Talking Shop: Recommending a Workflow Tool for Bank Services

# Treasury Management System (TMS)

# Technology

Editor’s note: NeuGroup’s online communities provide members a forum to pose questions and give answers. Talking Shop shares valuable insights from these exchanges, anonymously. Send us your responses: [email protected].

Member question: “We are interested in knowing if anyone is using a workflow tool to manage processes such as bank account openings. Our current process can involve a number of manual interventions between receiving a request for banking services from a business unit to working with the bank on documentation requirements.

“We use ION’s IBAM tool for housing all of bank accounts and related details and signatories, etc. There are approval processes in place for authorizing certain entries (record creation and anything to do with users as well as other tasks requires an approver; some fields to existing records can be updated by a single user).

“But it does not have a robust workflow process built in to help us actually manage a bank account opening process (and in the future, other processes) from start to finish, so we are looking to build one to help improve the efficiency of the process.

“We are putting together business requirements at the moment to see what tool might be configured to meet our need, and one of our requirements is that it produce some kind of record that can be uploaded into IBAM as the record.

“If anyone is using such a tool (either commercially available or custom built), we would be interested in learning about your experience.”

Peer answer 1: “We utilize FiServ BAweb for our bank administration application. We use the application for tracking our bank accounts, bank contacts, bank account signatories, bank contracts + bank documentation (open/close bank accounts, signatory changes, etc).

“We also use the tool for SWIFT eBam (open/close client bank accounts administered by us). The application has some built-in workflow, but it didn’t meet our needs. We built a customized workflow tool, utilizing SharePoint, for our bank administration processes.”

Peer answer 2: “We use eBAM and the FIS bank administration platform. This application houses our bank account information, mandates and documentation. Unfortunately, it does not have a workflow module to track pending administration on accounts (opening, closing, signer changes etc.).

“So we have built a ServiceNow workflow to manage all bank account management requests. We assign the tickets to our analysts to work requests with our banks. We also have built a BI dashboard off of the ServiceNow requests to monitor status to completion.

“It is not as dynamic as a workflow tool as you describe, but it allows us to track, organize and escalate requests that have been pending for some time.”

Talking Shop: Recommending a Workflow Tool for Bank Services

Editor’s note: NeuGroup’s online communities provide members a forum to pose questions and give answers. Talking Shop shares valuable insights from these exchanges, anonymously. Send us your responses: [email protected].

Popular

Related