The banking industry is full of regulations and procedures that need to be followed. At the heart of all of this, banking relies on processes. It is no surprise then that the banking industry stands to benefit immensely from adopting Business Process Management principles, which many banks have already started to adopt and implement
2. The banking industry is full of regulations and
procedures that need to be followed. At the heart of all
of this, banking relies on processes. It is no surprise
then that the banking industry stands to benefit
immensely from adopting Business Process
Management principles, which many banks have
already started to adopt and implement.
3. Business Process Management, or BPM, aims to
improve the efficiency of processes through
automation, modeling, and other management
methods. Applying this to the banking industry is a no-
brainer to help track and manage all of the various
processes involved in this highly-regulated industry.
4. Utilizing BPM solutions can help banks to improve their
customer experience and serve each customer better.
Automating processes behind something like loan approvals
means the loan officer can spend more face time with each
customer or perhaps serve more customers more efficiently.
Further, the use of BPM also increases the transparency as well
as consistency in documentation for the customer, which can
increase their trust in the institution. Customer service and ease
of use are arguably the most important factors that influence
customer’s decisions about which bank to use, so any way to
improve these factors, such as BPM, should be embraced by
banks moving forward.
5. BPM solutions also help organizations to follow
compliance regulations easier. Rather than
remembering to check off each box or fill out each
form, these processes can be managed through BPM
software so that nothing can fall through the cracks
through various banking processes. BPM software is
also very flexible so that many different processes and
workflows can be managed through the same
overarching system.
6. The flexibility offered by BPM solutions for banks allows
them to easily adapt to changing regulations as well as
process changes that may be implemented. This is
important to ensure that banks are able to adjust to be
in compliance with regulatory changes quickly and
efficiently. Workflow processes utilized by BPM make
this easy and much less frustrating for everyone
involved.
7. Business Process Management also allows and encourages
advanced modeling and analysis of cases. This can help to
identify bottlenecks in processes and improve them for the
future. Some banking processes might be entirely inefficient, but
never improved simply because nobody is aware of the
inefficiencies. This advanced process tracking of cases can
identify trends, increase accountability, and improve overall
efficiency. More importantly, these trends and possible issues
can be identified in real-time or even before they happen.
While monitoring past trends is useful, setting up triggers in a
BPM workflow to immediately alert a supervisor or manager
when problems arise is much more forward-thinking and helpful.
All of these benefits work to improve the bottom line for the
bank, in addition to the other benefits already mentioned.
8. Banking is a complex and complicated industry, which
is why banks are starting to adopt and utilize BPM
solutions to help with their compliance and regulatory
processes. The more that banks recognize the benefits
of Business Process Management solutions, the more
efficient they can become.