Business process management must drive banking transformation
Devabalan Theyventheran, head of the transformation office at CIMB Group, feels that business process management provided the right framework for its core banking replacement. June 08, 2011 | Devabalan TheyventheranFinancial institutions are attempting to transform their internal landscape as well as the way they engage with their customers, and the common theme in any transformation story is the strong focus on increasing customer wallet share, by way of new customer acquisition or enhancing “stickiness” among existing customers. Financial institutions are designing the core building blocks of the organisation to gain business advantage in wallet share, sometimes using business process management (BPM) and enterprise business architecture to chart the transformation course. BPM is the major differentiator to succeed in ASEAN’s extremely competitive environment. It is aligning its next generation model to its existing regional universal banking proposition through an integrated transformation programme that relies on BPM. All strategies lead to actionable initiatives or projects. One of the key challenges during the project development stage is to understand the needs or wants of the various business units and translate them to the technology team to come up with a solution. The process is complex, as a bank’s strategic projects can span across several countries and it may have an end vision of a standardised sales and service capability across all the countries in which it operates in. What looks good on paper became increasingly challenging, even at the very onset of defining the requirements in detail. CIMB has been embracing and adopting BPM aggressively over the last couple of years. BPM was initially looked at purely for service oriented architecture (SOA) implementation, but as it dug deeper, it uncovered the potential BPM has in bridging technology with business, and matching information system investments to business strategy. CIMB used a mid-sized project to launch its experiment with the BPM framework. It showcased a target set of processes to the business and is able to walk through how it would yield radical improveme... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Core Banking, Malaysia, Technology & OperationsCore Banking,Malaysia,technology, Core Banking,Malaysia,Technology & Operations, Keywords:CIMB, Transformation, BPM, SOA CIMB, Transformation, BPM, SOA
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