Banks have been releasing their first-quarter earnings, showing a general upward trend in the revenue for the sector. But with digital innovations and regulations transforming the bank business model, traditional institutions remain under pressure to offer a competitive edge.
Smaller and more agile banks are now taking a greater share of the market and digital-only banks are rising in popularity. This competitive environment means that traditional banks must not lose their distinctiveness, warn process management experts at Signavio. The need for enhanced customer experience prevails in the industry.
By taking full advantage of a holistic, process-driven approach, banks can often generate an improvement of more than 50 percent in productivity and customer service, according to a report by Mckinsey and Co.
Mark Holenstein, COO of Signavio, comments: “Today, banks are faced with more challenges than ever. Not only do they have to comply with the changing regulations, they also have to navigate the evolving digital landscape and ensure seamless customer experience. They are increasingly juggling between keeping track of daily processes, managing all aspects of internal monitoring, dealing with compliance, and channelling resources towards innovation-whilst simultaneously trying to cut costs and remain competitive.
Mark continues: “The need of the hour is the right process management tools to provide banks with a seamless view of all internal on-goings from beginning to end. This end-to-end view enables businesses to remain customer focused, whilst achieving optimised results and more efficient management of their day-to-day operations. It also allows banks to combine traditional process management techniques with mapped-out customer journeys, and implement changes that would have maximum impact on the customer experience.
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“Any financial institution utilising a process management system in support of their Business Process Management initiative can monitor progress as well as see their organisation from an overall perspective. Banks are then more equipped to identify competitive advantages, establish internal processes, and deliver results.”