Bank of China (Sydney) – Case Study for Financial Services Industry
Bank of China Limited Sydney Branch was established in 1942 and was the first Chinese bank to establish operations in Australia. Since resuming banking operations in Australia in 1985, Bank of China, (including Bank of China Limited and Bank of China (Australia) Limited) has dedicated itself to promoting the Australia-China trade and economic relationship. Building on decades of local market financial experience and expertise, Bank of China has built a fast and highly efficient global service network supplying a diversified range of financial products. Bank of China offers a comprehensive range of financial products, and to date is the only Chinese bank operating in Australia holding a license to deal with both retail and wholesale customers.
Bank of China (Sydney) plans to reduce the paper trail for daily business operations as it is inefficient and unreliable. They also plan to scale their business quickly, and going digital is the most efficient way as it pushes for automated business processes between teams.
With the Business Process Management system (previously known as Office Automation system), all paper forms and manual work will be digitalized and automated to increase efficiency. It will also enable a reliable document management system for client information storage and file management without leaving a paper trail. This will allow the management team to view important information in real time. Similarly, repetitive manual work and processes are minimized. Users are also able to work remotely with the BPM mobile app and share information immediately. It also enables a secure and reliable backup solution.