The objective of the developing BPM based software solutions to the banking sector is to deliver an environment that allows the staff and managers the ability to be as creative and free thinking that is required to deliver a first class customer service, while at the same time giving the management the process control that ensures compliance as well as reports and monitoring that will allow a total view on the performance of the company.
The result of implementing this banking software will be a client focused, efficient and profitable organization that has the flexibility and scalability to grow and expand as the market dictates.
Benefits of BPM in Banking
In the increasingly globalised competitive Banking and Finance environment, organisations need to reduce overheads and improve customer service to retain and expand their customer base. Business Process Management can help drive this capability giving significant company and customer benefits together with providing significant cost savings at the same time.
BPM delivers a reduction in overheads and improve customer service to retain and expand the organisations customer base.
To help banks and finance institution meet the needs of today, the following business objectives have been built into the Business Process management Solutions.
BPM software has the flexibility and modular design that will ensure continuity of service to existing users while new departments are brought online.
Support Innovation with flexibility.
Allowing the staff, in particular the fund managers and customer service representatives the flexibility to deliver client focused services while ensuring predefined company standards are adhered to.
Speed of response.
New customers will be judging the effectiveness of any bank during their first contact, when applying for a new product for example, a simple measure these customers will use is the response time. BPM includes deadline management and escalation. Any process that exceeds the preferred completion time can be re-prioritized, re-assigned or escalated. Notification of a deadline will be reported in real-time and also logged for later analysis.
Lowering operating risk with continued focus on client service
BPM is a key component in Enterprise Risk Management; this includes taking control of the processes from end to end. Exceptions can be identified and managed enterprise-wide as they occur on a real-time basis.
Encourages cross-departmental cooperation and collaborative working.
BPM can manage ad-hoc, collaborate style working where required and at the same time ensure that company policies and procedures are followed
Support for new activities
BPM software offers levels of flexibility and scalability to manage the new business units as they come on line as well as the introduction of new products company wide.
Business Process Management Implementation Objectives
Create a client-centric business model with focus on client relationship and customer service
Provide all customer facing staff with all the required information to deliver client satisfaction
High levels of productivity and efficiency within core processing
Maximise utilization of resources, mitigating headcount pressures
Faster-time to-production for inexperienced new hires
Effective management of different phases of product cycle
Elimination of operating errors
Remove inconsistency in service and procedures
Monitoring and reporting of the operation with proactive controls and escalation.
Fully auditable compliance to industry regulation built into processes
Comprehensive and transparent reporting of performance metrics
Enhance staff capabilities and reduce attrition
Enable more effective targeting of spend, benefits quantification
Incentives for process improvement and operating model evolution
Bank and Finance companies process millions of transactions every day Customer queries relating to account information can occupy a considerable amount of staff time because they don’t have ready access to copies of customer statements. Staff may need to locate copies of a statement from microfiche or have them regenerated at the next computer run. All this takes time and extends customer response times.
Through a visualized developing environment, modularized electronic form design environment, the amount of time required to develop and embed the system has been dramatically reduced.
Example processes to be managed by BPM include:
New Account Setup
Product Application management, loans, credit cards etc.
Order Management Support
Trade Confirmation Processing
Call Center Support
Customer Contracts Management
Bid and Proposal Management
Policy and Procedure Manual
Strategic Program Management
Order Management Support