Event-Driven Workflows
When it comes to ECM (enterprise content management) technology, an event-driven workflow automates downstream processes based on the occurrence of certain actions. Leveraging event-driven workflows supports cross-functional efficiency and scalable operations for banks and credit unions.
Event-Driven Workflow Example in Banking
Given the variety of document-related processes in banking, event-driven workflows could be utilized across a seemingly endless number of ways. One simple example, as outlined in Alogent’s FASTdocs industry paper, involves reviewing Suspicious Activity Reports (SAR):
- Document Added to Folder: A suspicious activity report is placed into the correct folder within the financial institution’s ECM. In this example, adding the SAR would be considered the initiating “event” in the workflow.
- Email Notification Sent: The ECM recognizes that a SAR has been added and distributes an email to the appropriate manager for review.
- Action Taken by Manager: Clicking through the email takes the manager to the new suspicious activity report. Once the item has been reviewed, the workflow is complete.
Benefits of Event-Driven Workflows
Compared to traditional checklists, event-driven workflows present multiple opportunities for banks and credit unions.
- Enhanced Efficiency: Automation makes it possible to move beyond simply verifying that a document has been added to the system. Using technology to predictably route documents and notify users of required actions allows employees to focus on more important matters.
- Reduced Oversights: Managing hundreds or thousands of documents and related workflows can be incredibly tedious, even with effective exception tracking methodologies. Implementing event-driven workflows lessens the administrative burden for staff, thereby reducing reliance on manual data entry in spreadsheets.
- Repeatable Processes: With the right ECM software, financial institutions can realize business processes that scale with their ever-changing document volumes. Programming operational logic into software—instead of asking staff to work even harder—accelerates continuous improvement in a competitive banking environment.
Visit Alogent’s Innovation Hub to access articles, videos, eBooks, and definitions for bankers. Explore our ECM solutions for financial institutions, including customizable workflow capabilities in FASTdocs.
