A retail bank's BPM experience

• Main Authors: SHANKARARAMAN, Venky, GOTTIPATI Swapna, DURAN, Randall E.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2014
• Subjects: BPM; Retail Bank; Process Improvements; Technical Solution; Databases and Information Systems; Management Information Systems
• Online Access: https://ink.library.smu.edu.sg/sis_research/6240; https://ink.library.smu.edu.sg/context/sis_research/article/7243/viewcontent/A_Retail_Bank_s_BPM_Experience.pdf
• Institution: Singapore Management University

This real-life case study, which was undertaken by a leading financial services group in the Asia-Pacific region, is used to demonstrate the innovative use of BPM (Business Process Management) technology in a competitive business area. It describes how a BPM project, within the Application Verification and Capture (AVC), was conceived, designed and implemented in order to deliver strategic value to the organization. Hereafter, the financial services group will be referred to as “the bank”. The AVC project was targeted at one of the bank's processes called the Application Verification and Capture (AVC) process for unit trust products. This process involved extensive paperwork and numerous manual tasks that resulted in slow processing, manual errors, rework and customer dissatisfaction. By combining process redesign and automation using information technology, the process was improved significantly.