Failure to set measurable outcomes. Failing to set key performance indicators (KPIs) is a surefire way to fail. As the old adage goes, “fail to plan, plan to fail.” How can your bank determine if its digital transformation efforts are successful if KPIs aren’t set up front? By understanding why you’re improving your core business processes and what you intend to improve up front, you can significantly increase your chances of a successful implementation.
Don’t plan on regulatory compliance. Banks are among the most regulated entities in the world. Designing banking workflows that don’t account for all the regulations that apply to your bank is the easiest way to get fined or land yourself in legal trouble. Leave lawsuits and reputational damage out of your plans and plan for regulators, auditors, and local laws from day one.
By neglecting your legacy systems. Many banks uk business email database are ready to get rid of their existing investments, but can’t justify the cost of investing in a new solution to replace them. The good news for you is that you don’t have to sacrifice everything to improve your business processes. In fact, a quality iBPMS will help you integrate these multiple disparate systems into a single solution, helping you create workflows that integrate these investments.
Conclusion
In recent years, the financial landscape has undergone significant changes in the way it operates. Under pressure from competing entities such as FinTech startups, digital wallets, neobanks, and apps, banks need to deliver a world-class customer experience to attract and retain customers. Without this, banks don’t stand a chance against more proactive competitors.
To overcome these obstacles, financial institutions must start with their business processes—the very elements that make the company’s operating system work. Banks need a flexible yet robust platform that enables consistent and rapid decision-making while seeking to better understand the end user.
For a financial institution to maintain its credibility and provide the highest quality customer experience, iBPMS is the answer. Designing banking workflows with the considerations outlined above in mind is guaranteed to improve the end-to-end customer experience.
