As part of doing business with customers across the world, a wide range of potential events can occur, triggered by many different internal and external sources. Even the smallest change, such as a customer updating their address or an identification document expiring, has to be understood by the financial institution and processed accordingly. Failing to do so can lead to non-compliance and increased risk. Forcing manual checks on every change can delay or suspend revenue generation for the financial institution’s customers and incur high operational costs.
The Foundation for Financial Services application provides an extensible design through an efficient event-handling architecture. The entire process has been automated, from identifying the business events to validating the events, followed by the creation of appropriate work that is routed to designated workgroups in an approval hierarchy.
With event-driven architecture, financial institutions can define and configure their business events. Based on the configuration, certain events are processed automatically, while others receive any necessary manual attention that is required. As and when the listener identifies the occurrence of an event, it immediately triggers the respective validation and decision mechanisms to take appropriate actions.
For example, consider an example of reviewing customers periodically. Customer X has been onboarded into a financial institution on January 1, 2016. Based on the risk profile of the customer and the organizational policies, the system sets the next review date to January 1, 2018. The system automatically triggers a customer review case on or before January 1, 2018.