In many industries, business owners and executives fully understand that the smart management and automation of critical business processes can reduce costs and enhance productivity. However, for the financial sector, BPM systems offer one more important benefit – the significant improvement of organizational adherence to the regulatory compliance and executing it in a time-and-cost-effective manner. Still, there is a big challenge that prevents companies from embracing financial services BPM – firms concerning about compliance are not aware of the BPM software potential, which is just enormous.
Business process management is an IT solution aimed to help banks, insurance companies, and credit institutions deliver desired business outcomes by supporting and standardizing financial service processes, while making them more configurable. Such flexibility of business processes empowers enterprises to comply with numerous regulations and changes in the environment. BPM for financial services organizations ensures that the employees follow the correct steps during the task execution. With powerful software like bpm’online, users can design compliant processes and workflows that will have an audit trail.
To address new conditions, businesses should be able to swiftly transfer business rules into effective operations without involving the IT staff to modify the process codes. Modern BPM platforms (https://www.bpmonline.com/crm) can help with that too by capturing, managing, and automating the logical statements (rules and policies) that underpin the repeatable decisions related to the business procedures.
Together with process flexibility, BPM programs provide visibility into business activities, while assuring the required data or any statistical information can be easily accessed from any process, which contributes to a consistent decision-making. Above this, financial services BPM make it possible to delegate tasks to the responsible employees, e.g. according to a new law, any credit applications must be reviewed by a credit file supervisor. Thanks to task management capabilities, business process management software can ensure this task will automatically be routed to the right member. Notably, compliance of all business operations can be tracked in the audit log.
Financial services provided by BPM in action
Economic dynamics and ever-shifting market environments force financial institutions to consider investing into BPM applications as a way to boost operational efficiency by unifying company-wide processes, streamlining the cooperation between humans and systems, and driving transparency into key performance indicators and business intelligence metrics.
Credit organizations have dozens of complex business processes, each of which presents a set of vital tasks (actions) that must be done to produce value to the customers. A customer’s case resolution, the opening of a bank account, loan origination and servicing are standard financial processes.
Financial services BPM can orchestrate these procedures and gain efficiency from repeatable operations as such software is able to:
- Manage and automate key processes by encouraging seamless interaction between teams and electronic resources. This makes the personnel more productive and allows them to better concentrate on higher-priority tasks. Moreover, these fully automated interactions streamline the exchange of information and data within the BPM system that eliminate delays and human errors caused by the manual data entry.
- Improve business intelligence by enabling companies to determine and track in real-time performance and financial metrics. As part of financial services, BPM offers business monitoring capabilities, and the organizations can proactively detect and address risks, bottlenecks, and factors (both external and internal) affecting the business activity.
- Generate customer satisfaction. A good BPM platform can simplify customer-related processes to deliver the best customer experience and help commercial banks build long-term relationships with the most profitable customers.
CRM-based BPM software delivers an advanced client database where bank managers can record and store the history of customer communications and transactions, create customer profiles with extensive contact and socio-demographic details, and access this data from any process. Such immediate data availability promotes better decision-making and helps the users to offer the right product/service to the right client and at the right time. Learn more about BPM competencies.
Features of BPM for financial services
The importance of BPM tools lies in their ability to map and automate processes, integrate and synchronize with other third-party applications, and ceaselessly monitor overall activity, providing financial services organizations with an opportunity for improving and executing their business strategies, gaining better visibility across all systems and departments, enhancing efficiency, and reducing manual efforts.
However, firms looking to an intelligent BPM package to automate their processes, encounter difficulties with choosing the right vendor that would offer a full-featured solution tailored to the specific needs of financial services institutions. The bpm’online software is designed especially for organizations competing in the financial sector and includes a breadth of pre-built modules and components required for effective business functioning:
- Process management
- Customer relationship management
- Business activity monitoring and analysis
- Extensive collaboration tools
- Bank products catalog
- Generalized workplace for financial managers, agents, and supervisors
- Document management and automation
- Knowledge management
- Risk management
- Project management
Obviously, BPM for financial services adds greater value to process-intensive companies as this kind of software can monitor transactions and business events and present this data in real-time dashboards and reports, empowering business executives to perform more reliable financial forecasting and make more accurate decisions.