Business Process Management (BPM) in Financial Services
The focus on operational process improvement is a common thread across the Financial Services industry. Through BPM, banks are able to automate business processes such as account opening, lending, automated payments, automated accounting, automated clearing houses and paperless statement production to optimize costs and efficiency ratios. Financial Service providers are increasingly looking to BPM not simply as a solution for immediate process improvement problems, but as a platform that enables a culture of continuous improvement.
BPM is usually categorized into two distinct categories: people and technology. People-oriented BPM involves understanding customer needs and also understanding what a company must do to make improvements in its business operations model so that the customer needs are addressed. BPM technology involves enterprise software packages to model various tasks and work-flows in an optimal manner. Financial Services firms use Business Process Management Technology (BPMT) for "process optimization” to focus on aligning all aspects of an organization.
While balancing the wants and needs of its customers, Financial Services organizations must:
- Promote process agility
- Focus on business effectiveness and efficiency
- Continually innovate
- Add flexibility
- Integrate seamlessly within a complex technology environment
How Perficient can help
Human task management is the dominant BPMT workflow tool used by banks and investment services followed by workflow tools to manage system tasks, business process analysis, business activity monitoring (BAM), process analytics and alerting. Financial Services firms are acquiring BPMT from a range of sources, including BPMT embedded in packaged applications, BPMT included in middleware suites such as business process management suites (BPMS), stand-alone BPMT products, and in-house development. Perficient can help your organization’s process improvement objectives by utilizing various aspects of BPM that will support:
- Customer care and insight
- Case management
- Processing efficiencies
- Process reporting transparency
- Business and IT collaborative workbench
- Straight-through processing
- Workflow automation
- Paperless processing