Financial Services Sector Demands Investment in BPM, SOA by Brandon Dean
December 31, 2015 Leave a comment
Recently we’ve talked a lot about the customer experience and why it’s so critical to ensuring the future of a business’ success. A perfect example of this can be found in the financial services sector. Customers are getting used to technologies that allow them to do things a certain way—and simply won’t settle for anything less.
People want to check their balance, deposit checks and transfer funds while sitting on the subway. An old-school online banking system or homegrown loan processing application from 2001 is likely to face a real uphill climb in the mind of today’s consumer. In order to differentiate your products and services in a timely manner, organizations need to be able to quickly launch new solutions that meet customer demands.
Business Process Management (BPM) technology offers incredible promise to companies in the financial services sector. BPM software promises to increase efficiency, visibility and agility. It removes the complexity from managing business processes. Integrated with Service-Oriented Architecture (SOA), disparate applications can be linked across diverse groups of business lines and functions, and IT architecture—improving overall process efficiency. BPM and SOA technology can: Read the complete article here.
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The growth of smart phone adoption and its implications on banking is certainly the most significant trend in banking today. Mobile payment start-ups, like Square, LevelUp, and Dwolla, are introducing new services that offer alternatives to the traditional bank/merchant credit/debit card model. Google, Facebook and Apple all want to be your trusted credential holder and “mobile wallet”, threatening the bank-centric model. Banks have a big advantage here; they have detailed information about customers’ buying habits and banks are more trusted to secure private customer information. Banks have a big opportunity to capitalize on this trend and leverage their advantages as end-to-end payment providers. One example is to leverage their mobile applications and card services capabilities to include location-based offers and mobile wallet mechanisms. Banks are uniquely positioned to provide a complete, end-to-end offer presentment and payment solution that is both more personalized to the needs of the consumer and tied to the existing merchant and payment ecosystems banks dominate today.
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