The financial services sector leads the way in adoption of business process management software, according to a research by Capgemini.
“The effects of the global financial crisis still loom over financial services providers,” the report highlighted. “Shortcomings in regulation of the sector have been brought into sharp focus by the economic downturn, which has also forced financial players of all stripes to reassess their cost position and the ways in which they fight for market share.”
Capgemini said banking, insurance and capital markets had been forced to scrutinise their processes and business process management thinking “has become more relevant than ever to these institutions”.
Of those financial services decision-makers that participated in Capgemini’s survey, 65% said their organisation had already launched a business process management initiative of some description.
And 52% said they anticipated greater emphasis to be placed on this topic over the next year.
Some of the new regulation the report highlighted include the new Basel III standards on capital adequacy and new requirements set by Solvency II.
“The problem facing these financial institutions is how to gain and maintain compliance in a fluid regulatory environment, while at the same time satisfying the demands of customers for swift and efficient service,” it concluded.
Losses can rapidly escalate in financial services companies, strengthening the case for robust business processes that add an extra layer of security.
©2012 funds europe
