Once you’ve freed up your staff members from manual processes, you can begin to extract and use data to your advantage.
Knowing where to begin with financial automation is one thing, but implementing it is another. Deployment is often painfully slow, and for many banks, fast time to reports is vital.
Financial automation can be used to streamline all of your processes, helping you keep up and compete in a transforming banking landscape.
BankBI can help with the process of automating your financial reporting, ensuring you can monitor your performance with actionable insights that will help your institution work faster and harder to compete.