A recent report from #Woodhurst titled “Powering the Modern Mutual” delves into the technology needed to provide better access to improved financial solutions at Building Societies and Mutuals. This insightful guide highlights the pivotal role of technology in helping these institutions meet the evolving needs of their members, positioning modernization as a core element of their growth strategies.

Technology as the Backbone of Modernization

The modernization of Building Societies requires a granular focus on key activities such as core banking, lending, and savings. The report offers an independent overview of vendor capabilities, all grounded in real-life applications that demonstrate how technology can be effectively deployed to enhance these critical functions.

The Importance of Workflow Process Optimization and Automation

Central to the modernization process is workflow process optimization and automation. A detailed discovery process is essential for successful transformation, comprising several key steps:

  • Deep Analysis: This involves an in-depth examination of client personas, customer journeys, and business processes. Understanding these elements is crucial for designing solutions that truly meet the needs of members.
  • Process Design: After analysis, the next step is to define and design future processes, identifying opportunities for automation along the way.
  • Development and Orchestration: Here, there’s a significant opportunity to deploy #AI-enabled low-code platforms. These platforms can drastically reduce time to market, ensuring that new solutions are implemented quickly and efficiently.
  • Testing and Validation: Finally, it’s essential to test and validate these processes not only for user convenience and process efficiency but also for resilience and security. This step ensures that the solutions are robust and reliable in real-world applications.

Aquila Dynamics: Shaping the Future of Financial Services

At Aquila Dynamics, we specialize in digital and robotic process automation within the financial services sector. Our expertise lies in automating, orchestrating, and delivering future-fit banking systems that are ready for tomorrow’s challenges. We firmly believe that early and precise automation discovery is the key to successful digital transformation.