(For more resources related to this topic, see here.)
The hurdles and bottlenecks for financial services from an IT point of view are:
This is where BPM plays a key role in bridging the gap between key business requirements and technology or businesses hurdles.
In a real-life scenario, a typical home loan use case would be tied up with Know Your Customer (KYC) regulatory requirement. In India for example, the Reserve Bank of India ( RBI) had passed on guidelines that make it mandatory for banks to properly know their customers. RBI mandates that banks collect their customers’ proof of identity, recent photographs, and Income Tax PAN. Proof of residence can be a voter card, a driving license, or a passport copy.
We start with the source code from the previous recipe. We will add a re-usable e-mail or SMS notification process. It is always a best practice to add a new process if it is called multiple times in the same process. This can be a subprocess within the main process itself, or it can be a part of the same composite outside the main process. We will add a new regulatory requirement that allows the customer to add KYC requirements such as photo, proof of address, and Income Tax PAN copy as attachments that will be checked into the WebCenter Content repository. These checks become a part of the customer verification stage before finance approval. We will make KYC as a subprocess with a scope of expansion under a different scenario. We will also save the process data into a filesystem or in a JMS messaging queue at the end of the loan process completion. In a banking scenario, it can also be the integration stage for other applications such as a CRM application or any other application.
Let’s perform the following steps:
We will use this notification service to notify Verification Officers about the arrival of a new eligible application that needs to be verified.
The outputs of this recipe are re-usable services that can be used across multiple service calls such as notification services. This recipe also demonstrates how to use subprocesses and change the process to meet regulatory requirements.
Let’s understand the output by taking our use case scenario:
The start-to-end process flow now looks as follows:
BPM Process Spaces, which is an extension template of BPM, allows process and task views to be exposed to WebCenter Portal. The advantage of having Process Spaces made available within the Portal is that the users can collaborate with others using out of the box Portal features such as wikis, discussion forums, blogs, and content management. This improves productivity as the user need not log in to different applications for different purposes, as all the required data and information will be made available within the Portal environment. It is also possible to expose some of the WSRP supported application portlets (for example, HR Portlets from PeopleSoft) into a corporate portal environment. All of this sums up to provide higher visibility of the entire business process, and a nature of working and collaborating together in an enterprise business environment.
Further resources on this subject:
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