Firms operating in the financial sector need to streamline their mission-critical business processes, simplify services, and enhance collaboration to keep up with strict regulatory pressures and ever-changing marketplace. More and more financial companies are investing in BPM for financial services – a smart business process optimization technology, which helps reduce operational costs and improve business process agility.
BPM in financial services addresses the key challenges financial institutions face in the modern environment, such as overcoming regulatory pressures, reduction of expenses and earning customer loyalty. BPM banking software can also enable companies to minimize organizational complexity and get fully ready to respond to shifting market trends driven by numerous factors, including tech savvy demands of the Internet-empowered customers, intensive competition, and an increazingly globalized economy.
BPM tools are focused on the business processes thanks to which the entire work is executed. It is an intelligent program that enables financial service institutions to orchestrate procedures and workflows across scattered organizational silos, systems, resources, and people. Good BPM solutions like bpm’online available at https://www.bpmonline.com/crm are intended for facilitating banks and financial firms in removing all inefficiencies and low, error-prone efforts, therefore ensuring compliance, and boosting productivity. By integrating BPM initiatives, banks can build client-centric processes, which help a company achieve desired business outcomes:
- Improved responsiveness,
- Increased customer satisfaction,
- Reduced staff redundancy,
- Enhanced visibility into overall and individual performance,
- Better managerial control,
- Advanced efficiency with automated business-critical processes.
Capabilities of smart BPM for financial services
To improve existing business processes and design the new ones, today’s financial companies deploy advanced BPM software, such as bpm’online that provides a set of sophisticated tools for financial officers and analysts to enable the effective management of business processes of any type.
By utilizing such a program, the participants can map, simulate, execute, monitor, and optimize customer-facing business processes throughout departments, applications, and systems without specific knowledge of web services, XML or SOA.
Moreover, both on-premise and online BPM solutions contribute to effective collaboration by integrating with social media and creating a unified working environment via an extensive selection of communication channels like traceable conversations, live chats, message boards, calls and video that enable a continuous business improvement.
The comprehensive tools of the fine business process management software allow financial institutions to design key financial service processes, such as:
- Contract management
- Credit cards lifecycle
- Customers on-boarding
- Customer cases handling
- Deposit origination
- Exceptions management
- Handling of Payments
- Interest Claim Tracking
- Entire loan management lifecycle
- Regulatory Compliance
- Transactional documentation generation
- Risk Management, and dozens of other industry-specific processes tailored especially to the needs of a particular financial firm.
While mapping out a process, it is possible to tie its steps with business rules, documents, metrics, and key performance indicators, for instance, handle time, client loyalty rating, financial performance, the volume of account activations, etc. Based on these measures, the BPM for financial services program will monitor and analyze the progression of every process and activity of its owners and present these results in a form of customizable dashboards, so that the front-line staff can use these insights to predict and address inefficiencies, define top performers, develop business strategies, and forecast outcomes.
BPM used in financial services helps companies achieve real-time visibility of core processes, which contributes to perpetual improvement, automation, and process transformation through predefined notifications, alerts, task assignment and SLAs. By using the BPM functionality, banks and financial institutions can streamline and standardize complex processes across departments, branches, and systems, eliminate the need for data re-entry, and make the process of decision-making more accurate. BPM functions provide flexibility to these organizations and enable them to modify processes in accordance with ever-changing business trends and regulatory requirements.