BPM for Retail Banks
Financial institutions are facing increasing demands on their back, mid and front-office processes, with a rising number of regulatory, risk management and efficiency requirements to be met. At the same time, the integration of new digital technologies is increasing the demand for automated banking processes that are able to integrate with existing core applications, with new customer-facing apps and technologies replacing traditional interaction channels.
CRITICAL Software’s Business Process Management (BPM) solutions support and digitise key retail bank processes, integrating them with existing core applications and day-to-day processes such as:
- Account openings
- Customer information management
- Issuing bank cards and processing cheques
- Money transfers
- Credit approval workflows
- Customer subscriptions to digital services
Our BPM solutions help retail banks to reduce their operational risks and make day-to-day banking processes more efficient and productive. They also provide a technical framework that brings together all retail banking processes and merges them into a single, intuitive, fully-integrated software tool that securely connects digital channels and front and back-end operations.
Our BPM technologies are a key enabler of ‘process dematerialisation’, allowing banks to avoid manually managing processes across multiple systems, something that often results in inconsistent data, errors and slower customer response times. Our BPM solutions instead provide a uniform set of configurable, consistent workflow structures that reduce human mistakes, eliminate duplicate inputs, increase process transparency and improve turnaround times.
Our BPM solutions also digitise document archiving and integrate such documents with transactions, which means that documents are able to be centralised within a single system, making tasks like searching for information and documents much easier. Throughout all business processes, users are guided according to pre-defined, standardised instructions and rules too. Our BPM solutions also deliver features that improve banking security, helping in areas like fraud prevention and putting in place digital authorisation and access rules across secure and traceable banking processes.
All of this simplifies and speeds up branch-office operations, providing a unified front-end, as well as reducing the number of deployed systems, reducing the gaps between such systems, increasing process control and visibility and allowing the monitoring of ‘quality of service’ indicators. An integrated 360º view of customer information and metrics also provides a dynamic, birds-eye view that displays key measures of success in easy-to-read dashboards and reports.
Our BPM solutions are tailored to client requirements, integrating with existing data, tools and systems to ensure quick adoption. Having delivered a number of large-scale solutions for banking clients, we are proud to have been nominated for a prestigious IBM Beacon award for our implementation of BPM systems. We are also an established partner of multi-award winner bpm'online, and our own BPM Centre of Excellence hosts certified professionals with many years of experience implementing large-scale BPM processes across several industries – including for both retail and corporate banking sectors.