Banking leaders no longer have the luxury of waiting for a quarterly, monthly, or even weekly report to inform them of what’s happening in their business. One missed anomaly can lead to costly legal and regulatory issues, bad media attention, or a breakdown in customer relationships. While most businesses are armed with a deluge of data, few have the ability to turn it into insightful, real-time action. To combat this problem, banking managers are turning to new visibility tools like Business Activity Management (BAM) solutions. Business activity monitoring can automatically identify and flag time-sensitive opportunities and anomalies like large cash withdrawals, loan requests over a certain amount or loan requests from companies with a certain amount of employees. Instead of waiting for a report after-the-fact, you can set up real-time alerts triggered by important events. With the right business activity monitoring conditions in place, you can have a new window into the real-time state of your business and transform how your banking team manages data.
1. Rapidly spot real-time anomalies
The purpose of a business activity monitoring solution is to simplify, not complicate, how you operate as a financial institution, so it’s important to select one that doesn’t add extra steps into your processes. A plug-and-play platform like ProcessMaker can deliver alerts right into your inbox, with no need to log in to a complex system or mine an unnecessarily cumbersome report. Custom, real-time alerts bestow your team with the power to rapidly spot anomalies and take immediate action.
2. Easily monitor COVID-19 pandemic-related banking irregularities
Rapidly changing conditions like those related to the current pandemic require the ability to make on-the-spot adaptations. Banking activity that was once considered standard can quickly shift to abnormal. If making changes to your reporting is a prolonged, time-consuming process, your team can quickly fall behind the 8-ball. COVID-19 changed many personal and business-related banking behaviors overnight. Weekly deposits by restaurants slowed as new mandates forced them to close down bars and dine-in service. The purchase patterns of elderly customers sheltering in place shifted to online ordering for groceries and other essentials. With a platform like ProcessMaker, you can make agile adjustments to your alert system to have a true picture into how your customers are banking.
