Bringing BPM Home to the Financial Services Sector
Financial institutions often lead the pack when it comes to innovation in technology, complex business processes and the importance of customer experience. They also happen to have one of the most highly-regulated environments. Therefore, outdated systems and rigid processes can slowly strangle even the largest, oldest bank to death. And efficient business processes are really what set one bank apart from the next.
The Case of a Simple Loan
Diane goes to Bank A’s website to fill out an application online. After searching for a while to find the form, she tries to fill it out and a technical glitch keeps prompting her to select her state of residence. Bank A just lost business. Diane now goes to Bank B. She finds the loan form immediately and fills it in without issue. Same thing with Bank C. Both banks offer her the same loan terms and interest rate. What happens next with the business processes will determine which bank gets the girl. When it comes times to verify income, Bank B allows Diane to upload her most recent salary statement, Bank C requires she obtain an employment verification letter and bring it into a brick and mortar office. It should hardly go without saying—Bank B won the loan. Bank B had the technology in place to streamline and automate their business process and set themselves apart in a highly competitive market.
The Power of BPM & SOA
BPM tools enable business analysts to document and edit BPM process definitions online and support the process modeling and analysis that leads to unified process implementation. Centrally controlling processes also supports real-time data insights and on-the-spot adjustments for any 11th hour regulatory changes. In the financial services sector, Service-Oriented Architecture (SOA) has become the most popular way to connect the multitude of disparate applications organizations have built or acquired over the years. SOA has proven to help centralize and increase process efficiency by integrating business applications, enabling reusability. BPM enables the human touch at any critical junctures.
Where to Begin
For any financial institution to survive, it must invest in proven BPM and SOA technology solutions. Read Financial Services Sector Demands Investment in BPM, SOA on our blog to learn more. If you’re ready to start an initiative—or just want to learn more about what that would involve, let us know what we can do to help. We were the first Specialized Partner in North America for Oracle’s unified BPM and SOA solutions. With that kind of backing, you can rest assured knowing we have the know-how to lead implementation, train staff and more. Contact us at (972) 608-4777 or firstname.lastname@example.org to learn more.
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About AVIO Consulting
AVIO Consulting is an IT strategy and consulting firm focused on helping businesses realize the value of their Oracle Fusion Middleware and WebCenter Content investments. Our ability to define visions and engineer solutions has established AVIO as a premier Oracle partner. Founded in 2007, AVIO has been recognized as one of the fastest growing, privately held companies by the Dallas Business Journal. For more information visit www.avioconsulting.com