What is
Process Intelligence

Process intelligence is the automatic, continuous acquisition of process data, at scale, across every application used by your firm. The goal is to provide fast, clear, and accurate visibility into the current state of your firm’s processes. Think of it as a decoder ring for your process.

Why Financial Services Institutions Need Process Intelligence

Across nearly all FortressIQ customers, we’ve found that, while hundreds of millions of dollars are spent on buying, building, and maintaining legacy, home-grown, and third-party software solutions, workers spend well over half of their time in spreadsheets, emails, and end-users computing tools, like macros, formulas, and models. This increases operational risks while reducing operational resiliency, so much so that 75% of CFOs lose sleep worrying about spreadsheet errors.

FSIs need transformational speed, yet strain under the added responsibility of compliance and controls, regulatory oversight, governance, audit, and more. Every process is interconnected, so advancing your business requires detailed process insights so you make the right decisions on risk management, data governance, compliance, internal controls, and more. Process intelligence empowers you to optimize and align systems with business goals, reduce operating expenses, enhance human capabilities with AI and automation, accelerate and improve the benefits of business transformation, monitor and expand the results of existing digital transformation efforts, and more.

Where Process Intelligence Helps Financial Services

Process intelligence provides deep, accurate, and actionable details on every process used to run your firm. From client on-boarding to risk management to compliance, and everywhere in between, process intelligence quickly gives you the data and insights to make sustainable, impactful and informed decisions to improve how your firm operates.

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CLIENT ON-BOARDING

Streamline and elevate the entire client life-cycle management processes.

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RISK

Gain insights on how risks are identified, captured, aggregated, and reported.

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COMPLIANCE

Ensure adherence to policies and procedures, strengthen controls over processes, such as BSA AML / KYC, and make timely submissions of regulatory reports.

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FINANCE

Record to report are table stakes, how is Finance impacting key business strategy and decisions.

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TREASURY

Streamline short- and long-term liquidity and cash management processes, enable stress testing, and ensure integrity of computation of capital, risk and liquidity ratios.

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OPERATIONS

Effectively manage transaction, collateral and funds management life cycles, and gain efficient reporting and proper end-user computing (EUC) controls.

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INFORMATION TECHNOLOGY

Ensure technology investments are maximized, using appropriate technologies, and securing the organization from cyber threats.

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TRANSFORMATION

Improve the execution, timeliness, and success of projects by leveraging actionable insights, identifying automation opportunities at scale, and bringing scalable, innovative technologies to life.

Better Insights for Financial Institutions

Almost all FSIs (97%) are currently pursuing significant transformation projects, according to BDO. But, most are destined to fail because they don’t understand in detail how their firm works. Harvard Business Review reports that, of the $1.3 trillion spent on digital transformation in 2018, an estimated $900 billion was wasted because initiatives failed to achieve expected goals.

To avoid this fate, you must understand the interconnectedness of people, process, technology, and data first to enable successful transformation at scale. FortressIQ Process Intelligence surpasses traditional process mining and discovery methods by using modern technologies to quickly deliver complete, detailed, and accurate insights unattainable with those traditional methods. The result is faster, less expensive, and more detailed process understanding, with zero disruption to workers; We’re talking weeks, not months or years.

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How Does Process Intelligence Work for Financial Services?

FSIs are under pressure to transform, yet traditional, decades old process discovery technologies are slow, costly, and resource intensive. FSIs need a faster, more effective way to improve the accuracy and timeliness of management reports, remove delays from regulatory filings, understand operational misses caused by errors, and root out the underlying inaccuracies and manual inconsistencies that lead to bad decisions. And you need to do it at scale.

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We think there is a better way. Process intelligence uses computer vision and artificial intelligence (AI) to discover, document, and analyze actionable process insights at the user level, in real-time and at enterprise scale. The technology deploys a lightweight software agent to record clicks and drag-and-drop activities on every system touchpoint. It then captures continuous screenshots which are interpreted by computer vision technology and natural language processing, and converted into structured data.

This comprehensive process data is then mined using machine learning and deep learning algorithms to discover and map all relevant processes. The findings are then presented via reports and visualizations of the data to help transformation teams assess, prioritize, and accelerate the targeted outcome, whether it’s an automation, streamlined business process, improved customer/employee experience, or enhanced compliance.

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FortressIQ Process Intelligence creates a detailed blueprint of every process across every application and department in your entire technology landscape, with universal compatibility and without painful integrations. In just weeks, you’ll see detailed information needed to answer your most pressing questions.

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