From Silos to Platforms: The Benefits of Comprehensive Risk Management

There are so many cross-platform consolidations in our daily lives – without missing a beat (literally), Spotify carries my favorite songs seamlessly from iPhone to iPad to desktop computer, for instance –  that it’s getting harder and harder to imagine the sorts of silos that frequently exist in financial institutions’ risk management efforts.

Yet, as Brad Young points out at the BAI Banking Strategies website, a great many financial institutions are experiencing a costly disconnect in their risk management space, creating extra work and excessive redundant documentation. On the other hand, those that embrace a multichannel platform incorporating tools like OrboAnywhere, are able to:

• Push fraud prevention measures to real-time or near time for most timely notifications
• Address tighter compliance requirements
• Accelerate accurate posting of payments increasing productivity and profitability
• Strengthen customers’ view of the services they receive by their bank along with improving financial wellness

The bottom line: Stifled productivity, manual errors and extended communication times cost financial institutions money. But using a multichannel platform, information is instantly shared between risk management areas. It drives deficiencies down. And it enables financial institutions to do more with less.

Think of it as a version of the customer-facing OmniChannel — many functions, one common language and pipeline. And tight integration widens the Omnichannel experience for consumers, making it possible for them to easily make payments to non-primary lenders from a variety of familiar, comfortable interfaces; no matter if its ACH, debit card, or checks hitting the account!

All too often, a client is in arrears for no other reason than obstacles preventing easy payment. Bank-side consolidation of the sort facilitated by new technologies like this keep the consumer and financial institution ahead of the game!