In the world of financial services, success often hinges on having effective processes. Consider this: Do your current systems and processes support productivity and growth, or are they holding your firm back from its full potential? Even small tweaks to your processes can make a big difference.
Think of it this way: Business Process Management (BPM) is like taking a closer look at how your entire business runs. It’s not just about managing tasks or projects; it’s about analyzing, improving, and automating the full range of business processes. And here’s the important part – it’s not a one-time fix. Think of it as a living, breathing process that changes along with your office dynamics and industry shifts.
BPM, especially when combined with technology, lets your firm stay nimble. It helps you continually refine your processes, boost efficiencies, and build scalable systems without disrupting what’s already in place.
This is especially crucial in financial services. Why? Because how efficiently your firm operates and delivers top-notch client experiences is key to staying ahead and having a competitive edge.
Now, let’s dive into five key ways Business Process Management benefits the financial services industry.
1) Easier, More Robust Compliance
Staying compliant is all about operational excellence and following repeatable processes. Through BPM, firms can continually look for gaps in their systems or roadblocks in their operations to ensure compliance in everything from new client onboarding to recordkeeping and beyond. By creating streamlined processes, firms can ensure that nothing falls through the cracks and always stay compliant.
And because BPM leverages technology, firms can automate data entry and cloud-based data storage through systems like Docupace, which ensures all data and documents are stored securely and in compliance.
2) Simpler, More Streamlined Operations
BPM focuses on simplicity and clarity. It’s about finding the most direct path to the desired result instead of following what’s always been done. By regularly analyzing operations and processes, firms can find ways to streamline their daily tasks and make the most of their back office staff.
BPM standardizes and clearly defines procedures, helping reduce red tape and remove unnecessary steps. Through evaluation and automation, BPM can help lessen overly-complicated processes and eliminate repetitive tasks. Coupled with current technological advances, BPM follows the agile methodology to marry new technologies and processes in order to streamline operations.
3) Better, More Personal Client Experiences
Instead of getting caught up on mundane tasks or putting out fires, BPM allows firms to focus their efforts and resources on providing a high-quality client experience.
One survey found that clients who were very satisfied with their financial advisors highlighted three key characteristics. Their providers:
- Delivered personal advice suited to their situations
- Were trustworthy and transparent
- Provided a consistent client experience
Financial advisors must showcase competence and personalization. But research shows that most advisors spend an average of 22.1 hours per week — or more than 40% of their time — on administrative tasks instead of working with clients and building relationships.
By staying agile to adjust processes as a new generation of clients enters the industry, advisors can provide a top-tier client experience that leads to loyal, long-term clients and growth opportunities.
4) Agility to Cut Costs
Inefficiency is expensive. With slow and cumbersome processes, firms often spend more time and money correcting mistakes than if the work had been done correctly the first time.
Researchers put it this way: “Agile projects are (better, can be) cheaper because they allow less-valuable work to be pruned away, and so do only the more valuable work.”
BPM is all about making the most of your resources. As a firm finds ways to automate repetitive tasks, it frees that time and budget to spend on higher-impact tasks like problem-solving, relationship-building, and strategic planning.
5) Stronger Efficiency & Productivity
Business process management aims to analyze, optimize, and automate business processes, leading to increased efficiency. As firms evaluate and standardize processes, they can remove or streamline inefficiencies to increase productivity and drive lasting results.
Every time a process is evaluated, employees and leaders can likely find something that can be improved, even as small as eliminating a middle-man from an operation or leveraging new technology for automation. Those small improvements can significantly increase productivity and efficiency.
Why does efficiency matter? It allows advisors and home office employees to do their jobs better, creating a better employee experience and a more productive firm. When the core work gets done seamlessly, firms have more time and resources for big-picture projects and relationships that set them apart from the competition.
Elevate your financial services firm to new heights by integrating PreciseFP into your office. Unleash the power of Business Process Management (BPM) to not only fuel continuous growth but also boost productivity, slash costs, and deliver an unparalleled, compliant client experience. Picture this: a top-of-the-line BPM solution that not only streamlines your processes but also adds significant value to your operations. Ready to experience the transformative impact? Dive in with our free 14-day trial and witness the difference PreciseFP can make in shaping the future success of your financial firm!
Founder and President, Docupace
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