Why is BPM an important part of the finance and banking sector?

BPM has become an important part of the finance and banking sector all over the world in recent years. There is an important link between BPM and this sector. Let us first look at the important problems of the finance and banking sector;

The main problem is that the market conditions vary according to the country, that each country has its own laws and that there are difficulties in following and complying with the regulations. In addition, the differences between the business cultures of their countries and the necessity of managing all of these under one main roof, when necessary, are independent from each other.

Now take a deep breath and look at the other problems of the industry. Long business processes, problems in customer relations, integration problems between processes and financial software, and most importantly inadequate document management.

When all of the above bottlenecks, problems and troubles come together, doing business is like carrying water through a sieve.

Let us now examine how the courageous pioneers among them have benefited from BPM;

Finance and banks using BPM develop processes that are fully compatible with their operations and continuously improve and optimize each process they develop with detailed analysis.

They can detect the narrow straits in a short time and find permanent solutions. They manage all their operational processes on a single platform. They can develop processes specific to the partnership in different areas (tenant) opened to the headquarters and its affiliated subsidiaries and enable the center and all affiliates to communicate with each other with a single process.

Through customer acceptance management, customer due diligence and credit application processes, they are able to meet customer demands automatically via web, e-mail and SMS, and maintain customer relations at all times. With real-time reminders / notifications, they can easily follow regulations and criminal status tracking.

They provide seamless data flow by integrating with financial software. So they work with a system that lives 24/7. They do a lot of work in less time with shorter work times. With the relief of internal processes, they increase the service quality they offer to their customers day by day.

With physical archive and document management processes, they manage almost all documents from a single system. What does this provide? They’re blocking duplicate records. They’re getting document approvals fast. They can restrict access to documents with various authorizations.

All the problems I mentioned above and the improvements made to their solutions, and most importantly the struggle to live in a big market, made BPM an indispensable part of the financial sector.

Merve Karakuş
Ürün Mühendisi