Business process management in financial services

Publication Type

Book Chapter

Publication Date

3-2012

Abstract

This chapter examines the context, benefits, and challenges of applying business process management (BPM) to financial services. First, it reviews how processes and technology have evolved in the financial services industry, and identifies how BPM technologies can improve efficiency and profitability of financial institutions. Next, the chapter discusses the strategic benefits that BPM can provide. Agile development of new business ideas, standardization and reuse of processes, and management of business environment complexity are three strategic benefits that are explored. Finally, practical concerns related to applying BPM in banks are examined along with approaches for overcoming common challenges. The observations and analysis presented are based on experiences implementing BPM projects for financial institutions based in Asia, Europe, and North America.

Keywords

process management, financial services

Discipline

Databases and Information Systems | Finance and Financial Management | Technology and Innovation

Research Areas

Information Systems and Management

Publication

Business enterprise, process, and technology management: Models and applications

Editor

Venky Shankararaman, J. Leon Zhao, & Jae Kyu Lee

ISBN

9781466602496

Identifier

10.4018/978-1-4666-0249-6.ch013

Publisher

IGI Global

City or Country

Singapore

Additional URL

https://doi.org/10.4018/978-1-4666-0249-6.ch013

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