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Consolidate technology for back-office operations in financial institutions

More efficient processes at lower costs

Most back-office operations in financial institutions have been transferred to the digital sphere. But can we say that all these parts of the system communicate flawlessly with each other, that the expansion has not lost agility, and that IT departments maintain the entire system with ease? If the answer is no, there is a solution.

Why pay attention to IT when everything seems to be running smoothly, but what happens when things go wrong?

The IT department ensures that all information systems within the organization are functioning properly and efficiently, and for implementing new systems as needed. This enables both internal and external users to perform their business activities smoothly.

When IT is working seamlessly, it often goes unnoticed by those in the organization. Users may only be aware of new capabilities, but not the underlying processes that make them possible. However, if something malfunctions, it becomes immediately apparent to everyone.

Furthermore, having a diverse, externalized, and segmented IT environment can be costly in terms of financial, infrastructural, and human resources required to maintain, support, and upgrade it. This can make the system cumbersome, expensive, and hinders its ability to meet its primary goal – providing uninterrupted operations and efficient performance of business activities. Simplifying the system by using as few technologies and solutions as possible while still supporting all necessary business activities is a crucial challenge in managing the IT of any organization.

The Challenges of Managing a Complex IT System

A complex IT system can be challenging to maintain and upgrade, resulting in increased effort and frustration for both users and IT employees. It also requires a larger workforce with specialized knowledge, which can be difficult to find in the current job market. When issues arise, it often requires more people to be involved, which can prolong the problem-solving process, negatively impacting the organization and business continuity.

Streamlining the IT structure to mitigate risk

A simpler IT architecture can solve many of these problems by providing faster response times, increased flexibility, and improved efficiency in addressing user requests at a lower cost. In many organizations, the IT structure grows haphazardly, leading to duplicate systems, inconsistent data, and challenging integration. Business teams present their requirements to IT and IT integrates a solution into as few systems as possible in the most efficient way possible. However, any changes to such a complex infrastructure can create new challenges that directly impact the business.

Ensuring Business Continuity and User/Employee Satisfaction

When a single system is used to support a set of business processes, such as back-office processes in a bank, it is typically easier to manage for all parties involved including IT employees, employees, and bank users. In the event of a problem or upgrade, a single point of contact is responsible for that system and can quickly offer solutions. However, when multiple systems are used to support the same processes, it takes more time and resources to coordinate and find solutions, leading to inefficiency and hindering IT’s primary goal of providing uninterrupted operations and efficient business activities.

Unifying and streamlining business operations

To improve efficiency, speed up processes and reduce costs, the initial step is digitization and the second step is the technology and functionality unification. But how does this translate into practical business operations? Learn about the steps necessary for the system to work seamlessly, minimal work for the IT department, and user/employee satisfaction in the whitepaper

Digitize, optimize and automate office operations

Check points to an efficient document management in front and back office processes

Daniel Mamić

— Daniel Mamić

ECM Business Analyst at IT Sistemi

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