Banks on a regular basis need to evaluate their procedures before initiating Business Process Management. Banks today employ BPM only for certain transactions which are very high in terms of volume but are of significantly low value as these high volume transaction load the back offices operations such as Clearing of operations and Payment processing for such a high volume of transactions.
Having a dedicated focus on similar transactions helps in high quality improvement of productivity and will also reduce the cost to a great extent. But to capitalize the complete potential of BPM banks ensure they can also use it for certain mission critical transactions which include account opening and administration, Loan account re-opening etc. BPM is set to help banks in creating a free up of time which can be used to better Customer service. Moreover, it provides ample time to serve a wide range of products and markets the bank caters to in their call centre interactions as a part of customer support and marketing activities, banks have adopted typical BPM functions such as workflow, activity monitoring, and automated exception management to provide better services to its customers.
It is an important fact that BPM can bring in optimization interms of many parameters only when banks keep their best efforts bringing in plenty of transaction types within the reach of BPM. Moreover banks regularly need to check the alignment of their BPM with their current IT architecture. As the biggest challenge that the bank faces currently is to align business with IT.
Currently banks are driving home the need to conform to a powerful breed of Service Oriented Architecture(SOA) based on Web service standards and enterprise application, However, BPM, SOA and Web Services truly complement each other as BPM facilitates the bank take a holistic view to streamline their processes throughout departments, partners and channels.