BPM for Banking: Empowering Banks with Better CX and Personalization


In the not-so-distant past, a visit to a bank involved long lines, mountains of paperwork, and limited options for managing your finances. Today, the banking landscape has undergone a remarkable transformation, thanks to technology and evolving customer expectations. The comparison between the banking experience of yesteryears and the modern era is like night and day. Customers no longer need to step into a physical branch to perform routine transactions, and the power to manage their financial affairs is at their fingertips. However, while these changes have certainly improved convenience, customers now expect more. They desire a level of personalization that goes beyond the one-size-fits-all approach. Recent statistics underscore the importance of this shift in customer expectations. 

According to a 2022 study by J.D. Power, 78% of consumers believe that banks should provide more personalized experiences. This growing demand for tailored interactions presents a challenge and an opportunity for the banking industry. 

To meet these changing expectations and deliver better customer experiences, banks can use Business Process Management (BPM) as a strategic tool to empower their operations, enhance personalization, and create a brighter future for their customers. In this article, we will delve into how BPM can play a pivotal role in revolutionizing the banking sector and meeting the growing need for enhanced customer experience and personalization.

Read More: How should you take advantage of BPO for Banking & Financial Services?

Augmenting the Banking Experience with BPM

Beyond transactional experiences, personalization in banking is about building a profound emotional connection with the customer, fostering a sense of trust and loyalty within your consumer base. Personalization isn’t about having an in-depth understanding of every customer from the outset; rather, it’s a dynamic process that evolves as the bank builds a more comprehensive profile of each individual. 

Let’s take a look at how BPM can transform customer experience at every stage of the customer journey within the banking sector.

BPM in Banking Experience: Research and Exploration

The customer journey often begins with research and exploration. When a prospective customer is researching banking products, your bank can personalize their experience based on the available information. Factors such as location, website activity, search history, the type of device being used, or the time of day can be utilized to tailor the interactions. This initial personalization helps banks engage customers right from the start.

This is where BPM plays a pivotal role. BPM allows banks to automate and streamline these personalization processes. It enables them to efficiently process data and adjust the customer experience in real-time. With the help of BPM tools and platforms, your bank can speed up the product exploration stage of your customers. For instance, if a customer is looking for mortgage information, BPM can help the bank present relevant mortgage options, interest rates, and financial tools based on the customer’s location and previous interactions.

Read More: The BPM Approach on Balancing Personalization and Privacy without Compromising Customer Experience

BPM in Banking Experience: Decision-Making and Conversion

When the customer’s behavior indicates a readiness to make a choice, your bank can then present options that align with what you already know about the customer. This phase is an opportunity to streamline the process and reduce friction as much as possible. BPM can assist in optimizing and automating various processes to ensure a smooth transition for customers from consideration to conversion.

Smart forms, which automatically prefill information based on what your bank knows about the customer, can simplify the application process. BPM can facilitate the creation of intelligent workflows that guide customers through complex processes like identification and Know Your Customer (KYC) checks. By automating these steps, banks not only save time but also enhance the customer experience by making these processes feel seamless and organic.

BPM in Banking Experience: Onboarding and Expectation Setting

Many banks excel in the initial stages of personalization, but they often stumble during the onboarding process. Setting clear expectations for what follows and guiding the customer through the process are vital components of a personalized and engaging experience. BPM can ensure that this crucial phase is executed efficiently and consistently.

BPM can help your banking enterprise create structured onboarding workflows that include welcome messages, step-by-step guides, and clear communication about the customer’s next steps. It can automate the delivery of personalized welcome kits, including digital versions of account agreements and terms. By proactively addressing customer questions and providing relevant information at each step, you can build trust and make customers feel supported as they navigate their new banking relationship.

Know More: Customer Journey Mapping and BPM: Unlocking the Potential for Enhanced Customer Experiences

BPM in Banking Experience: Ongoing Experience Management

Beyond the point of conversion, the bank’s role in personalization doesn’t end; it continues throughout the customer’s journey. The key to success here lies in an ongoing program of experience management that encompasses not only the current products but also all the services that customers may require in the future. BPM facilitates the orchestration of various processes and channels, ensuring that customers receive consistent and personalized service across all touchpoints.

For instance, if a customer initiates contact through their authenticated mobile app and later calls the contact center, BPM can ensure a seamless experience. Customer data and interaction history can be instantly accessible to the customer service representative, eliminating the need for the customer to repeat their information or explain their situation again. This level of coordination and continuity is key to building a strong and lasting customer relationship.

BPM in Banking Experience: Customer Relationship Growth

As your bank builds an increasingly thorough customer profile, BPM can assist in providing contextually relevant advice, offers, and information. When customers begin considering new products, you should be there when it happens, nurturing the relationship further.

BPM can play a vital role in tracking customer behavior, identifying their needs, and triggering personalized recommendations. For example, if a customer consistently saves a certain amount of money in their savings account, the bank can leverage BPM tools and services to recommend investment opportunities or financial planning services tailored to the customer’s goals and risk tolerance. This proactive engagement not only helps the customer make informed decisions but also deepens their trust in the bank’s commitment to their financial well-being.

Know More: A Synergy for success: Importance of aligning Customer Experience with Business Process Management (BPM)

BPM is the anchor that connects the dots of personalization across the entire banking customer journey. Leveraging BPM solutions, banks can provide consistent and personalized experiences at each stage, from the initial research and exploration phase to the ongoing relationship management. By leveraging BPM’s capabilities, banks can enhance customer satisfaction, build trust, and drive long-term loyalty in an industry where personalization is no longer a luxury but a necessity. As customer expectations continue to evolve, BPM stands ready to adapt and transform the banking landscape, creating a better and more engaging future for all.

Frequently Asked Questions

EOSGlobe is a leading business process management organisation that strives to provide high quality services focusing on exceptional customer experience and digital technological innovation. EOSGlobe is committed to becoming a value-driven organisation with the highest standard of services to their customers. With an exceptional team having rich domain expertise and robust digital solutions, helps businesses to transform their futuristic goals into reality. It aims for strategic partnerships with its global clientele to build a culture of innovation and business transformation at cost effective rates and with more productivity.

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