Financial services firms face a wide range of new challenges as cloud, mobile and social technologies take hold in the sector. The process difficulties brought on by these emerging technological systems impact organizations on multiple levels. Business process management solutions are becoming critical in the sector as they are not only helpful in transforming internal processes, they also help financial services firms meet changing customer expectations.
Those shifting customer expectations are among the primary drivers of process revolution in the financial services sector.
Customer expectations in financial services
The rise of cloud, social and mobile technologies in the consumer sector has created an environment in which many individuals want access to a wide range of financial services through these technological tools. This disrupts traditional customer service processes because financial institutions must adapt tried-and-true operational schemes to keep customers satisfied. BPM software can prove invaluable in this area because, when combined with effective process management principles, it can be used to automate processes, quickly adapt operations to the most efficient model possible and pass multi-step processes between users without manualinput.
Furthermore, BPM software puts all of these functions into an application overlay that managers can use to identify which processes have been completed, by whom and when. The end result is a situation in which financial services firms take on the adaptability required to meet shifting customer expectations brought on by technological change.
Internal operational adjustments
Emerging technologies are not only taking hold in the consumer segment. They are also triggering a consumerization of IT movement that organizations must be prepared to handle. In the financial services sector, the consumerization of IT has the potential to create incredible efficiency gains because so many day-to-day processes require input from multiple users, who will be able to deploy cloud, mobile and social technologies more flexibly. However, this elastic operational environment also presents major security, collaboration and process management challenges if it not kept under careful control.
BPM solutionsfor financial services offer the process-focused control that these firms need to pass projects on between users on a wide range of devices and using diverse applications to get the job done. This can prove integral to streamlining internal processes and maximizing operational efficiency. The end result is an environment in which different work departments that depend on one another can interact seamlessly and complete processes efficiently.
Technology is changing the financial services sector, both in external-focused operations and internal processes, and BPM solutions can prove integral in helping organizations deal with new demands.
Malcolm Ross
Vice President of Product Marketing
