The Insider's Guide to Next-Generation BPM
By Crystal Bedell, ebizQ Contributor , 05/27/2011
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Editor's Note: This three-part package explores the growth of dynamic case management (DCM) in the financial-services industry. Part I provides a DCM overview. Here, 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.
More than 90 percent of banks and investment services firms surveyed by the analyst firm Gartner Inc. for its 2010 Banking and Investment Services Architecture Survey currently use BPM technologies, with dynamic case management (DCM) tools being especially popular. It's easy to understand why financial institutions have chosen DCM as the catalyst for their BPM efforts when you consider the potential benefits.
Financial-services companies, like those in many other industries, often keep customer information in a variety of departmental silos. That set-up means that, in many cases, employees make business decisions based solely on information collected in one particular department. Such information might be out of date, incomplete or just plain wrong, in which case the department's decisions can expose the financial institution to unnecessary costs, missed revenue opportunities and increased risk, including the possibility of fraud.
Using DCM helps eliminate those silos and provides other benefits, including:
Improved customer satisfaction and organic business growth. DCM helps integrate information from departments throughout the organization to give knowledge workers a comprehensive view of each customer or issue at hand. If one department updates a customer's data, every other department has access to that same updated information. With a holistic view of the customer, workers can make better-informed decisions that benefit both the organization and the customer.
DCM also lets financial-services employees treat customers as individuals, delivering a more personalized experience to each one. For example, if a customer calls a bank to follow up on an accounting error, that customer won't need to recount previous conversations with the company. The service representative has access to the customer's history and should be able to resolve the problem more efficiently.
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