The banking and insurance communities are constantly seeking ways to improve their operational efficiencies
and reduce their risks. Highly regulated, they need to identify and focus on process improvement that supports
regulatory compliance, while providing enhanced operations with reduction in operating costs.
Typical key drivers for process change include cost, headcount reduction, compliance, and improved customer
experience. Drivers could be vertically specific, or focused on more general horizontal business processes.
A determination must be made whether requirements are unique or specific, and which processes are prime
candidates for improvement.
Cultural readiness is also a consideration. Organizations must assess the appetite for process change and the
purpose of the change. Perhaps it is removing paper, a key step to performance improvement. Outsourcing might
also be a candidate. Would they consider outsourcing parts or all of the process and just as important, how is
outsourcing perceived within their organization? Another factor is the perception of outsourcing in relation to
inbound and outbound processes.
When it comes to decision-making on process initiatives, this may be a head office function or devolved to local
level. How the organization operates will also be influenced by corporate demographics including location, and industry type. Within the finance and insurance sectors, regulatory guidelines will differ across different products, and the same holds for location. The rules in one region or country will vary, sometimes being dramatically
different. While this will likely influence the use of outsourcing and the choice of supplier, it does not preclude it as a viable part of an overall solution.
In this report we will explore and measure the reasons why financial organizations are undertaking process
improvement projects, where eliminating paper sits within these activities, and attitudes toward outsourcing.
Based on our key findings, we will present some conclusions and recommendations for those who work in the sector and are undertaking these types of project.