A study by McKinsey suggests that having building blocks can help organizations drive change and select the right transformation path to their situation.
And BPM (Business Process Management Software) is the building block that organizations can leverage to transform their operations. As processes become more complex with every passing day, enterprises need a system that can help synchronize their activities, strategies, and performance. The banking industry, in particular, has to deal with a plethora of complex processes daily.
Let’s have a look at how business process management software can have a transformative impact across critical banking processes:
Today’s digital-first customers expect banking services to be available at their fingertips. These changing customer expectations are forcing banks to make their services accessible through all digital channels. And the onboarding process is no exception. A robust BPM system can enable banks to streamline and automate their end-to-end onboarding process, remove process bottlenecks, speed-up processing of straight-through cases, and deftly handle exceptional cases by routing them to the right knowledge worker.
When applied to onboarding tasks, the right business process management software can facilitate a paper-free process by collecting customer information from all channels-mobile, website, and third-party platforms and making it available to the knowledge workers. This allows knowledge workers to focus on more value-added tasks as they do not have to consult multiple applications to process each request. Furthermore, real-time application processing can improve new customer acquisition and drastically improve the overall customer experience.
Lending continues to be a focus area for banks because it continues to be the most profitable business arm for them. As banks seek to modernize their lending functions, they need a BPM solution that provides end-to-end automation, including—omnichannel application initiation, quick eligibility check, document collection, back-office review and underwriting, and capturing covenants and dynamic approval/lending matrix while adhering to audit and compliance requirements.
Customer service management
In the banking space, after-sales service is an essential part of developing a sustainable customer relationship. Business process management software can offer an omnichannel customer interaction and enable end-to-end management for all customer requests and queries. The right BPM platform empowers customer-facing employees with contextual information for every customer. As a result, when a customer reaches out with a certain query, the customer-service executive can offer a resolution basis past interaction, and the customer does not need to repeat any information. This is powerful as it shows that the bank knows the customer and values the relationship.
Risk and Compliance Management
Banks need to adhere to several regulations and be audit-ready by updating their policies and data. Business process management software has proven effective for identifying risks and ensuring authorization by providing control and ensuring consistency in each process level. Audibility, visibility, and control can help enterprises lower their risk and fulfill compliance deadlines.
Banks need to adopt emerging technologies to sustain their business and harness new opportunities to remain relevant in this intensely competitive landscape. Selecting the right software can be stressful, and such decisions cannot be taken lightly. It is important for banks to better understand BPM’s capabilities and confidently choose the ideal solution. Here is a whitepaper that can help banks evaluate the right business process management software.