Overview of Adaptive Case Management for Financial Services

Adaptive case management refers to business process management for handling complex sales and service processes that require actions and decisions from multiple departments, roles, and disparate solutions for dynamic situations such as handling a deceased estate and moving to a new house location.

About Adaptive Case Management

In the context of financial industries, there are many long running complex tasks that require multiple actors such as relationship managers, consumers, and back office users and execution of each task can change the course of the process flow. For example, insurance experts must take a decision on claims based on the available data and depending on the claim acceptance status such as partial or full or rejection, different sets of actions must be processed.

Significance of Adaptive Case Management

There are three significant aspects:

• Improves efficiency: Each actor such as service representative, service manager, and back officer user are guided through a standard compliant process whereby any actionable tasks are available to the actors.

• Rolls out compliant processes: Helps achieve compliance with government rules and bank policies.

• Improves customer experience: The representatives have an overall knowledge of the running process beyond the current status and current pending tasks. Hence, they can help customers more effectively rather than just reporting the current status.

Integrate Processes for Oracle Integration with Oracle CX for Sales

Adaptive case management examples include complex processes in banks requiring action from multiple parties such as the Deceased Estate process flow. Case is defined as a business process for handling either sales or service process. The execution of adaptive case management requires processes to be modeled in Processes for Oracle Integration and initiation of these processes is possible through an integration between Processes for Oracle Integration and Oracle CX for Sales. Using Oracle CX for Sales, you can initiate the execution of all the subprocesses within the process flow through the integration of Processes for Oracle Integration with Oracle CX for Sales. Integration supports process management (both definition and execution) for all industries including financial services. Processes for Oracle Integration enable you to create process templates. Deceased estate process template is created using the Processes for Oracle Integration. Each process or case has multiple stages. Each stage can have multiple subprocesses and each subprocess can also have multiple steps. In Processes for Oracle Integration, there are two types of tasks, human tasks and system tasks. Human tasks are the actions that are enabled and assigned to bankers or bank agents to view, assign actions, and complete them.

Deceased Estate Process and Key Roles

The Deceased estate process refers to the transfer of the bank accounts from the deceased to the beneficiaries. The following three key roles form this process flow:

• Reporter of the demise will initiate the process to transfer ownership of the deceased's assets to their name.

• Bank customer service executive who helps customers resolve their queries and advises customers on the process to be followed and related documentation associated with it.

• Bank customer service relationship manager, responsible for verifying the deceased details, documentation, and finally approves the service requests.

• Back officer user would complete the tasks such as removal of the deceased from marketing lists and informing tax, credit card, and retirement companies of demise.

Sequence of Process Flow

Following is an example of the process flow:

1. A customer of the bank dies due to heart attack.

2. Wife initiates the process to transfer asset ownership.

3. Wife calls up customer service executive of the bank to let him know of her husband's demise.

4. The customer service executive adds further details to the service request by asking about beneficiary, asset transfer, and collects documents.

5. For transfer of asset ownership, the customer service executive creates a service request of the type Deceased Estate.

6. Customer service executive contacts the customer and checks the customer record of the deceased.

7. Customer service executive initiates the process. He then uploads the documents and fills out additional information.

8. Customer service relationship manager, receives a notification to approve the details. The manager studies and provides approval.

9. The remaining tasks are completed and change of ownership for the deceased's wife is finally completed.

Stages of Deceased Estate Process Template

Declarative Demise: This is the stage in which the service representative provides all the details such as the death certificate, identity proof of the reporter, identity proof of the deceased, and adds further details about the employer and the insurance.

Administrative Stage: This is the stage where the manager would receive the task notification for approval. Manager verifies deceased details and approves it.

Tasks within 2 Weeks: These tasks include removal of the deceased information from marketing lists. There are other related tasks such as informing tax office of death, informing credit card companies, informing mortgage companies, and informing retirement companies.

Tasks within 4 Weeks: In this stage, the service representative meets beneficiaries and the executor.

Actual Transfer of Assets to Beneficiaries: Deceased bank accounts are closed, this is possible due to integration with the banking platform. Beneficiaries, in case they aren't customers, are invited to become customers, and the inheritance process is completed.