The Banking & Finance vertical is a dynamic sector governed by stringent rules and disruptive market sentiments. The current economic crisis that occurred after the pandemic has further escalated the worries of organizations working in this space. Organizations are thus looking for some innovative and leading-edge solutions to remain relevant in the hyper-competitive business landscape.
Business Process Management (BPM) is a solution that can assist enterprises operating in the Banking & Finance sector transform their business processes. It is a proven way to transform business processes and make them perform to achieve desired business goals. This blog tells you in detail why BPM is beneficial for the Banking & Finance sector.
Benefits of Implementing BPM for Banking & Financial Services
1. Greater Employee Satisfaction:
Business process management (BPM) solutions reduce the burden of administrative tasks from employees’ shoulders. All low-value and repetitive tasks can be automated to let employees focus better on tasks where critical cognitive skills are required.
2. Faster Project/Task Turnaround Time:
BPM solutions revamp the overall execution of banking and financial processes from top to bottom. BPM banking software makes process improvements, eliminates bottlenecks, and helps automate various business functionalities to get things done in less time.
The banking and financial sector is a very dynamic one. Things keep changing in this domain every then and now. Manually making the necessary changes looks easy but is loaded with complexities. Business process management (BPM) solution empowers organizations to make changes as and when required with greater agility and complete flexibility.
4. Elevated Customer Experience:
Automating banking & financial services enables speedy resolutions of customer queries and also improves the pace of getting things done remarkably. It saves customers time as well as effort.
5. Improved Regulatory Compliances:
Banking is a very complex industry where financial institutions need to execute their daily operations while keeping a close watch on various policies and regulations. Business process management solution eases compliance management tasks and gives you necessary updates whenever it finds any policy violation.
6. Reduced Errors:
Banking and financial institutions are loaded with numerous simple to complex business processes. While executing business operations, employees work under immense pressure to meet deadlines. Unorganization of business processes adds more chaos and makes work vulnerable to errors. Implementation of BPM for banking & financial services streamlines, automates, and improves business processes. Further, business process management solutions reduce the involvement of human interactions with the system as much as possible to reduce the probability of errors.
Applications of BPM in Banking & Financial Services
Although the business process management system allows banking organizations to enable large-scale transformative reforms, you cannot reap its full potential without the integration of automation in the BPM strategy. Implementing an advanced BPM solution for financial services powered with RPA gives businesses a great scope to make impressive process improvements and, subsequently, financial gains as well.
1. Credit Card Processing:
This job usually takes several weeks to complete the process. Using automation, banking and financial institutions can complete this process in a few hours. By enabling automation and doing process improvements, business process management software can integrate different legacy systems together and enable faster execution of various works like document validation, background checks, credit checks, etc., in a very quick time.
2. Know Your Customer (KYC):
It is a mandatory process for all account holders. The KYC process does not just consume the time of critical resources but also requires huge paperwork. Enabling any thoughtfully curated BPM solution for financial services helps organizations not just to save enough money but also assists in completing the process in a digitized mode in less time. That too with minimal staff and errors.
3. Fraud Detection:
If you ask any reputed BPM solution providers about that one area where BPM solution must be used without any further delay then it would surely be for ‘Fraud Detection’. Every month, millions of online transactions are carried out in any large-scale financial institution. Most of the transactions are vulnerable to various kinds of fraud. RPA-powered business process management solutions give organizations useful insights periodically. RPA bots use various tools and protocols to detect any unusual activities and raise alerts whenever they find something suspicious.
4. Report Automation:
No matter in which department you work for in any banking & financial institution, creating reports is a regular job. Manually collecting data from various sources and preparing reports is a highly time-consuming job. RPA bots can help you get this job done in no time that too without any error. It not just helps save time but also assists greatly in making the right business decisions based on accurate data and analysis.
5. Customer Service:
Advanced BPM solution enables banks to address customers’ concerns efficiently. It allows customers to get the answers to their most pertaining questions in real-time. Smart process improvement brings down the response time to seconds and helps augment customer satisfaction levels.
There are several other functions like Accounts Payable, Loan Processing, Account Closure, and Compliance Management, amongst others where you can implement BPM solutions to deliver faster and better services to customers.
From Where to Start?
Now, you surely have been very much convinced about the enormous benefits of BPM in banking & financial institutions. But from where to start if one thinks about implementing it in the right way. This question might be coming to your mind. Well, while BPM is good, its implementation is tricky. You need a smart BPM strategy and an execution plan that cannot be possible without taking any reputed BPM firm onboard. There are various business process management (BPM) companies out there in the market but choosing the right one only gives you the best returns on your investments.
VSynergize is one of the highly respected and credible business process management (BPM) companies in the market that can help you elevate your business performance. We have a robust pool of adept BPM professionals who carry a diverse experience in providing leading-edge BPM solutions across the business industries. Contact us at email@example.com to know more.