Business Process Management (BPM) is the set of tools and methods, implemented with the purpose of making business processes more efficient and adaptable. All the procedures implied in this concept are centered around process improvement. BPM solutions are used in all business spheres, particularly in banking. Irrespective of the implementation area, these systems are based on information technology and management tools, which help companies keep up with the requirements of the ever-changing market. Let us have a look at the way BPM banking online improves the work of the whole organizations.
It is important to note that we are considering only highly orchestrated systems with the wide sets of out-of-the box solutions and user-friendly tools. Bpm’online is the platform of such kind. This cloud-based system is designed especially for banks and financial organizations. It helps companies manage the whole customer journey, maximize cross-selling and up-selling, increase client satisfaction, and boost revenue. Read about all the aspects of the software on https://www.bpmonline.com/financial-services.
Why Do Banks Need BPM?
Since the economic downturn of the 2000’s, banks and other financial enterprises have been forced to decrease costs and boost profitability by any available means. They also have had to adjust their business processes to the changing needs of their current customers. One of the key tasks was to provide the client services of the highest standards, which would meet consumer expectations and preferences. For this purpose, financial organizations need to refer to innovative products and services, asin this highly competitive marketplace, companies have no right for mistake, as they can easily lose the customers who might get a feeling as if their requirements were not satisfied.
BPM online banking has become the ideal solution of the problem. The software of the kind lets banks focus on creating adjustable and effective business processes at minimum expense. Such platforms offer organizations a wide set of tools for attracting and retaining customers by means of compliance with their needs. Bpm’online has a variety of solutions, which let businesses automate their basic processes, evaluate the level of customer satisfaction, and adjust to the newest tendencies in the global market..
But the key elements of modern BPM banking software are the ones, which can help companies obtain and retain clients, as well as increase the income of the firm. The major features of BPM, which help banks face an increasingly competitive market, are the following:
Agility. The platforms of the kind focus on process automation and let organizations easily adapt to the changing business conditions and the growing customer demands. Most of the daily working routines can be performed without constant monitoring by the employees and the managers.
Transparency. Such systems allow financial organizations to monitor their performance on a real time basis. Having implemented a reliable BPM solution, companies get the opportunity to understand the way their inner processes influence their key objectives and strategies.
Effectiveness. BPM online banking helps companies choose the best level of performance for all their processes and achieve higher results. As soon as the optimal level of performance is achieved, the software establishes a permanent monitoring system that can maintain the business’s effectiveness.
Benefits of BPM Banking Online
In order to streamline customer-facing processes of modern financial organizations, business process management platforms include the following sets of solutions and tools:
For Successful Customer Journey. The software of the kind offers businesses a 360 degree overview of their customers. Having studied the needs and preferences of every client, banks get the perfect opportunity to provide them better service. Multi-channel communication panels provided by such platforms let organizations communicate with their customer directly from the system. They are given a free hand to offer their clients services and products they are most likely to buy. Besides, BPM banking online provides useful workplaces for salesmen and managers where they can get immediate access to the client profiles. The systems of the kind enable specialists to register customers, offer them professional consultations, get reminder notes about noteworthy events, and so on.
For Lucrative Bank Sales. Bpm’online has a set of out-of-the box tools for lead management. Financial organizations get the opportunity to capture and track the prospects through a wide range of sources. A unified database lets them easily add new leads, classify them according to different parameters, verify the data, and perform a number of other missions. In order to manage every opportunity, the reps can create several different influencing tactics, define key decision makers, and monitor competitors. With BPM banking online systems, no sales prospects will be lost or remain with no response.
For Thought-Out Marketing. A large set of tools for marketing campaign management lets businesses easily setup communication chains, attain successful conversions, and change the design of the campaign when necessary. It is the best way to maintain constant dialogue with the prospects, nurture them gradually, and grow into ready-to-buy clients. Using the tools of BPM banking, companies can evaluate the efficiency of the campaigns and optimize them according to the results of the analysis. They do not need to waste time on unpromising leads, as they can target all their efforts towards more profitable audiences. This is the best way to capture new customers, push up sales, and as a result grow revenue.