The Financial Service Industry

In Yesterday’s blog we were talking about BPM in Vertical markets but Which industry, if any, has successfully deployed BPM?.  This article focuses on such solutions within the financial services (FS) industry.

The FS industry is one of the industries that are focusing on BPM solutions, and BPM vendors have responded by providing industry-specific functionality. Within FS, we can talk about banking, insurance, credit card companies, securities, etc. These organizations are under intense competitive pressure and, thus, are constantly trying to improve their operations and to respond to dynamic market demands.

FS organizations have implemented several enterprise solutions over the last few years and encountered mixed results. These solutions include customer relationship management (CRM), and anti-fraud initiative solutions, as well as business improvement and competitive advantage applications.

One problem that keeps arising is that applications often are not integrated with each other or are not being used on an enterprise-wide basis. This makes it hard for FS companies to streamline business processes that are specific to the organization's changing needs.

FS companies must be able to design the processes so as to increase productivity within the organization. To do this, it must be possible to adjust processes so that they match an organization's needs as they evolve in an ever-changing environment. For FS companies, these needs may include complying with regulations, acquiring new customers faster, improving efficiency, integrating processes with legacy systems, automating manual processes, analyzing processes for risk management, improving exception handling, and decreasing the number of bottlenecks.

BPM vendors play to these industry requirements. BPM Vendors allow companies to design processes within their solution in order to manage their resources in a structured manner.

Through the BPM solutions that they offer, BPM vendors also help FS organizations achieve compliance, reduce risks, keep or acquire new customers, and link different vertical applications together to become more efficient.

FS organizations can use BPM solutions to their advantage in the following areas:

• Claims management
• Loan management
• Client intakes
• Conflict processing
• Compliance regulations
• Credit issuances
• Credit processing

At Carkean solutions we have extensive knowledge of exactly what is required of us when it comes to financial services firms. And our product; Aquima is second to none when it comes to artificial intelligence. Aquima facilitates agile application development, which in turn allows systems to be quickly modified and adapted to changing market conditions. Aquima is different in that you can update your systems in real time and it costs nothing but a small amount of time to do so. Aquima is not an ‘off the shelf’ solution but a bespoke system which can be tailored to your needs and can be developed to combat the problems you encounter most frequently.

Thank you for reading as always! If you have anything to add feel free to leave a comment or post on our social media sites.

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