Banking Processes Optimized by BPM Implementation

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Banking Processes Optimized by BPM Implementation
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• The banking industry is full of regulations and
  procedures that need to be followed. At the heart
  of all of this, banking relies on processes. It
  is no surprise then that the banking industry
  stands to benefit immensely from adopting
  Business Process Management principles, which
  many banks have already started to adopt and
  implement.

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• Business Process Management, or BPM, aims to
  improve the efficiency of processes through
  automation, modeling, and other management
  methods. Applying this to the banking industry is
  a no-brainer to help track and manage all of the
  various processes involved in this
  highly-regulated industry.

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• Utilizing BPM solutions can help banks to improve
  their customer experience and serve each customer
  better. Automating processes behind something
  like loan approvals means the loan officer can
  spend more face time with each customer or
  perhaps serve more customers more efficiently.
• Further, the use of BPM also increases the
  transparency as well as consistency in
  documentation for the customer, which can
  increase their trust in the institution. Customer
  service and ease of use are arguably the most
  important factors that influence customers
  decisions about which bank to use, so any way to
  improve these factors, such as BPM, should be
  embraced by banks moving forward.

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• BPM solutions also help organizations to follow
  compliance regulations easier. Rather than
  remembering to check off each box or fill out
  each form, these processes can be managed through
  BPM software so that nothing can fall through the
  cracks through various banking processes. BPM
  software is also very flexible so that many
  different processes and workflows can be managed
  through the same overarching system.

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• The flexibility offered by BPM solutions for
  banks allows them to easily adapt to changing
  regulations as well as process changes that may
  be implemented. This is important to ensure that
  banks are able to adjust to be in compliance with
  regulatory changes quickly and efficiently.
  Workflow processes utilized by BPM make this easy
  and much less frustrating for everyone involved.

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• Business Process Management also allows and
  encourages advanced modeling and analysis of
  cases. This can help to identify bottlenecks in
  processes and improve them for the future. Some
  banking processes might be entirely inefficient,
  but never improved simply because nobody is aware
  of the inefficiencies. This advanced process
  tracking of cases can identify trends, increase
  accountability, and improve overall efficiency.
  More importantly, these trends and possible
  issues can be identified in real-time or even
  before they happen.
• While monitoring past trends is useful, setting
  up triggers in a BPM workflow to immediately
  alert a supervisor or manager when problems arise
  is much more forward-thinking and helpful. All of
  these benefits work to improve the bottom line
  for the bank, in addition to the other benefits
  already mentioned.

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• Banking is a complex and complicated industry,
  which is why banks are starting to adopt and
  utilize BPM solutions to help with their
  compliance and regulatory processes. The more
  that banks recognize the benefits of Business
  Process Management solutions, the more efficient
  they can become.