The lure of capturing immediate efficiencies through the implementation of technological advancements has led many financial institutions to pursue change. Recognizing the human and procedural impact of implementing technological change is important. The article’s examination of how measured progress has been undertaken and managed serves as a testament to this.
18 months ago, CBA created the chief process officer role in a bid to streamline the seemingly disparate processes that the bank had ended up with as a result of growth and over 105 years in operation.
In the chief’s position, O’Neill heads up the bank’s process mining initiative, monitoring the flow of data throughout the entire organisation.
As a banking environment is still a heavily manual one where paperwork is still performed out of a regulatory requirement on a daily basis, O’Neill explained that jumping straight to a technology implementation is not necessarily the best practice.
Mercator Advisory Group recognizes the steady migration of processes to the digital environment within financial institutions and by their customers is underway. However, the cautionary note struck in the article, to keep the human element first in mind is well taken by large and small FIs alike.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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