Given the current business environment, many banks need to rethink and reshape how they conduct business. First, banks need to pay close attention to customer experience management. Customer expectations are escalating, and the old paradigms will no longer suffice. Second, banks need to improve asset efficiency. Third, banks need to streamline costs and strengthen governance and controls. These three initiatives can be combined to produce higher profits and lower risk — something that will please investors. Business Process Management (BPM) can be instrumental in meeting challenges such as escalating customer expectations and regulatory pressures head-on. The industry has historically been slow to change and the traditional mindset of some bank executives, where the emphasis on organization structure has trumped workflow, has represented an obstacle to the rapid adoption of BPM in the banking sector.
The paper begins with an overview of the challenges faced by many banks. Next, the potential role of a Banking BPM as one way to enable improved customer experience as well as the means to achieve lower costs is outlined. Then, some tactical guidance on the deployment of a BPM in banking to meet challenges will be outlined. Finally, the key concepts will be summarized.
