Bank of Communications – Case Study for Financial Services Industry
Founded in 1908, Bank of Communications is one of the note-issuing banks with the longest history in modern China. It is the first nationwide state-owned joint-stock commercial bank in China, with Head Office located in Shanghai. The Bank’s business scope includes commercial banking, securities, offshore financial services, fund management, trust, financial leasing, insurance, offshore securities, debt-for-equity swaps, and asset management.
As Bank of Communications aimed to expand into more cities around the world, it recognized that the current processes were not scalable as they involved a great extent of manual data entry. Data accuracy and hygiene would be compromised at some point, and information was not transmitted in real-time to all business units and stakeholders. Forms used within the business were not standardized among the cities, and because it is in hardcopy, there were instances of the form being misplaced in the transfer of hands. This makes it difficult for teams to keep records of various processes in a standardized, organized manner, and adhere to the same set of SOPs.
The yonyou Business Process Management solution (previously known as Office Automation) enabled tracking and monitoring of the entire business process via web and mobile platforms. It helped BoCom to standardize and digitize forms across all business units, and subsequently, data was stored in a single database for unification. The management team also had the ability to set access rights for the system.