Streamlining Processes in Financial Services: A Case Study of Sparebanken Vest

• Analytics & Modeling - Process Analytics
• Analytics & Modeling - Robotic Process Automation (RPA)

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Sparebanken Vest, a financial services provider with 54 branches in western Norway and 800 employees, was grappling with a significant challenge. The company was dealing with disparate processes across its branches, with one team leader noting there were “around 60 different ways to do the same thing.” This lack of standardization led to inefficiencies and confusion, especially for new staff members. Additionally, there was no separation between front office and back office functions within the bank. As a result, front office staff in branches had to perform administrative tasks that absorbed time and took them away from customers. The company also faced limitations with Microsoft InfoPath forms, which they initially used as part of their process automation solutions. However, the company had complex schemas that didn’t fit with InfoPath’s capabilities.

Sparebanken Vest is a financial services provider that has been serving private and corporate customers since 1832. The company operates 54 branches in western Norway and employs 800 people. Despite its long history and extensive reach, the company was struggling with disparate processes across its branches, leading to inefficiencies and confusion among staff. The lack of separation between front office and back office functions also meant that front office staff had to perform administrative tasks, taking them away from customers. The company was in need of a solution that could streamline and standardize its processes, improve operational efficiency, and enhance customer service.

Sparebanken Vest turned to Nintex K2 Five to streamline and standardize processes across its branches. The bank conducted a competitive evaluation of several process automation solutions and selected Nintex K2 Five for its simple integrations with Microsoft solutions. More than 50 Nintex K2 Five solutions have been developed covering everything from mortgage and credit card applications to change of address requests. The bank also decided to create a centralized back office team and implement standardized, automated processes to improve its operational efficiency and customer service. The introduction of automated processes contributed to a reduction in staff, leading to cost savings. All processes are automated and standardized, making them far more straightforward for new members of staff. The company also replaced Microsoft InfoPath forms with SmartForms, which are more capable of dealing with complexity and allow for the creation and reuse of templates.

• The implementation of Nintex K2 Five has brought about significant operational improvements for Sparebanken Vest. The standardization and automation of processes have eliminated the confusion and inefficiencies that resulted from having multiple ways of doing the same thing. Managers can now use the reporting capabilities of Nintex K2 Five to see where the largest workloads are and plan internal resources accordingly. They also use reports as a coaching tool, with great success. The formal escalation procedures included in the Nintex K2 Five processes ensure that any unusual customer requirements are quickly directed to more senior staff members who can deal with them effectively. This, along with the efficiency savings of automation, helps Sparebanken Vest to deliver a prompt, responsive service for its customers. The introduction of automated processes has also allowed front-office employees to spend more time with customers, delivering a more personal service and having added opportunities to sell financial products.

• More than 50 processes automated
• 54 branches and offices now standardized
• Reduction in staff leading to cost savings