Automating several key processes
FIMBank investigated a number of potential business process automation solutions and selected K2 because of its tight integration with Microsoft SharePoint. Now, FIMBank has over ten K2-based back office banking processes, covering areas including customer onboarding, expense claims, real estate security, regulatory event management and treasury deals processing. “The flexibility of the K2 platform allows us to develop new automated processes easily,” says Antoine Sabardeil, Business Analyst at FIMBank. “When business processes need to change, we can also adapt our K2 workflows in a matter of hours.”
K2 has enabled FIMBank to save hours of administrative time in its back-office functions, freeing up employees to work on more value-adding tasks. For example, an automated K2 process for transferring the details of new treasury deals directly into the core banking system eliminates manual data entry, soticket processing is completed in 1/5 of the time.
Likewise, a new K2 process for calculating the profitability of foreign exchange deals has led to substantial time savings. Financial reports are generated automatically and shared electronically, with no need to manually reconcile accounts or check exchange rates. “In two years, K2 has generated over 5,000 profit calculations, saving hundreds of hours of employee time,” Sabardeil says. “The treasury department estimates that having reporting capabilities built into the system saves two to three hours per month in report compilation.”
Several of FIMBank’s new K2 processes help the bank manage compliance with internal processes and financial industry regulations. A new Anti Money Laundering (AML) approvals process tracks deviations and automatically forwards any concerns to the compliance department for review. The new regulatory event manager process records actions relating to new regulations, assigns projects to the relevant departments, sets deadlines, and sends reminders to help FIMBank ensure compliance is achieved on time.