In general, the banking industry and the financial sector are getting more competitive every year: customers demand more convenience and speed with every banking transaction, yet maintaining accuracy is also a must.
In short, banks are expected to be more productive and efficient to stay competitive.
This is why the topic of implementing Business Process Management (BPM) in banking has garnered significant interest in recent years. Optimizing and automating banking processes are necessary for every bank to keep up with the rapidly evolving customer expectations and tight competition.
This guide will discuss how implementing BPM can help banks improve their efficiency and how to use BPM solutions to achieve this purpose effectively.
By the end of this guide, you'd have learned about:
What is Business Process Management (BPM)?
Standard business processes in banking and their challenges
How BPM can improve a bank's efficiency and productivity
The implementation of BPM in banking
Automating banking business processes
Let us begin with the basics: what is Business Process Management?