IBF and its Components
Integrated Banking of the Future™ is built on the premise of creating a standards-based, banking-application-independent, interoperable process-centric solution. IBF’s goal is to create visibility in a short period of time across core retail banking processes such as Account Opening, Call Center Support, Consumer Lending, Financial Transactions and Risk Management, which, in turn, identifies areas of inefficiencies and productivity improvement within these key processes. The result is a lean and extremely productive operation that would provide the best and most consistent experience for the bank’s customers, and would prepare the bank for future acquisitions or consolidations.
The following diagram provides an overview of how IBF would fit into a bank’s existing infrastructure:
Integrated Banking of the Future™ supports the following key features:
- Flexible business process models for key Retail Banking business processes are being rolled out the following phases:
- Account Opening
- Call Center Support
- Lending
- Financial Transactions (Transfers, Payments and Fees)
- Risk Management (Prevention, Detection and Reporting)
- Extended enterprise process management (ability to extend the process-centric solution to customers) for greater visibility, productivity, traceability and ultimately better customer satisfaction
- Based on best practices and industry templates that support the bank’s core business processes
- Advanced workflow automation and exception handling for increased productivity and reduced wastage in time, effort, resources and money
- Based on banking domain and subject matter expertise and a solid understanding of technology offerings within the banking industry