The current financial crisis and the responses of financial institutions—capital infusions, portfolio actions, and initial-cost takeouts—have been well documented. But the crisis has done more than destroy value. It has redefined what financial institutions must do to compete and win.
Unfortunately, the environment for financial institutions will continue to become more challenging. We will likely see slower economic growth, depressed property prices, shrinking global-trade volumes, and higher unemployment levels. Financial services environment can be complicated with multiple business units, legacy systems, and dozens of enterprise applications that not only must work together but also give management the business insight necessary to drive timely and accurate decision-making. Customers’ de-risking and deleveraging will further reduce demand for previously high-margin products and services. Governments and regulators will continue to play increasingly activist roles in the sector.
Financial Service providers are increasingly looking to BPM not only as a solution to specific, immediate process improvement objectives, but as a platform that gives them the ability to tackle diverse process improvement initiatives and realize the following benefits: