Editor's Note: This three-part package explores the growth of dynamic case management (DCM) in the financial-services industry. Here, Part I provides a DCM overview. Part II looks at DCM's benefits for financial-services firms. Part III focuses on DCM adoption in financial services, outlining the most important DCM best practices and pitfalls.
Dynamic case management (DCM) can provide plenty of benefits for financial-services organizations. Among them: more efficient and more consistent processes, better-informed and empowered employees, and, in the long run, better-satisfied customers. That, in turn, can lead to stronger business growth.
Defining DCM
What exactly is DCM? Forrester Research defines it as: "a semistructured, but also collaborative, dynamic, human- and information-intensive process that is driven by outside events and requires incremental and progressive responses from the business domain handling the case."
Craig Le Clair, a Forrester vice president and principal analyst, cites numerous reasons for DCM's popularity in a variety of industries. His list includes:
- New compliance demands from regulators, auditors and litigants
- Ongoing evolution of less-structured, more ad hoc jobs requiring specific skills and interaction with other specialists
- The impending shortage of skilled workers as aging "baby boomers" retire
- The need to empower existing service employees
The financial picture
Meanwhile, numerous issues are driving financial-services firms in particular to implement DCM methodologies and deploy DCM tools: regulatory compliance, customer on-boarding and security issues, to name a few. But experts agree that the biggest driver is the resolution of exception items.
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