In today’s rapidly evolving digital landscape, businesses require the ability to adapt and automate their financial processes and product offerings swiftly and efficiently. In the future of banking experience, it is clear that financial processes cannot remain static. Financial instituions want the flexibility to quickly adapt their processes according to their own needs and provide the best customer experience to their own customers. Fimple is a cloud-native platform that recognizes this need and provides a composable foundation for building modern financial experiences. Fimple stands out with its unique capability to define new processes or customize existing ones without coding. In this blog post, we’ll explore how Fimple can assist you in this aspect.

First of all, when we say process, we mean every business functionality such as opening an account, money transfers, closing an account, loan application, or even creating a new user in organization. Fimple recognizes that each bank may have its unique customer experience, which is crucial in setting them apart from their competitors. Therefore, the composability of the infrastructure used by the bank is of utmost importance. When a platform is composable, customers not only have the option to utilize pre-designed processes as provided but also have the freedom to customize these processes according to their specific requirements. Fimple provides all the pre-designed processes within the system and empowers customers to manage, modify, or create new ones easily, ensuring a tailored and differentiated banking experience.

To delve deeper into the concept of composable banking and its advantages, you can read this article.

Let’s dive into the details to demonstrate the advantages of the Process Designer and explore how the Process Designer offers a range of benefits for efficient process management. 

Advanced Designer and API Integration

Fimple offers the perfect arsenal for flawless process management. To achieve seamless efficiency, you need a system that provides a user-friendly drag-and-drop interface, allowing you to quickly design and modify processes. Fimple’s advanced designer tool precisely fulfills this requirement, enabling you to effortlessly arrange and connect workflow components, streamlining your process mapping tasks.

But Fimple doesn’t stop there. It goes beyond the basics by seamlessly integrating with APIs, unlocking a world of possibilities for your workflows. By integrating with external services and data sources through lots of methods, Fimple empowers you to create dynamic and interconnected workflows. This integration ensures that your processes remain adaptable and responsive to your evolving business needs.

Document Management and Customer Communication

When it comes to designing your processes, document management and customer communication play crucial roles. A truly complete process management solution understands the significance of these aspects, and Fimple delivers on that understanding.

With Fimple, managing documents related to your workflows becomes seamless and efficient. The platform provides comprehensive document management capabilities, ensuring that all relevant files and information are organized and easily accessible within the system. Whether it’s capturing customer documents during an account opening process or securely storing transaction records, Fimple has you covered.

In addition, Fimple enables automated customer communication throughout the workflow. Through various channels such as SMS, email, or push notifications, you can keep your customers informed and engaged at each stage. This proactive communication not only enhances the overall customer experience but also helps in maintaining transparency and building trust. Furthermore, Fimple even allows for direct customer approvals through these communication channels, streamlining the process and minimizing delays.

By incorporating robust document management and automated customer communication features, Fimple ensures that your process management is comprehensive and customer-centric.

Workflow Management

Fimple Process Designer‘s outputs are designed to boost productivity, making it an indispensable tool for customers. The ability to design workflows in the best possible way is crucial for organizations seeking to streamline internal processes and approval workflows. Fimple provides a comprehensive solution for such requirements.

With Fimple, you can easily define and execute workflows within the platform. This feature facilitates seamless collaboration and enhances the efficiency of decision-making processes. Whether it’s managing approval steps, tracking the progress of internal processes, or ensuring timely task completion, Fimple’s workflow management capabilities are designed to optimize organizational productivity.

By leveraging Fimple’s workflow management functionalities, organizations can achieve higher efficiency, reduce manual errors, and ensure that processes are executed smoothly.

Event Based Mechanisms

In addition to its robust features, Fimple Process Designer also supports event-based communication methods, catering to asynchronous communication scenarios. With Fimple, you can leverage event-driven architecture to enhance your process design.

Through the process design capabilities of Fimple, events can be seamlessly fired through systems like Kafka, allowing other systems to consume these events in real-time. This event-driven approach enables efficient communication and coordination between different components of your ecosystem.

Furthermore, Fimple empowers you to start a new process instance immediately when a specific event is triggered within the system. This proactive responsiveness ensures that your processes remain dynamic and adaptable to real-time events.

Additionally, Fimple provides event catalogs, enabling you to define and manage various events in your system. For instance, when a loan is disbursed to a customer, a ‘LoanDisbursed’ event can be fired, and external systems can consume these events to perform post-operations or trigger subsequent actions.

Rapid Creation of New Services

Fimple empowers businesses with the rapid creation of new services, allowing for quick experimentation, testing, and deployment. Utilizing the export and import capabilities, process changes can be easily tested in staging environments before being seamlessly deployed to production environments.

With Fimple’s full low-code capabilities, designing a new process from scratch becomes a breeze. Within minutes, you can create a new process, leveraging existing APIs within Fimple or integrating with any API of your choice. You can define mandatory document types, attach commissions and fees, map notifications and agreements, and even configure required accounting steps. Once designed, the process can be swiftly deployed to the production environment. The best part is that the new process can be triggered from any channel, including your mobile app, by calling the exposed API endpoint. 

Moreover, Fimple allows for the inclusion of manual control points within your processes, ensuring that necessary checks and verifications can be incorporated seamlessly.

In conclusion, Fimple provides a cloud-native platform that excels in empowering businesses to adapt and automate their financial processes swiftly and efficiently. With its unique capabilities in process customization, document management, customer communication, workflow management, event-based mechanisms, and rapid creation of new services, Fimple equips organizations with the tools necessary to excel in the ever-evolving digital landscape.