Providing an outstanding customer experience is not only expected, but required. Nowadays consumers demand quick solutions, dedicated representatives they can communicate with at any time, and state-of-the-art products and services. For any organization, this can be very hard to achieve, but for banks and financial institutions this only gets more challenging, as people not only expect excellent customer service, but they also need it for day to day transactions.
An effective methodology to use in times of crisis to make certain that the processes are efficient and effective, as this will result in a better and more cost efficient organization.
Given its innovative concepts, BPM has been used for ages by organizations who are focused on positive outcomes, standardizing processes and improving existing ones, hence its popularity in the banking industry. However, this solution can also be cumbersome if not implemented with more tech-oriented tools.
Click here to learn more about why BPM is being abandoned by key players in the FinTech industry.
New Concepts for BPM
Much like everything else, banking processes have gone through changes that introduce newer, more advanced concepts. A great example of this is RPA, or robotic process automation, a form of automation that requires minimal engineering or coding, taking BPM to the next level.
But the evolution doesn’t end there, as an even newer form of automation was introduced not long ago: DPA, or digital process automation, which is a mix of BPM with an innovative and easy way to consume the technology.
These two solutions include the basic concepts of BPM while adding better customer experience and freeing up human employees through technology.
See: That’s a lot of new concepts! Make sure to visit the Virtus Flow Glossary for a better understanding.
Why The Change is Taking Place
BPM applications can be complex and expensive, making it hard for organizations to integrate with other tools and customize platforms to better meet their unique requirements. Additionally, the Internet of Things (IoT) and an ever-changing customer-obsessed culture are pushing a pace of change that sometimes BPM can’t keep up with. A few other arguments towards the shift include:
- Moving from a results-driven process towards a more process-driven process, where the journey is as relevant as the destination
- The need for technological improvements to stay relevant in the market
- Prioritization of employee satisfaction, making it a requirement to provide the best possible tools to empower teams
Digital Process Automation for Banks
Even though Digital Process Automation is a solution that can benefit organizations in any industry, banks find it particularly beneficial as their importance doesn’t give them time to take a break while the shift occurs. Therefore, the ability to have an easy-to-use interface that surpasses their old legacy systems is key.
Additionally, digital platforms allow for streamlined communication with both internal teams and external parties, document organization, and workflows that facilitate scheduling. All without the need for coding and the risk of downtime. Can you see why so many are shifting? But this is not the end.
Experts predict that the future will be a mix of API (Application Program Interface) integrations and new layers where different systems can talk and share data. Years ago this was extremely complex, but today it is possible to build a frictionless system where we can share data and automate the process using dynamic forms.
If you’d like to learn more about the newest trend towards success, make sure to follow the Virtus Flow blog for part two on the Business Process Management series: What to Look For In a New Digital Process Automation Tool, or contact us today.