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Connected Processes for Better Banking
Recently, I attended an interesting conference. Its focus was campaign management and how companies in the financial services industry can increase customer satisfaction. Seemingly, people are looking to raise profits, while building loyalty and levels of engagement with their customers. One way to improve customer experience is to upgrade any interface that the public touch. When this subject came up during the conference, a key question was asked: what if these all important customer-facing systems fail?
Recently, I attended an interesting conference. Its focus was campaign management and how companies in the financial services industry can increase customer satisfaction.
Seemingly, people are looking to raise profits, while building loyalty and levels of engagement with their customers. One way to improve customer experience is to upgrade any interface that the public touch. When this subject came up during the conference, a key question was asked: what if these all important customer-facing systems fail?
Usually, it is the hardware perspective that people focus on. A slow computer, bad connectivity or a server ceasing to respond can all be factors that might cause hardware to stop working. But what if the processes that serve a customer fail – if they are not well designed, or are too heavily dependent on human-factors?
Creating automated, human error-proof, monitored processes is one way business leaders can be sure they are doing the right things. Adoption of a method that monitors user-facing software operations, allows a company to re-design faulty processes and automate them, plus reduce its operational risk and increase productivity.
These things can be achieved by implementing a process re-design on top of a Business Process Management (BPM) solution. Interestingly, current banking trends are leaning towards a focus on improvement of processes; it is impressive to see the numerous discussions taking place around the account opening process and the re-designs that are being undertaken, mostly due to the usage of smartphones.
In most cases, implementing a BPM solution can lead to an increase in productivity of more than twenty percent, and with monitored and streamlined processes a bank can offer better service, ensuring a higher level of customer satisfaction.
These practices also help a company to address several issues at one time, like improving agility, increasing speed, ensuring conformity, keeping abreast of regulatory issues and above all advancing their operational risk control strategy.