The Banking sector has been the scene of huge change in recent years and operations departments have been at the forefront of these changes. } managing a function in a low cost area of the world such as India). For most banks, the current (often 1970’s generation) core banking systems will still form the backbone of the banks’ systems base in ten years time. @media (min-width: 769px) { Selling involves exploring a customer’s needs and therefore takes time whereas the aim of service is speed and efficiency (to reduce costs); Selling requires a different set of skills and motivations to that of a service provider; Another one of the emerging industry design ideas (see “Clearly delineate Service and Processing and make Service Multi Product”) is to provide a customer with only one service contact covering a wide variety of products. The power of APIs with the scale of FIS. However, banks are aware that customer service needs to be clearly aligned to the brand promise; hence one back office product processing engine may have to deal with a number of different customer service approaches. It is increasingly recognised that further economic efficiencies can only be achieved by. 2.6 Causes of banking inefficiency. Product Engines are the combination of back office services and systems that carry out the day to day activities associated with a product such as a current account or a home loan. }. Managing Change in Financial Services Risk and Compliance Communities – why is it more difficult? .fis-epa-copy {max-width: 400rem; display: inline-block;} However in these cost conscious times many in the industry are not following this school of thought. .fis-ced-head {max-width: 800rem; display: inline-block; margin-top: 50rem;} .fis-ethos-copy {max-width: 280rem; display: inline-block;} }, Code Connect Nor would it be desirable for such skilled (and presumably expensive) staff to carry out work that can be done cheaper. multiple customer segments, many geographies, etc). There is a real tension between providing the customer with a single point of contact for a range of products and product specific processing centres where greater specialisation and productivity can be achieved. For most banks, the strain is significant for their legacy systems, forcing a greater … By image processing we mean central stores of images with an index. The customer should never get faced with an out of date form. 2. For an analysis of the impact on this technology on Account Maintenance and Lending Security processes see Core Banking Processes and Recent Banking Strategies. } Bespoke development requires the different areas to agree on what all the software ought to be/might be. Many of the documents that are faxed / moved are produced by systems internal to the bank. @media screen and (max-width: 991px) { funding an IT development that is not economic at too low a volume). In many respects, the legacy software base is as large an investment as the branch network. See how our partnerships with different clients help empower the financial world. FIS uses cookies to improve your experience on our websites. [Please edit component properties and select a data source]. We use your browsing data on fisglobal.com to gather analytics to help provide personalized content and an overall better user experience. Obviously it would be nice if the service provider (a branch person or a call centre operator) could fulfil all service for all products. Given the drive to reduce processing costs it seems to us that a separate service function spread over multiple products (and separate from sales) is a very important banking operations strategy. .fix-video-custom-class .fis-separator {display: none !important;} Thousands of man-years of effort have gone into developing it and it will not go away. … that, taken together, we believe form the bones of a current industry wide strategy in the Banking Operations function. In order to achieve this banks are increasingly using a single product engine to serve many markets (i.e. See Customer Accounting Processes in Core Banking Processes and Recent Strategies. for a loan application) at the same time, hence speeding up processing by allowing activities that previously had to be serial, to run in parallel (See “Image Processing”). 1. .fis-media .wistia_embed .wistia_click_to_play {height: 100%!important;} Tory MPs demand plan to ease coronavirus restrictions, Johnson under fire for bike ride as warning of tighter lockdown issued, N Ireland shoppers face empty shelves as Brexit snags supply chains, Scotland’s first minister Nicola Sturgeon nears moment of truth, Sunak says Brexit will ‘reinforce’ City as leading financial centre, EXCLUSIVE: Oracle wins Flexcube deal with Somalia entrant BB Bank, PAYMYNT Financial buys crypto e-wallet LettucePay, BBVA shutters Simple after paying $117m for it in 2014, UK Treasury calls for input on planned regulation of cryptoassets and stablecoins, SoFi set to go public via merger with Palihapitiya’s fourth Spac, Mastercard unveils cloud POS acceptance tech, Revolut files paperwork for UK banking licence, Centralised and specialised processing delivers economic efficiency in Financial Services Groups, Financial Services Companies will be less vertically integrated with much more activity outsourced, Product Processing Engines will be brand indifferent, Clearly separate service and processing and make service multi product, All forms are filled in electronically, preferably by the customer, Legacy software will be an important design point, Web browser to bring together lots of systems on the desktop, Gradual break up of legacy banking software, getting an economy of scale that one bank alone cannot (e.g. This Committee acts as a sounding board for WBA in its development of new technology-oriented products and services. .hero.hero-padding-top-0 .hero-inner {padding-top: 100rem;} @media only screen and (max-width: 940px) and (min-width: 768px) { For an analysis of the impact of this strategy on Branches and Telephone service see Service Channels and Recent Banking Strategies. This helps us improve your experience for future visits to our site. The use of email technology for Lending Security and Account Maintenance processes is discussed further in Core Banking Processes and Recent Strategies. Worldpay is now FIS. .fis-benefit-cards-wrapper .benefit-header h2 {line-height: 1.2;} Now they are taking this a step further by re-dividing the work so that each process is carried out nationally in only one centre, increasing specialisation and realising even greater economies of skill and scale. } .fis-2-column-wrapper .fis-nopadding .hero {padding-top: 0} Could I get the banking operation framework for mass market banking product, Tripple Consulting are the creative force behind Howbankswork.com. Although banks still use paper and fax a lot to make work happen efforts are now afoot to reduce this. .fis-ced-head, .fis-mobileapp-head, .fis-cu-road-head {font-size: 44rem !important;} @media screen and (max-width: 375px) { .featured.fix-video-custom-class .new-video-component span {bottom: 140rem;} IFRS17The right strategy for transformation. Launching a major programme to replace the “Gordian’s knot” that is the legacy software base. For most banks, the strain is significant for their legacy systems, forcing a greater reliance on manually intensive processes - leading to greater inefficiencies and increasing costs. are “imaged” and stored against customer or account records. @media (max-width: 414px) { While we expect the amount of work that is automated to increase we anticipate that the unit cost of automation will fall dramatically thanks to plunging IT unit costs. @media screen and (min-width: 992px) { Web technology simply requires an industry standard browser on the desktop, which banks expect to yield a much lower maintenance cost. It is certainly true that when a customer phones with a service request he may be signalling a need for a product or service (e.g. FIS’ IntelliMatch solution helps improve efficiency, agility, transparency and control across an organization’s entire reconciliation environment. 2.7 Operational challenges of information to banking So what are banks doing to achieve these cost savings? For communication between customers, third parties and banks the technology is rather under used (see “All forms are filled in electronically, preferably by the customer”). This is likely to be developed by user departments using the tools on their desktops in creative ways, rather than by major IT programmes and may well end up costing a fraction of expensive workflow developments. Fortunately for banks, many internet sites have vast numbers of users and banks believe there will be highly scaleable proven software components that are available for them to use in a way that was not true of Client Server technologies. This group investigates new technological advancements as well as current technology and risk management issues that have the potential to impact the banking … In banks, with their very high division of labour and consequent multiplicity of project stakeholders, this agreement is very hard to achieve. } InTrader is a web-based, fully integrated, straight-through investment portfolio management solution that improves investment performance and streamlines operations. “Email is an under used Technology” Email is pervasive, both inside banks and in a large proportion of the bank’s … Much of the documentation that moves within a bank and between a bank and its customers are paper forms. The principal reason for this is the technical incompatibility of the different product engine systems. The ambition for many banks is to see every customer form available on the Internet. This link is a post giving a review of what actually happened between 2003 and 2019. Customer Relationship Management (CRM) as a phrase ended up covering a vast plethora of business ideas from sales pipeline management through to complex analytics on call routing. FIS’ XSP solution automates the corporate actions process, helping to reduce total cost of ownership and minimize risk. Protection from disaster. This annual research report explores how operational efficiencies and smart technology investments are helping to widen the gap between an industry's leading companies and the rest. Start the journey toward simplifying core banking operations by moving past the entanglements bank … } .fis-events-external .fis-event-details p:nth-child(1) {text-align: right;} We have identified …. Technology … .fix-video-custom-class .new-video-component span {bottom: 160rem !important;} Advancing the way the world pays, banks and invests™. These ideas are very much about current strategies but we do expect this analysis to remain valid for at least a year or two. } It is very likely that both applications are now the beneficiaries of companies selling components that allow a web browser to access both server applications without significant (expensive) changes to those server applications. 2.5 Queuing cost of banking. The Investment Banking industry thrives on the flow, analysis, and interpretation of information and technology is often the edge that gives a bank competitive advantage. .fis-main-nav .fis-marketing-row .image {text-align: right;} .content-locked-nav {z-index: 900;} Client Server systems had the benefit of Graphic user interface technology but banks monotonously broke them for performance and scale reasons. Big banks are one of the last bastions of very large bespoke development projects (in house and outsourced) but increasingly they are being forced by experience to use packages. Further, these staff only do the work for products sold by their Group, sometimes only for one brand in the Group. In future, these activities will be automated, and employee roles will shift toward product development. Apart from eradicating manual handling, the use of images allows multiple departments to see the entire file (e.g. As banks invest in digital transformation, a substantial portion is going into operations. Email is pervasive, both inside banks and in a large proportion of the bank’s customers; particularly in the small business and corporate customer segments. Within the Bank many of the benefits associated with workflow technology may well be gained by using Email (queues of work, passing work requests from team to team, logging etc). Bank Operations; Bank Information Technology (BIT) Bank Information Technology (BIT) Share This Page: OCC issues guidance to ensure national banks and their service providers and software vendors maintain safe and sound banking … The thrust of current strategies in Banking Operations departments is focused on substantially reducing the unit costs of the key drivers (e.g. The Deloitte US Center for Financial Services conducted a global survey among 200 senior banking and capital markets executives in finance, operations, talent, and technology. This chapter introduces banking technology as a confluence of several disparate disciplines such as finance (including risk management), information technology, computer science, … they will only use phone, mail or branch), Some things are not time critical (mailed instructions, forward dated items), Some processes take a long time and involve third parties, Software can sift the customer keyed data and input it into core systems (A/C opening, credit applications) and so avoid bank staff having to key data; and. The aim is for bank staff to retrieve them from the intranet, key them and Email them. At FIS, we have a relentless focus on our clients, their needs and their ultimate success. How technology is impacting the finance and banking sector Technology is changing the way businesses operate and deliver products to consumers in many sectors. pointer-events: auto !important; Given this backdrop, any asset that is going to be around for ten years or more will need a “repairs and refurbishment” budget. We offer a broad range of career opportunities. Read more about us or visit our website at www.trippleconsulting.co.uk, Howbankswork.com takes your privacy seriously. .fis-main-nav .nav-support-column.mobile-support.hide-mb h3 {border-top: 0;} Given the very large customer bases that banks have, with significant variations in customer behaviours and preferences it is inevitable that a given service proposition will have to be supported through a number of delivery channels (see Banking Channels). It’s horribly inefficient and expensive. Similarly a move to improve cash management offerings to corporate customers could allow “Group account processing” to be disentangled. An obvious corollary of this trend is that the cost of branches (staff, property etc.) For example, a mainframe 3270 based customer accounting application may well be impossible to implement on the same desktop as a UNIX based client server Mortgages application for various technical incompatibility reasons. 2.3 An overview of electronic banking in Nigeria. Data Restore It will involve lots of training. FIS Modern Banking PlatformAdvance your bank with a modern core platform. We have tried to bring together all the ideas distilled in this report in a couple of illustrative scenarios. This reality throws up a key design challenge for Banking Operations functions. has to be justified (or not) much more by income growth and customer satisfaction (See a discussion of the impact of this strategy on Branches in Service Channels and Recent Banking Strategies). Technology enables new pricing models and products to be delivered to the market. Information technology has been the cornerstone of recent financial sector reforms aimed at increasing the speed and reliability of financial operations and of initiatives to strengthen the banking … As the headcount in branches associated with operations falls those that remain increasingly have to dedicate their time to sales and customer service. customer service work) across a wider range of products than was hitherto possible (See “Browser technology”). There is further discussion of this issue under “Customer Accounting Processes” in Core Banking Processes and recent Strategies. Since banking operations cost billions of pounds a year in the UK the prize is well worth getting. Big Data. Product engines are therefore increasingly brand indifferent as customers interacting with different brands use the same product engine. Thus, online banking, through telemetric means, telephone banking, through the telephone to perform various operations and checks, digital banking, which is a broader term that collects all of the above, through digital applications. Banks are on the brink of a step change in eliminating paper from their business processes. If a customer fills in a form via the internet/Email there are great benefits, Customer signatures would still be required in many cases (although digital certificates, might alleviate this) and the customer would have to print and sign a version of the form, which would get mailed to the bank as follow up (and probably scanned in as an image – see “Only electrons move in the bank”.). .fis-hero-home-wrapper .fis-hero-home-video {display: none;} Banks are hoping that technology will allow them to deliver a faster, … .fis-benefit-cards-wrapper .benefit-header h1 {line-height: 1.1;} In practice these problems exist with purpose built (in house or outsourced) software but are usually ignored whilst the “fun” of designing/building the new functionality takes centre stage. In particular, the product processing engines are extremely likely to be outsourced (see Banking Engines for an explanation of what product processing engines we are referring to). There is a tension in the banking industry between sales and service. The technology running costs (disk storage and telecoms line capacity) are plunging and are, it is believed, already within cost justifiable ranges. Paper is currently still used to pass “work in progress” from one department or building to another. The electronics revolution has made it possible to provide ease and flexibility in banking operations to the benefit of the customer. outside the branch, call centre, and product processing centre. Land Registry documentation, deeds, passport copies, etc. Internal banking operations at a retail bank involve opening new accounts, transferring money between accounts, and assisting customers with managing deposits. niques are extremely useful in identifying Introduction to Banking Technology and Management The use of international trade to transfer conducting their business are an integral part money undetected between countries is an old of successful and efficient banking operations… .fis-cu-road-head, .fis-mobileapp-head {max-width: 600rem; display: inline-block; margin-top: 0rem;} The Shadow Dexterous robotic hand, manufactured by The Shadow Robot Company, touches the keyboard of an … For core systems this could be used to break up the core systems into more manageable chunks alongside normal business projects. Your experience is our top priority. We are here to help you and your business. Banks are also applying the same ideas to internal forms. How Are Banks Seriously Going To Address The Rampant Rise In Fraud? This gave huge desktop maintenance costs. Commercial LendingSpeed up the decision process. .fis-main-nav ul.nav-L1-items > li > a, .fis-main-nav ul.nav-L1-items > li > ul.nav-L2-items a, .nav-container .primary-nav a, .nav-container .secondary-nav a, .navigation-dropdown h2, .navigation-dropdown h2 a {font-size: 14px !important;} Many of the large Financial Services groups currently carry out all the activities in their “value chain” with their own staff in their own premises. Contact us using the button below. Our automated solutions for reconciliation software, corporate actions, data processing, tax reporting and collateral management empower commercial banks to raise the bar on operational control and efficiency as they take strides toward the future. One school of thought is that customer service centre staff should be selling much more than they do. But FIS can help. Printing, manual handling and then ‘re-keying’ data is high cost and banks are enhancing their use of email and intranets, already universally available to bank staff, to drive this cost out. Wall Street Concepts is a tax reporting solution suite that arrives at the proper tax character and calculation amounts of a payment or security for tax reporting purposes. On balance, we believe that the industry is leaning towards a customer service function that should be customer centric and hence if the bank has a wide variety of products and services, the service function should front the whole range of these products and services. span.secondary-nav h2 {border-bottom: 1px solid rgba(59, 207, 240, 0.25); border-top: 1px solid rgba(59, 207, 240, 0.25); padding: 11px 30px;} Web technology simply requires an industry standard browser on the desktop, which banks expect to yield a much lower maintenance cost. a correction to a standing order detail may be an opportunity to promote an electronic banking solution so the customer can resolve matters himself). Currently a member of staff in a branch or call centre can only access a limited number of the bank’s product engines. Operations & Technology We help financial services firms navigate operations and IT challenges from the back office to the front line. FIS Private Capital SuiteData Exchange Solutions. Customers continually state they appreciate having a single point of contact that knows them. .featured.fix-video-custom-class .new-video-component p {max-width: 100%; width: 80%;} .fis-hero-home-wrapper .cust-content-rich-inner h1.heading-large {font-size: 56rem !important;} It also creates the appropriate customer statements and information returns for IRS filing. @media screen and (max-width: 640px) { Documentation required from a source external to the bank (e.g. Read our Privacy Policy and Disclaimer, Service Channels and Recent Banking Strategies, Core Banking Processes and Recent Banking Strategies, Core Banking Processes and recent Strategies, Core Banking Processes and Recent Strategies, Banking Operations Strategies | KAIJS BANK. To achieve these higher levels of economic efficiency, Financial Services Groups are now looking to buy and sell much more of the “intermediate” stages of the value chain from each other or (more likely) from specialised BPO outsourcers. In the face of growing complexities and digital transformation, banks’ operations technology must work harder than ever. Further discussion of Browser technology in relation to Branches and Telephone services can be found in Service Channels and Recent Banking Strategies. Increases in the complexity and volume of corporate actions events have made it more critical for commercial banks to have scalable operations technology. (By package software we mean software with fully developed data structures and business logic in the form of application code that has been implemented in other organisations.). Technology and Operations. Whether banks go with a public or private cloud, … Proliferation of Non-Banks. A variety of operational roles are charged with supporting these products and managing the rules governing them. These contact staff will be stretched to provide quality service across lots of product areas. Instead of evaluating credit risks and deciding on mortgage approvals, operations staff will work with au… Here's a summary of those and other banking technology trends to watch in 2019. Banks across geographies have already realized the potential of robotic automation and have invested heavily in this technology. taking advantage of an economic edge not available to the institution (e.g. .featured.fix-video-custom-class .new-video-component span {bottom: 180rem;} Basically, customers, employees and business partners expect banks to be digital—to provide digital-enabled services and operations to meet their personalized needs and add value. 2.4 The development and operations of information technology in Nigeria’s banking industry. The objective of this study is to examine how the adoption of information technology affects the operations commercial banks and the effects information technology on banks, customer relationship The main research instruments used Are questionnaire fro staffs and customers of the bank. (A possible solution for sales is to produce analytic software that reviews customer service interactions to generate sales leads which can be passed to “proper” salesmen). As a consequence we believe it is inevitable that there will be background processing centres specialising in different service/product areas (International payments, account maintenance, insurance claims). Information Technology has also provided banking industry with the wherewithal to deal with the challenges the new economy poses. stick with what the package offers or incur extra cost and delay to get something better. These show how some very common banking business processes will look if the strategies discussed are fully implemented. } However, banking operations planners and strategists are now investing more time in understanding the legacy systems and how they work, where the pinch points are, what things are simple to change and trying to find an evolutionary way forward (although some IT planners in banks believe Web services may do what previous interface and wrapping technologies have failed to do). HSBC and FIS Partner to Enhance Corporate Actions: Video, Click here to continue to fisglobal.com/gdpr. } These reductions are being achieved through a combination of automation, outsourcing and moving the work overseas. This page was written in 2003 and we have created two updates. the integration of robotic process automation (RPA) and cognitive technologies into banking operations. In the past banks have often tried to deal with the legacy software issue by one of two strategies. They invariably have major challenges with the developments of interfaces to legacy systems. Our Operations and Technology colleagues provide expertise in innovation, customer experience, digital and mobile technology, global operations, shared services, data management, corporate real … However we don’t think this will be feasible in terms of skills. Banks have very large populations of users; some of the core banking applications will have 30K users concurrently using them in a fairly intensive way. by Robert Tripp | Apr 27, 2003 | Articles, Banking Product Engines, Channels, Customer Relationship Management | 2 comments. Most Financial Services Groups are moving this way at a speed convenient to them although there is still a lot of room for further process centralisation and specialisation. Some customer segments will not use electronic banking (i.e. ©2020 FIS. This is an important reason why many banks now see the value of separating customer service from back office processing (see “Clearly delineate Service and Processing and make Service Multi Product”). This is illustrated by the diagram above. The role of Operations, Services and Technology … We have not heard of anyone in a branch based bank saying “let’s design our processes as if branches don’t exist”, and the reason is that it is such a large part of the current state of the bank that it has to be a major consideration. Backing a technology that purports to allow the bank to develop new systems that interface with/wrap around the legacy software as if it were not a constraint. The existence or otherwise of a specific function in a software package forces decisions from the multiple stakeholders on whether the function is needed more quickly because it is a more specific decision, i.e. .fis-hero-home-wrapper .content-rich-slide .content-width {z-index: 99;} A data source ] for WBA in its development of new technology-oriented and. A combination of automation, outsourcing and moving the work for products sold by their Group, only... Gone into developing it and it will not use electronic banking ( i.e banks is to look how! New economy poses costs and risks of this strategy on branches and Telephone service see service and... And have invested heavily in this technology this agreement is very hard to economies! Future, these activities will be automated, and product processing centre centre. Launching a major programme to replace these systems helps us improve your experience for future to... Discussed are fully implemented solution helps improve efficiency, agility, transparency and control across an organization ’ entire... Done cheaper the aim is for bank staff to carry out work that can be done.... Managing a function in a low cost area of the key drivers ( e.g and Account and... Have created two updates economies of scale in back office processing around for ten years or more need. Areas to agree on what all the ideas distilled in this technology s entire reconciliation environment entire reconciliation.! Bank staff to carry out work that can be done cheaper sector technology is changing the way operate! €œGroup Account processing” to be around for ten years or more will a. Need a “repairs and refurbishment” budget paper and fax a lot to make work efforts. With the legacy software base documentation, customer letters, etc. the technical incompatibility of the aims... Corporate customers could allow “Group Account processing” to be disentangled many in the.... Recent banking Strategies mandates, application forms, supporting documentation, customer letters, etc. for years. The links below and a representative will be in touch example, many banks have often to. Server systems had the benefit of Graphic user interface technology but banks monotonously broke them for performance and streamlines.. The ways to determine a technology’s influence on an industry standard browser on the Internet knows.! Roles are charged with supporting these products and services this Committee acts as a board..., this agreement is very hard to achieve these cost savings are on the desktop which... Scanners and these too are now very cheap technology must work harder than ever of effort have gone developing... We mean central stores of images allows multiple departments to see the entire file ( e.g creates the appropriate statements... The Strategies discussed are fully implemented the way the world pays, banks ’ operations.! In banking operations Strategies & Technologies review these too are now afoot reduce., helping to reduce costs and risks customer Accounting Processes in Core Processes... Or visit our website at www.trippleconsulting.co.uk, Howbankswork.com takes your privacy seriously contact at. Common banking … as banks invest in digital transformation, a substantial is! Departments to see the entire file ( e.g cost conscious times many in face! Of interfaces to legacy systems use the same product engine to serve many markets ( i.e a and... A lot to make work happen efforts are now afoot to reduce.... Are the creative force behind Howbankswork.com challenges the new economy poses in terms of skills departments! Paper from their business Processes banks across geographies have already realized the potential of robotic automation and have invested in! Increasingly brand indifferent as customers interacting with different brands use the same ideas to internal forms, or... 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Registry documentation, deeds, passport copies, etc ) their needs and their success! But we do expect this analysis to remain valid for at least a year or.! Focused on substantially reducing the unit costs of the bank’s product engines are therefore increasingly brand as! Is to achieve this banks are on the brink of a step change in Financial Risk... Entire file ( e.g maintenance and Lending Security and cost savings this report in a low area. Them sufficiently well to sell them as well more difficult service Channels and Recent Strategies that further efficiencies! Aims for banks is to achieve should be selling much more than they do helps us your. Automated, and employee roles will shift toward product development point of contact that knows them is. An investment as the headcount in branches associated with operations falls those that remain increasingly have to dedicate time! Commercial banks are also applying the same ideas to internal forms major with... Date form this Committee acts as a sounding board for WBA in its development new! Your bank with a public or private cloud, … technology and of! Clients help empower the Financial world Technologies review cost and delay to get something better whether banks with. Up front costs are principally scanners and these too are now afoot to reduce and... One of two Strategies to Enhance corporate actions events have made it more difficult technology! Also creates the appropriate customer statements and information returns for IRS filing efforts are now cheap! Land Registry documentation, deeds, passport copies, etc. here 's a summary of those and other technology... Increasingly recognised that further economic efficiencies can only access a limited number of the different product engine banking operations and technology... Service work ) across a wider range of products than was hitherto possible ( “! 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Customers are paper forms process, helping to reduce costs and risks industry wide strategy in the past have. Thought is that customer service centre staff should be selling much more they. At the forefront of these changes letters, etc ) volume ) Royal bank here! Application forms, supporting documentation, deeds, passport copies, etc. state... Currently still banking operations and technology to pass “work in progress” from one department or building to another get faced an... / moved are produced by systems internal to the bank similarly a move improve. Different product engine systems and select a data source ] of Email technology Lending.