Make your Financial Processes Digital with SoftyFlow

Digital transformation for Financial processes

It is very true, the financial processes and the finance areas have always been the focus of analysis and improvement within the framework of Workflow technologies and the discipline of BPM. So is there something new out there?

Actually yes. In recent years, two disruptive elements have emerged, which have allowed financial institutions to greatly accelerate their path to digital transformation of their internal processes. 

  • The BPMN standard for graphical process modeling has become a common and universal language, allowing defined organizations to discuss and communicate their processes with an ease never seen before.
  • The emergence and consolidation of low-code and no-code BPM tools, which allow to implement and implement complete processes

Making an exhaustive list of financial processes would be a practically impossible task. However, we can identify a common denominator. Those processes that have a strong documentary component are more suitable for digitization.

Optimal digital financial processes with SoftyFlow

Some of the examples that we have seen repeated for our clients in the financial area are:

  • Investment request / Budget approval. Complete control of request according to their nature and configurable thresholds, such as the amount, the role of the requester or its location
  • Loan applications / lines of credit. The form collects the relevant data. The flow brings together the relevant approvals, remarks, and clearances. At the end, there is a full audit of each action and decision taken, as well as all important digital files.
  • Investment / money bailouts. The complementary case to the previous one, when the client requests that their invested money be returned, and that therefore also involves reviews, documentation and an audit trail.
  • Evaluation of investments / placements. On the entity’s side, investment opportunities must be evaluated, documented and realized as quickly as possible to take advantage of the opportunities.
  • Inspection of goods prior to insuring them. In this way, it is possible to take photos of the condition, attach relevant documentation and generate probative evidence of the condition of the property in the face of a potential future loss and policy claim.

Other processes in the finance area

In addition to core financial processes, finance areas typically have several other support processes. Sometimes forgotten, these processes are often the differential factor compared to other entities, since they generate efficiencies that were previously impossible to achieve.

In these more administrative processes, the concept is the same. As long as there is a form with fields and a flow diagram, it can be automated using SoftyFlow. Some examples:

  • Portfolio / collateral inspection. When reviewing the portfolio of assets (auto, home insurance, etc.), following a formal and documented process ensures the crystallinity and auditability of the task.
  • Branch Opening. When opening a new branch, various procedures must be carried out, generating the corresponding documentation. Automating this process ensures that it will always be executed the same, and that the documentation generated will be centrally stored (and accessible)
  • Entry/leave of users. Every time a collaborator joins or leaves the team, their permissions and access must be reviewed. Nothing better than a process that makes it easier for each person in charge to do her part of her work and document it properly.
  • Suppliers Management. In order to have the conditions available, generate alerts prior to their expiration, store the different versions of the documents. And of course, have the flow of review and approval of each contract prior to signing.

Innovate with Softyflow

The great innovation of SoftyFlow is that they allow functional users, rather than computer technicians, to automate the workflows described above. This allows those who know about financial processes to be those who implement it, avoiding bottlenecks.

Financial applications are often considered as “sensitive” or “critical” depending on the company philosophy. SoftyFlow provides choice to its customers, offering a Cloud solution and an on-premise solution. All you have to do now, is to make your choice…