Building a Bank - Week One

Dynamic Workflows – Core Agnostic – Better than Service Now?

Operations




As we officially get started with our Build the Bank series, one of our secret weapons is the workflow tooling we have built inside the Lenders Cooperative platform. This workflow platform allows our Operational team to define dynamic workflows for traditional back-office functionality.

For example, as we are building the Operational RACI between the sponsoring Bank and our Ops team – we are using this tooling to not only facilitate work (e.g. address change, card orders, treasury on-boarding), but also to structure procedures. This allows the operational analyst to receive a unit of work from the workflow system, and have it accompanied by documented procedures on how they need to fulfill the task. Plus, while our tooling can automate much of the workflow activity, some processes can’t be automated – and this allows us to have complete traceability about who did the task and how long it took. This reporting and auditing capability will be a key component of ensuring both internal auditors and external regulators get comfortable with our model. In future posts, we will share more about this workflow capability. But for now, think Service Now type of capability – but optimized for Banking, with certain integrations into Jack Henry SilverLake and related systems. Here is a sneak peak screen at a sample back-office screen that allows an Ops analyst to dynamically build a custom workflow and push it out to a customer or a front-facing Bank employee.

Tooling Aside – it was a really busy week for our team:

The primary focus this week was providing insight and support to bank leadership as they participated in pre-product design meetings that were conducted by the Jack Henry implementation organization. The purpose of these sessions was to explain in detail the options and functionality available when designing products. 

Because we are building this bank from the ground up, a constant theme during these sessions was best practice recommendations.   Not being restricted by entrenched system design and processes creates the opportunity to build a very efficient system/bank.   It is during this “Design” phase that we will have a lot of impact…

Time was spent discussing and compiling an inventory of required processing procedures. Identifying both high volume and labor-intensive processes is key. As system implementations move forward and interfaces are configured this awareness will help guide our efforts in streamlining procedures and building automated workflows that will produce tangible efficiencies. Initially, we are identifying and scoping five basic workflows for the development team so they can begin their work.  

As seen on BankDirector.com