Earlier this week, I spoke at IQPC’s Business Process Excellence for Financial Services conference in New York. As a chairperson for the event, I took great pride in bringing together a community of experts and thought leaders to discuss the burgeoning technology issues facing financial institutions. By working together we are able to mitigate operational risk.
In my presentation, How BPM is Evolving to Help You Improve Your Top-line, I discussed the need for banks to respond first, fast and best to their customers and how they can achieve this. Today, institutions must respond to increasing customer demands while meeting costs and requirements associated with regulation. Many banks have shown that they can meet these demands and improve the quality of their operations by using business process management (BPM). However, these institutions are still trying to conduct business and grow their top line and market share. So how do they do both? By differentiating themselves from other financial institutions and engaging with their customers to offer something different and better.
In my view, there are three goals banks must set out to achieve in order to reach the nirvana of customer engagement:
1. Respond quickly to regulatory change
2. Manage risk and compliance
3. Promote the right offer, at the right time, through the right channel
This requires exploring the next frontier of BPM through solutions that combine BPM with business events, real-time analytics, and business rules. While the majority of technology investments have historically focused on operation automation, back office processes and cost reduction, the next wave will see a greater focus on situation-aware, customer facing and revenue generating solutions. How can banks achieve a level of customer engagement that will both increase process efficiencies and top-line revenue?
Every organization should get in shape with “responsive business training” - striving to spend fewer resources solving problems and more time delivering value-add services to customers. This approach is one exercise in the training program – what others are you considering?
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