In the financial industry, service is everything. From profits to productivity, the happiness of clients will determine the speed and efficiency of work, as fewer complains or service calls will speed up overall activity. As technology improves, however, demand grows, and firms have to keep up and adopt the right BPM solutions to help streamline their processes.
BPM for financial services provides many benefits, from providing basic process automation to optimizing workflow around the trends that are actually important to customers. A recent report by Infosys noted that innovation is key for success, and most companies are embracing BPM as a way to foster these goals. Banks investing in innovation increased by 7 percent in the last year, peaking at 77 percent for 2013, and the best way to advanced innovation and growth is by replacing outdated and legacy systems with streamlined ones.
According to Finextra, financial organizations can rely on BPM software to align the way they do business with their primary goals more effectively, while providing a structured way to ensure growth, rather than guessing at the next steps. However, the main challenge for such improvements is understanding how to get from point A to point B, which is why BPM solutions have such high value. By promoting flexibility and agility in operations, financial institutions will become more adept at overcoming hurdles, especially unexpected ones, while maintaining a higher standard of quality in all processes.
This high-quality workflow is what drives success with service improvements, especially customer-facing ones, and is what delivers the highest ROI for BPM investments. Firms are able to drive more value out of limited resources, reduce operational risk and speed up processes without losing control over the results or causing the needless delay or unintentional mistakes that manual intervention can bring.
The ultimate gains of BPM solutions in the financial industry are better, more efficient operations, but the many secondary and tertiary advantages will lead firms down unexpected paths to growth and benefits they may not have expected. By embracing the right tools with the best support for a company's individual needs, it can focus on growth and improvement as a whole, rather than trying to tear down and rebuild legacy systems or outdated processes from the ground up and slowing down overall service.
Ben Farrell
Director of Corporate Communications
