BRM for banks: why you should implement one

Reliable BPM software designed for banks and financial institutions to manage business processes of any complexity.

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There is no denying that banking is increasingly integrating with our everyday lives. The reality is that banks are embedded in our daily activities – paying bills, withdrawing salaries, saving money for the future, etc.

The banking sector plays a critical role in the economy of the country. Its main function is to manage funds and finances. In addition to facilitating the flow of funds in the economy, it ensures that financial resources are allocated effectively towards promoting economic development and growth.

In 2018, banks are facing rapid and irreversible changes across technology, customer behavior and regulation. Because of the competition and quickness, it becomes more and more difficult for the banking industry to rely on standard processes. As a result, companies are searching for the best business models and conditions to improve their business processes. This is when BPM software comes into play.

The benefits of using BRM for banks

Business process management (BPM) involves the combination of efficient tools and techniques aimed at making business processes more flexible and effective. Simply put, BPM is all about process improvement. BPM techniques help banks align their operational processes with their business objectives and strategy.

If implemented and used correctly, BPM software enables the bank to automate numerous business processes, including account opening, getting payment from the parties, etc. In addition, BPM tool is good at accelerating internal bank procedures. This involves HR related processes and loan request processes.

As practice shows, the main reason why banking industries are searching for BPM tool is to increase the capability of their organization and managing workflows. Here is the list of the most essential benefits of BPM implementation for banking industry:

  • Helps streamline all the critical business processes;
  • Makes the decision-making easier;
  • Accelerates client management processes;
  • Enables greater efficiency and cost savings with existing applications and processes;
  • Helps define detail processes with a complete view of the reporting, activities and duties of responsible departments.

Among other reasons why banks implement BPM tools are increased transparency in operations and minimization of the number of faulty operations. Overall, BPM tool for banking industry helps to streamline all the banking business processes keeping employees and customers satisfied.

Leveraging BPM for Banks

In a market with fierce competition, banks are finding it tough to not only acquire new clients but also to retain the existing ones. As a result, banks are looking for a reliable solution to improve customer experience through efficient processes for onboarding, loan origination, payment processing, credit card dispute resolution, etc.

Meeting customer and regulator expectations through controlled processes is one of the primary challenges faced by banks today. Listed below are some of the challenges that banks need to address as fast as possible:

  • Lack of collaboration;
  • Limited process automation;
  • Unavailability of standardized processes;
  • Longer time-to-market for new products.

Fortunately, BPM can help banks fulfil the needs of a challenging business environment. The software can transform banks by providing better control and visibility of its critical processes, improving employee productivity, eliminating errors and enabling fast response time to customers.

Achieve operational efficiency through process orchestration and integration by implementing bpm’online studio

Why banking businesses choose bpm’online studio

Bpm’online studio is an intelligent business process management and low-code platform with out-of-the-box solutions and templates. The software is the perfect option for corporate and retail banks as well as other financial organizations. The system is committed to improving operational efficiency in the banking sector.

With bpm’online platform, users are able to customize almost everything in the system – from section structure and business logics, to system look and feel according to your business needs and wishes. It is also worth mentioning that system designer enables users to upload corporate logos, change the color of the section panel as well as set up workplaces for different types of users.

The software comes with all the needed tools for creating and configuring the application. The tool allows for creating custom applications exactly for your specific banking needs. Alongside customization and open configuration, bpm’online studio offers two deployment options: cloud and on-site. You can choose the one that fits your business needs best.

Business process management in banking

Robust business process management

With bpm’online studio in place, modelling, monitoring, executing and optimizing business processes in your bank is super easy. There is a number of pre-designed process flows stored in the process library that you can install, edit and use with just a few clicks. With bpm’online studio, you can create diverse business processes, monitor the operations, identify bottlenecks and resolve the issues in a time-effective manner.

Exceptional customization capabilities

The platform features an easy to use system designer. Be it creating new sections, edit existing one, changing the present business logic or creating a bespoke dashboard – you can do all that on your own. What’s more, the system can be integrated with a wide array of other enterprise software to improve productivity even further. With bpm’online studio, changing the business logic of the system is easier than ever before!

Case management technology

Bpm’online studio comes with case management technology that lets users monitor and manage even unstructured processes. The software uses adaptable context-based patterns, letting you dynamically select the best process path, define activities and optimize outcome for your unstructured processes. Now, users do not have to be technical specialists to manage cases – the drag and drop interface ensures that you can do all this without any coding at all.

Another great advantage of bpm’online studio is that it features a mobile application. Bpm’online mobile application enables users to streamline their key business processes on the go. Take advantage of the mobile app wizard to personalize your mobile application – add and hide different system sections. The app can be used in both online and offline mode. No matter which option you choose, the information you need will always be at your disposal.