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Financial Services Firms Looking Increasingly to BPM

A study from Capgemini found that business process management is increasingly viewed as a C-level concern

In the current economic climate, business process management is increasingly viewed as a C-level concern, as companies look internally to improve their margins, efficiency and productivity, according to a new study released today by Capgemini, a provider of consulting, technology and outsourcing services.

The study surveyed over 1,000 senior business and IT decision makers -- including CEOs and CIOs -- worldwide, with over 60 percent saying they believe BPM should be managed directly by the executive board. Over half surveyed also believe their organization will place greater emphasis on BPM in the next year, while 68 percent say that if the economic climate continues to be challenging they will invest in it more.

[Related Content: BPM's Strategic Benefits Offer Greater Agility Enterprise-wide ]

The report further reveals that BPM is of particular importance in banking, insurance and private equity, where recent increases in regulation mean that compliance is paramount. Over three-quarters of the survey respondents from the financial services sector identified compliance as a key driver for their business, and 48 percent will be investing more in the coming year to respond to regulation.

In the changing economic environment, BPM can also help deliver greater business agility, optimize time-to-market and respond more quickly to market changes, said Capgemini. Seventy-eight percent os those surveyed who implemented BPM to improve the flexibility of their organization reported a positive impact. Another 79 percent of those who introduced BPM to improve transparency and performance management reported a positive impact on business. A further factor driving BPM is the explosion in social channels such as Twitter to interact with customers, the study found. Fifty-six per cent of respondents identified harnessing opportunities and managing the threats of social media as an important business driver, and these challenges can be addressed via BPM solutions.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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User Rank: Apprentice
7/9/2015 | 3:54:34 AM
BPM for Financial Services
Thanks for sharing such an informative post. Banking and Financial services industry has been experiencing exceedingly stringent regulatory control, adverse economic conditions. To help organizations respond to these challenges BPM companies provide services like customer acquisition, application processing, customer care and retention, account administration, claims processing, collections etc.
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