Understanding BPM:What is Business Process Management?

Over the past decade, banking operations have advanced by integrating IT services to enhance customer experience and efficiency. Embracing digital and modern technology for compliance management and combating financial fraud has become essential for banks. The rise of digital banking, particularly among millennials, has propelled the need for seamless customer experiences across multiple channels.

Business process management (BPM) is essential in banking and finance. Today’s tech-savvy customers expect a seamless banking experience across mobile and online platforms. BPM streamlines operations and helps banks meet evolving customer expectations and stay competitive. Banks must optimize and streamline core operations such as deposit, credit, and loan processing to achieve significant cost and time savings.

What is Low Code BPM (Business Process Management)?

Business Process Management (BPM) in the Banking, Financial Services, and Insurance (BFSI) industry is a systematic approach to improving, managing, and optimizing business processes. Low-Code Business Process Management (BPM) utilizes low-code development platforms to design, implement, and manage business processes with minimal hand-coding. These platforms provide visual interfaces and pre-built components, empowering users to create and modify business applications and workflows with little programming experience.

Key Features of Low-Code Business Process Management(BPM) Tool:

Drag and Drop Interface:

Effortlessly build and modify workflows and processes by simply dragging and dropping interface elements onto a canvas, streamlining the design process. Access a library of templates for standard processes to accelerate development and minimize the necessity for custom coding.

Rapid Deployment:

Low-code platforms facilitate faster creation and deployment of BPM solutions than traditional development methods. Process adjustments and updates are also made easy as business needs evolve.

Integration Capabilities:

Built-in connectors and APIs facilitate integration with other systems, such as ERP, CRM, and core banking systems, providing streamlined ways to access and manipulate data from various sources without extensive coding.

User-Friendly Interfaces:

Empower users with minimal technical skills to create and manage processes using no-code options effortlessly. Seamlessly design custom dashboards and reports to monitor process performance and outcomes closely.

Scalability and Flexibility:

Experience the scalability of low-code BPM solutions that seamlessly adapt to expanding business requirements and integrate with additional systems effortlessly. Easily modify workflows to remain compliant with evolving business needs and regulatory standards.

Banking plays a role in our day-to-day routines. Digital platforms have transformed how people interact with banks, with millennials expecting seamless and convenient banking experiences across multiple digital channels. Implementing banking automation has revolutionized the operational framework of the banking sector. Consequently, banks must reconsider and redefine their customer interaction strategies. Digital banking offers unparalleled customer experiences across multiple digital platforms.

Benefits of ServoStreams: An Automated Low Code BPM

Our low-code approach streamlines business process design and implementation, leading to shorter development cycles and faster rollouts and updates.
Adapt processes swiftly to changing business requirements or regulatory changes. Customize processes and workflows to suit your organization’s needs without extensive coding.
Low-code BPM enables business users with limited technical skills to actively participate in process design and management. This reduces dependency on IT teams for routine process modifications and updates, making the system more user-friendly.
Experience the power of Automated BPM with real-time dashboards and reporting tools. Organizations can easily identify and implement ongoing process enhancements by monitoring and analyzing performance.
Reduce the need for specialized coding expertise and minimize resources required for development. Simplified maintenance and updates result in ongoing cost savings.

Conclusion

An automated BPM solutions offer substantial advantages within the BFSI sector by enhancing efficiency, compliance, customer satisfaction, and cost-effectiveness. ServoStreams empower banking and financial institutions to navigate complex operations effectively while seamlessly adapting to dynamic market and regulatory demands.