Savvion Announces Banking Foundation For The Financial Industry

Savvion has introduced Savvion Banking Foundation, a BPM-enabled solution that enables banks to keep pace with the rapid changes precipitated by the current credit and financial market crisis and to comply with new regulations and requirements. It allows banks to monitor and improve their business processes across a wide range of banking functions, including loan processing, underwriting, and servicing.

“In these volatile times, regulatory agencies are scrutinising financial institutions more than ever,” said Dr M A Ketabchi, president, CEO and founder of Savvion. “Banks’ management must be able to monitor, control, and continuously improve their business processes in real time. They must also leverage investments made in existing information systems, integrate with disparate systems inside and outside their enterprise, and continuously optimise their operating costs.”

Banking Foundation allows financial institutions to easily build solutions to handle whatever new regulations are imposed, giving them the increased agility and flexibility that traditional banking solutions do not deliver. Banking Foundation users can quickly implement process changes and deploy them globally because of the open architecture and user-friendly interfaces of Savvion’s business process management system.

More from Biztech

Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

Savvion Banking Foundation encompasses a comprehensive collection of artifacts, process models and templates, along with reference implementations and best practices tailored specifically for the banking industry. As a result, customers are able to build new and flexible banking solutions that can be changed easily to meet future needs.

Key Advantages

The Intelligent Work Assignment feature of the Foundation allocates tasks to the right people using work allocation logic that is controlled by attributes, which are easily defined and configured. Its activity-based Job Aid minimises or eliminates the need for rework and allows employees to perform their tasks faster and more efficiently without errors. The Insourcing and Outsourcing support it offers gives banks the flexibility to outsource certain portions of an end-to-end business process without losing the ability to monitor and control. The Foundation integrates with existing business systems, thus, allowing banks to leverage their existing IT investments.