Operational responsiveness a key factor

To maximize business results of banks:

Sanjeevi Jayasuriya

In an era of constant change, the financial sector and in particular banks, face enormous pressure to optimise performance and maximise business results, therefore, operational responsives is vital. The banks that address these key issues eliminate bottlenecks and overcome breakdowns to achieve competitive advantage, Kingslake CEO Dr. S. Dharmavasan said.

The banks can gain actionable insight to transform customer information and even competitive, regulatory and economic conditions into positive results by achieving operational responsiveness, he said at a seminar on "Top line growth for the financial sector through operational responsiveness" organized by Kingslake together with Progress Software Corporation, a global software provider held in Colombo recently.

He said that achieving operational responsiveness requires real-time visibility, comprehensive insight into business events, business transaction and business operations as they occur.

It is important to be operationally responsive to capitalize on opportunities, drive efficiencies and reduce risks.

Progress Software Lead Consultant Rakesh Zaveri said that it is no longer about IT agility or business process optimisation, it is about plugging decision makers at every level of banking activity and empowering them to continuously respond to the unexpected. It is about being operationally responsive to achieve the highest level of performance, he said.

The key components of delivering operational responsiveness are responsive process management, responsive information management and responsive business applications. The organizations could achieve higher performance by business improvement through IT enabled services, he said.

Progress Responsive Process Management (RPM) is the first business solution to seamlessly combine business transaction management, complex event processing and business process management in a single platform controlled through unified control console.

Progress is the only enterprise software provider that enables mobile service providers to gain visibility, sense and respond to events as they happen and continuously improve their business processes.

Leveraging the power of complex event processing, organizations can monitor fast-moving event streams across all operations to immediately capture new opportunities and respond to potential indicators of fraud activity.

Progress solutions are used worldwide across a variety of industries including airlines, capital markets and communications.