Banking Sector looks to BPM

London, January 19, 2009 -- The Financial Service Authority (FSA) called this week for banks to invest in their IT systems as part of its proposals to beef up the Financial Services Compensation Scheme, which insures customer savings in the event of a financial collapse, and made the following recommendations:

• Simplifying eligibility for deposit compensation to include all private individuals and small entities.
• Gross payout, which would ignore any debts the depositor has with the same firm.
• Ensuring the firm holds up to date information to allow quick processing of claims.
• Ensuring firms provide information on the existence and basic coverage of the FSCS for deposits.
• Requiring firms proactively to tell consumers which trading names are covered by a particular authorisation.

Hector Sants, chief executive at the FSA, said:
“... But today’s consultation paper seeks to learn the lessons from those events to produce an even better system. We recognise that to help underpin confidence in our banking system consumers must feel confident that their money is well protected – regardless of whether they ever have to claim compensation.”

Automate financial processes using workflow software

Workflow software delivers integration, automation, and business process management solutions to a range of financial services. These industry-specific solutions provide a flexible, scalable, and reliable platform that enables businesses to be more agile and connected. As a result, managers are empowered to shorten approval cycles, integrate operations with the different organisational departments, share information in real time, and more easily communicate with customers.

Business process management (BPM) solutions integrate across legacy systems, as well as provide visibility into end-to-end financial processes, enabling managers to have comprehensive real-time business intelligence.

PNMsoft has a comprehensive BPM offering that provides developers, architects and IT professionals with the tools, technologies, framework and guidance for building and maintaining BPM solutions and provides business users with personal productivity software that can help your organisation increase productivity, lower costs, and promote organisational agility by streamlining and optimising business processes.

FSA - Financial Service Authority
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.

For more details on PNMsoft's BPM for the financial sector,
please contact us or call Paul Sheridan: +44 (0) 192-381-3420
www.pnmsoft.com

Additional reading:

• BPM for Financial Services
• Financial Services Authority (FSA) - consultation paper