AVIO Consulting

Financial Services Sector Demands Investment in BPM, SOA

Jul 1, 2015 | BPM

Recently we’ve talked a lot about the customer experience and why it’s so critical to ensuring the future of a business’ success. A perfect example of this can be found in the financial services sector. Customers are getting used to technologies that allow them to do things a certain way—and simply won’t settle for anything less.

People want to check their balance, deposit checks and transfer funds while sitting on the subway. An old-school online banking system or homegrown loan processing application from 2001 is likely to face a real uphill climb in the mind of today’s consumer. In order to differentiate your products and services in a timely manner, organizations need to be able to quickly launch new solutions that meet customer demands.

Business Process Management (BPM) technology offers incredible promise to companies in the financial services sector. BPM software promises to increase efficiency, visibility and agility. It removes the complexity from managing business processes. Integrated with Service-Oriented Architecture (SOA), disparate applications can be linked across diverse groups of business lines and functions, and IT architecture—improving overall process efficiency. BPM and SOA technology can:

  • Automate bread and butter processes like loan servicing, funding and origination
  • Provide access to consolidated consumer activity records and current data with relevant context
  • Increase compliance with numerous government agencies, from the FDIC to the SEC
  • Grow digital business with modern, intuitive enterprise applications in a mobile environment
  • Build customer loyalty right from the beginning with streamlined, user-friendly onboarding

Read the Oracle whitepaper, Process-Centric Banking: The Promise of BPM Technology for Financial Services Institutions to learn more. And don’t miss our recent newsletter article, Bringing BPM Home to the Financial Services Sector.