Client Situation
Cedar collaborated with a premier bank in the Middle East to enhance its business process automation, aiming to deliver superior customer experiences and streamline operational efficiencies. The bank grappled with an outdated, heavily customized legacy BPM system that was challenging to maintain, raising significant compliance and risk management concerns. Cedar’s role was pivotal in assessing the current state and crafting a forward-looking strategy to address these challenges.
Cedar’s Approach
Cedar undertook a rigorous assessment of the bank’s existing BPM framework, identifying key inefficiencies, visibility blocks, and scalability constraints. Through detailed process mapping, technological evaluations, and performance metric analyses, Cedar identified crucial areas needing intervention and opportunities for substantial enhancement. Infrastructure improvements, the bank’s internal center of excellence, and a governance model for strategy implementation, were some key areas of focus. Few internal processes like account opening, trade finance applications, loan applications, opinion and contact review, were analyzed in detail and improvements recommended.
Strategic Roadmap
Using Cedar’s proprietary Diagnostic Assessment Framework, assisted Bank by conducting Internal and External Assessment to review internal processes and benchmark with best practices. A detailed analysis of existing workflows, performance metrics, and user feedback to identify inefficiencies and integration issues was conducted. Further, BPM system's functionality, reliability, and scalability, pinpointing areas needing enhancement were assessed.
Cedar provided insights into workflow implementation, user satisfaction and user training gaps. For external assessment, the team reviewed the leading market players and options between best-of-breed players vs end-to-end platform players, assessing pros-cons to ascertain best-fit for client situation. The result was three way-forward decision papers providing scenarios for each option, to help the bank’s senior management in decision-making, and Cedar’s team recommended the best-fit option for the bank with implementation roadmap for each of the options from short term to long term.
Outcome
Cedar’s structured approach to the BPM assessment and enhancement enabled the bank to revolutionize its business operations, achieving operational excellence and fostering sustainable growth. By leveraging Cedar’s profound BPM expertise and change management strategies, the bank successfully navigated industry complexities, optimized its processes, and reinforced its competitive stance in the market.