Using BPM in Financial Services [Video]
Recent developments in the financial sector have forced many organizations to evaluate whether sweeping changes need to be made to account for new trends, issues, or legal regulations.
Because of that shifting climate, organizations need to maximize efficiency. Appian BPM can help companies unlock the gains across various processes and systems.
First, an integrated BPM solution can provide immediate benefits in risk management and compliance. With connections to multiple systems, BPM software can give financial organizations a visible and auditable trail, showing the decision-making process throughout the life of an account or asset.
When creating new products, a quick development process is essential to ensure the conditions supporting it are still relevant at launch. With BPM regulating that process, organizations can maintain development schedules and quicken handoffs, escalations or alerts.
As a new product launches, BPM can help support effective marketing and promotion. It is crucial for organizations to properly target cross-selling or upsell opportunities. Setting up automated alerts for representatives to suggest new offers to the right customers can increase adoption. This same approach can also support customer acquisition efforts.
The impact of that improved efficiency can affect the customer-facing point-of-view. With Appian BPM driving process enhancements throughout the organization, representatives can develop a comprehensive customer view encompassing all their interactions, allowing them to answer all customer queries efficiently and effectively. That creates quicker and more accurate responses to customer issues.
Over time, that knowledgeable service can help create greater satisfaction, reduce customer churn, and increase profitability.