Why process mapping has become an essential part of banking and credit union organizations
Posted by James Ross on March 3, 2023
In today’s banking and credit unions environment, process mapping has become an essential tool for identifying and improving process efficiencies. By creating a visual representation of a process, organizations can quickly identify potential improvements and take action to improve performance. Process mapping is also a valuable tool for training new employees and documenting procedures. It’s clear that in today’s world, if you’re not using process mapping in your organization, you’re likely falling behind the competition.
The first “digitization” requirement for any credit union is to ensure all your critical procedures are covered by “role-based” staff. The only way to do that is through process mapping.
Digitization is becoming increasingly more important in the scrutinised financial industry, where it is paramount that every process and procedure have predictability, consistency and outcomes. This helps to give both auditors and customers confidence in the services provided by each credit union. A key first step for implementing digital processes within any credit union is to ensure all critical procedures are mapped out and completed by the respective “role” within that particular organization. As tedious as it may seem to be, this process of thorough mapping is essential for long-term success and reliability within the industry. Fortunately, with tools like ProcessPro, this task is not as daunting as it may appear.
For process mapping to be effective, it needs to have steps that are approved by management and for any attached regulatory documentation to be the latest revision
For process mapping to be effective, it is crucial that the steps involved are approved by management. This ensures that the procedures being mapped out align with the credit union’s goals and objectives. Additionally, it is essential to ensure that any regulatory documentation attached to the process map is the latest version. This is because regulatory requirements are constantly evolving, and it is vital that the credit union stays up-to-date with any changes. Failure to adhere to the latest regulatory requirements can result in serious consequences, such as fines and legal action, which can be detrimental to the credit union’s reputation and financial stability.
The right process mapping application, it must be secure, in the cloud, and have an auditable historical tracking with administrative rights all linked to a centralized management framework
It’s important to prioritize cybersecurity and reliability when selecting a process mapping application. A cloud-based system offers the benefit of secure and remote access. While also enabling authorized users to log in from anywhere with internet access. However, not all process mapping applications can track data over time or offer this type of solution like ProcessPro provides. The historical information in the provided version of a document or application must be traceable. It must become critical to ensure that management has access to a centralized location that is both secured to preserve the source of the issue and to educate the team moving forward.
The most flexible process mapping application it needs to allow “no-code” process writing where the user can get assistance for any internal or external source to ensure the process map is completely correct or thoroughly checked
If you’re looking for the most flexible process mapping application, you need an option that allows users to write procedures without the need of coding skills. This “no-code” process writing has become increasingly popular as businesses look for easier and more efficient ways of creating effective process maps. Making sure your map is correct and thoroughly checked requires assistance from both internal and external sources, something a “no-code” process writing app can provide. With its rather intuitive design, this type of application can help streamline complex processes easier to follow directions that reduce mistakes, inefficiencies, and wasted resources.
For process mapping to be accepted in a workforce, it needs to be quick, effective, and written by the staff, for the staff, with senior management onboard
In order for process mapping to be embraced by a workforce, it is important for the process to be fast and efficient and for staff members to take ownership of the mapping process. This allows employees to share their own insights and experiences, which can be invaluable in identifying areas for improvement. Additionally, senior management should be involved in the process to provide guidance and enhance their mapping alignment with the overall business strategies. By involving all stakeholders in the process, organizations can create a more effective and collaborative process mapping strategy that has the full support of the organization and its employees. This can result in increased employee engagement, enhanced communication, and a more streamlined and effective workplace.
Digitisation is essential for organizational success, and one of the most effective ways to achieve it is through process mapping. As we can see, there are a number of considerations when choosing the best process mapping application for the financial market. It needs to be secure, in the cloud, and with maintained historical records. It must also allow for “no-code” writing so the users can get help from internal or external sources to ensure their process map is accurate. Above all else, process mapping should be accepted by an organization’s workforce, written by them and for them, with senior management support and participation.
When you have these needs in mind, ProcessPro is your go to solution. With its #1 rating amongst credit unions and other financial institutions, ProcessPro is designed to solve each and every organizational issue in the area of process mapping. So don’t wait. We’ve already helped hundreds of teams like yours – contact us today and we’ll show you the benefits we can bring to your workforce so you can get back to working knowing your processes are in good hands!
James Ross
As the Founder and CEO, I’m passionate about all things process mapping and sharing my experience with our valued clients. I work closely with our teams to ensure that ProcessPro solves real, everyday process mapping problems.
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