Let’s Quickly Count the Benefits of BPMS in Pandemic-hit Banking : Small and mid-sized Banks and NBFCs have been badly hit by the Coronavirus pandemic. Despite the several measures taken by the banking regulators, financiers, and other government agencies their plight is still continued. The new normal has pressed a long pause on their business as usual.
Besides the sharp drop in the overall business transactions, lenders continue to suffer halted business growth due to the shocks induced by the startling global economy in new normal. Moreover, those with legacy IT infrastructure and ‘not fully digitized’ business processes are likely to bear more this ‘unbearable punch’. When taking a closer look into the current challenges’ faced by lenders, following challenges are clearly visible:
A recent report published by World Retail Banking Report 2020, highlights the need for digital transformation, it says “banks will find it up to two times easier to increase operating profits, unlock new sources of value, and improve operational efficiencies.”
On the other hand, PWC in its reports titled – ‘Building the NBFCs of the Future’ says that ‘Collections functions have historically focused on maximum recovery of the loan outstanding, with very little focus on maintaining customer experience. Such lack of focus may result in irreversible damage to any future customer lifetime value, and can have potential repercussions on the NBFCs’ brand image’.
Based on these aspects – efficient collection and recovery systems and digital transformation are the need of the hour, and Servosys BPMS Product Suites assumes the prominent relevance based on its ability to deliver on these two aspects. It also offers the benefits such as:
Servosys Solutions is a unit of EML Consultancy Services Private Limited, a company headquartered in New Delhi, India. We are one of the fastest-growing providers of software products and technology services for business process automation solutions that address challenges like process turn-around time, organizational productivity, regulatory compliance, business scalability, operational visibility and excellence.
