With adversity comes innovation. An economic downturn necessitates the impetus to transform business and improve performance. The profit pressures of the current economic downturn have compelled management teams to deliberately develop long-term structural advantages. Difficult as strategic choices are, banks are finding it even more challenging to adapt their operating models quickly to new economic conditions - indeed, it’s often the biggest obstacle to implementing a distinctive calculated strategy.

Research shows companies that transform their businesses during a recession out-perform those that do not and see sustainable advantages when the economy improves. With scrutiny on cost reduction, banks are in a prime position to drive transformational changes that result in both immediate savings as well as sustainable long-term value.

Extraordinary effort and expenses go into operating legacy systems and processes, in particular to deal with regulatory requirements to keep the bank running. Data collection for reporting, use of spread sheets driven by complicated and manual processes make it impossible to keep up without the modern tools and insights necessary, such as BBA’s reporting automation solutions, where banks get real-time actionable intelligence, automated internal and external reporting, optimized processes, often resulting in significant cost reductions, by a factor of ten times and the savings results self-funding the costs.

Through digitalizing data aggregation and industrializing workflow processes using more sophisticated methods like capacity planning and Lean Six Sigma, BBA helps banks outperform competitors. BBA’s use of Lean Six Sigma for services re-architecting will transform business and improve performance standards by achieving higher quality -quickly and efficiently - creating a culture of responsiveness and accountability. BBA’s automation solutions deliver end-to-end transformative journeys based on refined processes, advanced analytics and design thinking.

BBA deploys an upfront diagnostic to identify the most critical and material opportunities. We follow proprietary problem-solving steps to quickly identify root problem causes, standardize and consolidate processes and map them to technology-enabled workflows. Our fully integrated, configurable solutions include data driven analytics and dashboards to produce automated reporting in the areas of credit processes, regulatory compliance, ALM, IFRS 9, model risk management, profitability analysis and stress testing.

This allows banks to derive more productivity by freeing up precious resources, resulting in increased focus on where to compete on the value chain spectrum. By leveraging our software solutions and proprietary application of Lean Six Sigma, we set performance KPIs for the entire organization, to mobilize teams and individuals to achieve dramatic improvements in existing processes. Specifically, process automation driven by data and technology will reduce variation in service processes, provide invaluable insights and augment financial performance through cost savings, increased revenue and expanded operating margins.

The disruption caused by technology acceleration may not be readily apparent but lack of action will paralyze the organization and create a negative cycle of increasing operating costs. While accepting the role of legacy IT systems for the foreseeable future, executives must methodically pursue modernization and retirement of outdated systems based on risk/value trade-offs.

Gartner estimates that banks on average spend roughly 60% of their IT budgets and resources to maintain legacy IT systems, in time consuming break-fix-maintain efforts while a mere 24% is dedicated to growing the business and 16% to transform it or catch up to technology advances. At BBA, we commit to cost savings and are confident in our results, by receiving a fixed percentage of the identified and/or committed savings.

BBA’s a la carte pricing is designed to help banks finance the change by enabling a surgically precise approach to your needs. If you want to minimize losses, reduce costs and increase profitability and productivity, now is the time to connect with BBA. We’ll provide a quick diagnostic of your priorities and demo the application that is right for you.