Today, to survive and succeed in the environment with serious economic difficulties, fierce competition, disruptive technologies, regulatory pressures, and industry consolidation, financial organizations and banks need to not only to reconsider how they do business, but increase the efficiency of their key processes.
Customers’ expectations and demands add to the need for well-managed and standardized processes, which can ensure swift and reliable visibility into mission-critical financial activities. For all these reasons, the deployment of BPM finance software is even more important as it helps companies adapt to the new market conditions and address any business challenges.
A robust finance BPM system like bpm’online (https://www.bpmonline.com/crm) empowers firms to master different process-related problems:
Meeting regulatory changes
Compliance is the ruling engine of a profitable business. Streamlined, properly documented processes can not only yield enhanced productivity and efficiency but can reduce risk exposure by embedding compliance and operational controls into the routine processes. Good business process management software facilitates an easy creation and modification of financial operations within the BPM system to deliver value to end customers and provide with proper compliance.
Gaining operational efficiency
CRM-based BPM software for financial services makes it easy to apply a customer-centric focus to the repeatable processes and projects. By having a detailed description and visual presentation of how exactly tasks and operations must be done, the users can execute everyday processes in accordance with the corporate policies and protocols and control the overall performance with the help of various measurement and evaluation tools built in such a solution.
Integrating real-time data into business processes
An intelligent BPM finance suite makes it possible to use real-time data analytics within financial processes by means of improving business outcomes and bridging the gap between processes and information. Bpm’online software encourages business processes to be executed with an instant access to the right data from different sources to support the smooth process functioning and provide customizable dashboards and reports throughout a company’s information systems and applications.
Functionality of ideal BPM finance software
The financial business is very complex and competitive. Banks, insurance companies, and credit organizations strive to achieve better results in delivering high-quality services and products that completely comply with both industry regulations and customers’ requirements.
Such a high level of complexity requires an exceptional level of control and business agility. A smart BPM finance solution helps companies improve and better control existing business processes, eliminate inefficient operations, reduce costs, and, ultimately, improve customer experience – all of this thank to sophisticated BPM tools:
- Business process management to design, simulate, implement, monitor, and optimize financial operations and workflows;
- Customer relationship management to create a generalized database with advanced customer profiles where the full history of interactions, transactions, and requests are kept and maintained;
- Social collaboration features to empower managers and customers interact via different communication channels;
- Product catalog to help financial houses manage their product/service portfolios;
- Document management to support an entire document lifecycle and allow for automatic document generation within BPM finance software;
- Knowledge management offers a unified library where the vital materials are stored (articles, guidelines, document templates, etc.);
- Analytics and insights to track the progress of processes and their owners with help of numerous KPIs and metrics that are determined and tied to the process steps while modeling process maps;
- Project management to create marketing campaigns: set up deadlines and budgets, delegate tasks to the performers, allocate resources, and track project time and cost. Read real users’ reviews to know how your company can benefit from a modern BPM program.