Fortunately, we now have business process management software, commonly known as BPM, which consists of tools and techniques that help organizations be more efficient despite constant changes. The goal of BPM is to help financial organizations like banks align their operations with their goals.
Many financial transactions can greatly benefit from BPM. These include opening an account, sending and receiving payments, loan application processes, implementing mass payment systems for multiple industries. The European Commission has put in place anti-money laundering (AML) measures and other measures. It can even help internal departments of the bank, such as lending, risk and compliance management, human resources, etc. BPM is an attractive tool that can improve an organization’s workflow, while keeping up with the pace of innovation.
More than anything, BPM can help you stay strong in a competitive market because using a BPM platform effectively can help you attract new customers more easily. In an era where everything is supposed to be instant, banks can benefit from BPM by offering the customer a more convenient experience.
Upon opening an account, BPMs can facilitate the application process as they can be integrated into the credit scoring system that checks whether they are viable candidates.
There have been many instances where a customer indonesia phone number will leave in the middle of a new account application because the response time was too slow or the process was too inconsistent. There was no single right answer that they were following due to the conflicting information they were receiving at the branch, online, or at the call center. The process took days or even weeks.
By this time, the customer has already lost patience and has looked for other options. With BPM, you can make the prospect of opening a new account more appealing, as it streamlines the entire process, which takes only a few minutes.
And when you start building a reputation for easy-to-use services, customers are more likely to come to you. BPMs automate the process, facilitate collaboration, and allow you to bring new products to market faster.
So what exactly does this look like on paper? With BPMs , the customer only has to go to one tool where everything is centralized, from fulfillment to customer service. The customer has to enter initial information such as their name, address, date of birth, contact details, and supporting documents)
Everything is then automatically sent to the bank for real-time verification, and once the documents are reviewed, the customer is notified if they are approved, rejected, or need to provide more information. Once the documents are approved, the system automatically sends them onboarding information so they know what the next steps are. With this streamlined method, the entire process takes just minutes instead of weeks.
