BPM platforms contain a vast number of web tools aimed at performing financial tasks. The system enables user-friendly online banking, document storage, CRM and many other options that a bank or a financial institution requires.
Business process management (or BPM, https://www.bpmonline.com/financial-services/bank-sales/business-process-management) is one of the latest corporate management concepts that has already proved its efficiency in thousands of companies across the globe. The idea of this concept is to introduce a comprehensive web platform through which all corporate activities could be performed – from strategic planning and modeling to having corporate chats and sending calendar notification.
Among the companies that can largely benefit from BPM software are banks, insurance companies, and other financial institutions. Their activities imply a number of peculiarities, among which great amount of numerical information, high data sensibility and the necessity to perform. Let us see what the main advantages of BPM financial services and BPM online CRM for bank operations are.
Main solutions of financial BPM
The main goal of all BPM platforms is to automate and digitize all business process within a company. Here are the key operations that the software of the kind can control and perform:
- Finance: processing payments and withdrawal requests, lending, treasury management, performing end-of-day clearance. Powerful software ensures quick and correct processing of all financial operations notwithstanding their number and amount.
- Customer support: handling customer support cases and specific requests. BPM helps to stay in touch with the customers even after a particular service has been delivered. The company will always be able to monitor customers’ feedback in order to provide adequate post-sale service and solve possible difficulties.
- Financial regulation: applying automated security inspections, and verifying compulsory response time.
- Dealing with new customers: opening accounts, gathering data, and conducting security checks.
- Project management: managing the establishment of new branches, modeling of strategic financial plans etc.
One of the main advantages of BPM platforms for financial institutions is the possibility to standardize business projects. Banks, insurance companies and other financial firms employ certain patterns, in which their products and services are offered. Most of the times these procedures are repeated all over again with each client, thus making the whole process rather cumbersome and lengthy.
However, with the help of online BPM the repeated processes can be standardized and adjusted for a particular group of clients or a specific service. As a result, the processes can be automated and their realization can take much less time.
Business benefits of BPM systems
The introduction of online BPM provides financial institutions with the following advantages:
- Concentration on revenue-generating activities. All the routine operations are performed by the system automatically or with minimum participation of employees.
- Opportunity to complete more projects in a more condensed period of time, eliminating duplicating and overlapping tasks. Besides, powerful platform is designed for modeling and running several business projects at the same time, which can greatly increase the efficiency of the company’s activities.
- Optimized staff utilization. BPM financial services allow reducing manual processing and bringing down human errors almost to zero. BPM enables single data entry and further data copying to all relevant sections. Thus, huge information volumes can be processed in a quicker and more convenient way.
- Reduced management supervision over employees. The less paper and computer work is done by each employee individually, the less supervision and control is needed.
- Opportunity to use process automation to improve quality and optimize financial services. Using analytical data, managers can identify possible bottlenecks in order to improve the services and products they offer. Besides, the platform identifies necessary steps, action owners and due date for each and every business project. Thanks to this option, there will be no misunderstood tasks, omitted operations and missed deadlines.
- Enhanced business scope thanks to greater customer satisfaction. If clients feel satisfied with the services and the way they are being treated, they are much more likely to recommend your company to their friends and colleagues, thus increasing your brand awareness and providing an inflow of new potential customers.
- Absolute compliance with obligatory regulatory requirements imposed on financial institutions. BPM banking is complemented with a special tool for monitoring the applicable legislation and suggesting the necessary changes and corrections. Thanks to its customization capabilities for a particular country or region, the platform ensures that the business is conducted in full respect to the governmental norms and restrictions of a particular region.
A great advantage that BPM initiatives provide to financial organizations is its high level of customization. Each web tool has certain default parameters designed on the previous analysis of the organization’s activity. They are tailored taking into account th unique company’s needs and requirements. These parameters can always be tuned in accordance with the adjustments needed within the organization.
This is a highly justifiable approach since financial institutions differ in their scale of activities, products, customer relation management and so on. The opportunity to adjust the BPM platform is another way of making a business more efficient and promising.
CRM advantages of BPM platforms
BPM financial tools are designed for business processes that regard the customer directly. Here we deal with the so-called Customer Relation Management, or CRM.
For instance, Bpm’online lets for launching powerful and customer-friendly application, which enables clients to get full access to their accounts. The access can be provided from all types of devices including PCs and smart phones. Customers will be able to see their banking details anytime from any place and also perform a vast array of account management operations.
Another advantage is the bring-it-all-together feature. BPM tools enable managers to keep the information on all the customers in one single database. You can get a quick access to information on accounts, mortgages, loan, insurance policies, payment history and other data that characterizes relations between your company and the customer.
Coupling CRM and BPM is also a well-thought way of a quicker service delivery. For example, insurance agents, when meeting a potential client, have first to verify the client’s identity, then confirm that there are no outstanding payments and finally sign a customer agreement. Such steps often involve using different software and systems aligned, when BPM platform is able to support all these procedures on its own.
BPM initiatives include powerful statistical and analytical tools that help in processing and analyzing all customer data. For instance, you will be able to keep an easy track of monthly credit card payments, average loan amounts, etc. This data is crucial for financial institutions, in terms of which future financial products and services these same institutions can offer to particular customers and under what conditions. BPM software plays an priceless role in developing and maintaining customer loyalty.
Types of BPM software
Financial business process management software can be installed in two main ways of deployment: on-premises and on-cloud. The first option is mainly used by established corporations that have big office buildings with vast server rooms. Professional bpm’online software involves also hiring a group of full-time IT specialists whose main task is to control and maintain the hardware.
Cloud BPM is a more flexible and convenient solution. It implies storing all business data on cloud, which can be accessed by managers and employees from any place. Such system is mainly appreciated by modern financial companies of a smaller scale, whose employees travel a lot or are based in different cities.
Finally, there is one another version of BPM, which is mobile BPM. In its main part, it is a variety of a cloud platform, which can be accessed not only from office computers but from smart phones as well. Such an approach ensures that managers and employees can stay updated on the company’s activities wherever they are. Mobile system is, of course, a lighter version but it still enables performing major business tasks and getting access to main web tools by pressing just a few buttons.
As we now see, BPM financial services are a truly efficient and comfortable way of conducting business in the financial field. The system is highly professional and based on cutting-edge information technologies. Yet, it is quite user-friendly and can be successfully embraced even by non-technical employees. Financial BPM is a proved tool to achieve a higher efficiency and boosted profits of all types of financial institutions.