Tools & Technologies

By Jessica Yoo Perry
Bizagi BPM Suite helps bring process automation and documentation to the banking, insurance and financial industries.

IE tools for finance and insurance

Robotic process automation, artificial intelligence and cognitive computing, digital transformation, business process modeling (BPM), change management and operational excellence. Sounds like another day for manufacturing businesses using modern tools and technologies?

However, the modernization taking place in traditional industrial and systems engineering spaces also has gained momentum in the banking, financial services and insurance industries. The ability to control operational costs and cycle times is relevant across all industries, and automating key business processes are the levers for process improvement. Process automation has the added benefit of reducing enterprise risk due to human errors that crop up when people execute manual processes. Process automation also provides real-time, objective data to inform time-sensitive business decisions.

Process automation efforts at financial service companies are facilitated through technology that can model, automate and execute processes such as taking deposits, issuing loans and getting customers on board. The Bizagi BPM Suite is a set of complementary process modeling, automation and execution software and cloud solutions that allow the user to manage the complete process life cycle: Bizagi Modeler (model processes), Bizagi Studio (automate processes) and Bizagi Engine (execution and control module). Bizagi Modeler is a free download; it is not a trial version nor is it open source.

Bizagi Modeler is a business process modeling and documentation tool that enables the user to document the workflow of processes using industry-standard BPMN (Business Process Model Notation) and provides support for XPDL (a standard format to interchange business process definitions between different workflow products). Bizagi Modeler facilitates global collaboration through its multilingual modeling capability (English, Spanish, German, French, Portuguese, Russian, simplified Chinese, Dutch, Italian and Japanese). Bizagi also can support cloud collaboration for seamless global team input "unrestricted by time or geography."

Bizagi Studio is the next step after Bizagi Modeler, where the model's processes are automated and simulations can be run. The final complementary tool in the Bizagi Suite is Bizagi Engine, an application that executes the processes and sends them as an application to designated business users, offering unique support for native JEE or .NET platforms.

An online Work Portal houses, interprets and executes the process model for end users. Bizagi Engine uses the process model previously built to verify in real time that the tasks are done by the correct resource and according to the company's rules.

Whether the growing process automation effort is a result of a top-down push for bottom-line results or a pull from the lines of business due to limited headcount, industrial and systems engineering concepts will continue to gain popularity in the financial services space as long as the familiar themes of cost reduction, productivity improvement and customer experience improvement remain business priorities.

Jessica Yoo Perry is a process improvement consultant focused on the banking industry. She is a member of the IISE Young Professionals group and serves on the board of directors for the National Capital Chapter.