This year’s Sibos conference examined the theme of “recharging global finance.” Key focus areas included digital acceleration, transformative technology, managing risk, and diversity and sustainability. Financial services organizations of all sizes face the challenge of increasing volume, complexity, and velocity of change within their business.
A low-code platform can infuse this transformation with flexibility and speed, paving the way for better customer experiences, lower financial and operational risks (with improved controls and procedures), and more effective operational resilience to quickly adapt to change.
At Sibos, I spoke with journalist Juliette Foster about the issues that organizations should be prioritizing. Those issues include customer experience, regulatory compliance, risk management, digital transformation, and environmental, social, and governance (ESG) tracking. However, the level of change required and competing organizational needs can make prioritizing these issues difficult. With the right technology, though, organizations can solve for change and do it well by focusing on business imperatives that deliver customer value and reduce costs for greater controls and operational resilience.
Foster wanted to expand on how large organizations can improve agility and adaptability, asking about the best approach to capturing opportunities to propel innovation. My answer was simple: using low-code technology and automation. Organizations should learn to discover, design, and automate their business processes with a low-code platform, prioritizing what needs to change with the help of process mining at the source. From there, they should orchestrate people, systems, and data with automation, using innovative technologies like artificial intelligence, robotic process automation, and machine learning, all in a single workflow. All of which can be done quickly and easily with a low-code platform.
Foster also inquired about how financial services organizations can adopt a digital culture to execute their vision. I believe organizations should start with low-code. Low-code platforms with complete automation enable front-line employees to be the best versions of themselves, optimizing workflows and improving efficiency. Ultimately, finding the right balance of people and technology empowers better decision-making and better customer experience.
Identifying which functions need to transform is imperative to getting the most from a low-code platform. Process mining is a natural fit for navigating through workflows and processes to identify gaps and inefficiencies that might benefit from digitization. A recent Deloitte survey found that 63% of organizations have already started to implement process mining, and 83% of companies are already using process mining to expand their initiatives. That’s why Appian recently acquired process mining leader Lana Labs to deliver this functionality to financial organizations around the world.
Listen to the full interview to hear more about what organizations should be doing to be proactive and “bank on change” to embrace a digital-first culture and drive transformation and innovation across multiple lines of businesses. And to learn more about the benefits of low-code in managing change in financial institutions, visit appian.com/finserv.