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Business Process Management in Financial Services

Business Process Management in Financial Services

Randall E. Duran
ISBN13: 9781466602496|ISBN10: 146660249X|EISBN13: 9781466602502
DOI: 10.4018/978-1-4666-0249-6.ch013
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MLA

Duran, Randall E. "Business Process Management in Financial Services." Business Enterprise, Process, and Technology Management: Models and Applications, edited by Venky Shankararaman, et al., IGI Global, 2012, pp. 240-251. https://doi.org/10.4018/978-1-4666-0249-6.ch013

APA

Duran, R. E. (2012). Business Process Management in Financial Services. In V. Shankararaman, J. Zhao, & J. Lee (Eds.), Business Enterprise, Process, and Technology Management: Models and Applications (pp. 240-251). IGI Global. https://doi.org/10.4018/978-1-4666-0249-6.ch013

Chicago

Duran, Randall E. "Business Process Management in Financial Services." In Business Enterprise, Process, and Technology Management: Models and Applications, edited by Venky Shankararaman, J. Leon Zhao, and Jae Kyu Lee, 240-251. Hershey, PA: IGI Global, 2012. https://doi.org/10.4018/978-1-4666-0249-6.ch013

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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.

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