The collapse of several illustrious regional banks prompted institutions across the spectrum to revisit their operational expenses and vulnerabilities. Regional banks sought to trim the fat and tighten their lending criteria to safeguard capital. Other larger banks revised their uninsured-deposit numbers in an attempt to expand the coverage by federal deposit insurance, catching heat from the FDIC in the process.
No matter the strategies employed, a common goal of minimizing risk and cutting unprotected costs has emerged. What if the right Workday solutions and use cases could overcome such financial challenges?
At this year’s Workday Rising, there are a number of planned sessions that will explore Workday’s benefits for financial organizations like yours. Here is a snapshot of the possibilities for your business.
Reducing Costs & Boosting Profits with Workday in Investment Management
Investment advisors have had to navigate a mix of heightened regulatory scrutiny (2022 marked 760 enforcement actions, up 9% YoY), slowing PE activity, rising deal value, and other complications. Even with those challenges, there are ways to diversify and expand revenue streams, especially with Workday at your disposal.
For example, Workday Prism Analytics can act as a data hub bringing together the complex architecture and sources of the investment management sector. With Prism, investment managers are increasingly able to combine external fund data with info from Workday HCM and financial services modules to create full visibility into trends, opportunities, and profits. Plus, managers can obtain answers to key questions from stakeholders and other investors:
At Workday Rising, business leaders at a global equity firm will explain how these and other Workday features reduced inefficiencies and cost structures to enhance the adaptability of their operations.
Leveling Up Insight with Artificial Intelligence
Few technologies mainstreamed as quickly as artificial intelligence. In a burst of activity, companies nationwide adopted various AI-powered tools and platforms, making sweeping changes to their operations and capabilities. As many as 49% of companies adopted ChatGPT in the four months after launching, and 50% of organizations have adopted AI in at least one business unit.
Since implementing AI across its modules, Workday has unlocked incredible potential. In fact, Workday Rising 2023 has an entire session dedicated to AI and machine learning, which will share how 3,100 respondents worldwide believe this technology can change the future of work.
From a financial services sector perspective, there’s a world of Workday potential. The predictive capabilities of Workday’s dashboards are elevated with artificial intelligence, enhancing forecasts and automation. The reports you already rely upon to predict revenue, workforce, and customer needs will sharpen in their accuracy and efficiency.
Additionally, Workday has embedded machine learning capabilities into the core of their data hub, streamlining key finance processes to reclaim time and achieve faster outcomes. This capability also delivers continuous insights and warns about any emerging anomalies to empower financial services companies to be proactive in their operations.
Though Workday provides a wealth of features and functionality across their products, there are some gaps that only custom-built applications can resolve. However, it’s nice to have those capabilities integrated with the data, security, and modules of their powerhouse enterprise platform. Workday Extend offers that level of customization.
During Rising, there will be a comprehensive session about Workday Extend benefits and use cases across industries, but the particular advantages for financial services speak for themselves. Netflix developed a self-service stock option enrollment program, creating their own business objects and business processes which merged with their Workday data for eligibility. Financial services companies can either equip this mechanism for their own employees or even potentially create a service for their clients to use.
Plus, the Workday Extend apps catalog provides companies with access to a cornucopia of readymade apps and features. For example, there’s a Request Credit Card tool which simplifies the high-volume process of approving and issuing credit cards. The integration offered by Extend combines third-party and Workday data to help financial service companies enhance their reporting and validate forecasting.
As technology advances, the IT infrastructure keeping businesses productive and profitable grows more and more complicated. Along the way, workflows can become convoluted or inefficient, hindering the goals they were designed to achieve in the first place. During Workday Rising, experts and business leaders will take a holistic approach to the process of streamlining workflows using Workday.
Through automation, Workday is creating pre-designed workflows that adapt to modern organizations. We’ve already helped numerous customers enhance their Workday business process framework for HCM, and the same fundamentals can be applied to many other modules and products. In fact, the right Workday partner will take the time to drill down into your business goals, challenges, and processes to design workflows that enhance how you do business now and in the future.
Ready to learn about more use cases and success stories for cloud-based financial services trends? You’ll hear about the latest and greatest at Workday Rising – and you can meet the Agilysis team.