Business process management in financial services

• Main Author: DURAN, Randall E.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2012
• Subjects: process management; financial services; Databases and Information Systems; Finance and Financial Management; Technology and Innovation
• Online Access: https://ink.library.smu.edu.sg/sis_research/6265
• Institution: Singapore Management University

This chapter examines the context, benefits, and challenges of applying business process management (BPM) to financial services. First, it reviews how processes and technology have evolved in the financial services industry, and identifies how BPM technologies can improve efficiency and profitability of financial institutions. Next, the chapter discusses the strategic benefits that BPM can provide. Agile development of new business ideas, standardization and reuse of processes, and management of business environment complexity are three strategic benefits that are explored. Finally, practical concerns related to applying BPM in banks are examined along with approaches for overcoming common challenges. The observations and analysis presented are based on experiences implementing BPM projects for financial institutions based in Asia, Europe, and North America.