Market Trends of Business Process Management Industry
This section covers the major market trends shaping the Business Process Management Market according to our research experts:
BFSI Industry is Expected to Drive the Market Growth
- The banking, financial service, and insurance sectors significantly demand BPM. As the industry is indicative of economic and financial crises, financial entities rely on technological tools to help them optimize their resources and processes.
- Today's digital-first customers demand financial services to be at their fingertips. Because of changing client expectations, banks are forced to make their services available across all digital platforms. And the onboarding process is no different. A solid BPM system may help banks optimize and automate their end-to-end onboarding process, eliminate process bottlenecks, accelerate the processing of straight-through cases, and manage exceptional circumstances expertly by forwarding them to the appropriate knowledge worker.
- During this year, Huawei launched the Digital Banking 2.0 solution, built on the Temenos open platform, and met with customers and leading financial sector partners to discuss establishing a cloud-native architecture to achieve business agility and industry innovation.
- IT infrastructure in banks and financial institutions needs regular updating, as multiple core-banking systems can collide, hampering effective decision-making. Therefore, achieving cost efficiencies or proper integration between the two blended entities becomes challenging. Moreover, an IBM study reveals that over 50% of banking and financial organization CEOs focus on simplifying their products and operations to manage complexity effectively.
- Moreover, Software AG successfully used ARIS for business process modeling and customer journey mapping by ING Group. The company has been using it to comply with GDPR and set up pilots across potential risk management capabilities.
- Additionally, retail banking has benefited from adopting advanced technologies as the same discipline impacted the fintech and technology market landscape. As per a recent EFMA survey on retail banking, it is expected that in the previous year, banks and credit unions may be aligned toward product agility (32%), digital marketing (31%), digital channel migration (29%), and cutting costs (28%). It leads to bank employees dealing with a vast volume of data originating from customers and automated processes.
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North America Accounts for a Significant Market Share
- The banking, financial service, and insurance sectors significantly demand BPM. As the industry is indicative of economic and financial crises, financial entities rely on technological tools to help them optimize their resources and processes.
- IT infrastructure in banks and financial institutions needs regular updating, as multiple core-banking systems can collide, hampering effective decision-making. Therefore, achieving cost efficiencies or proper integration between the two blended entities becomes challenging. Moreover, an IBM study reveals that over 50% of banking and financial organization CEOs focus on simplifying their products and operations to manage complexity effectively.
- Business process management tools enable banks to automate lending loans, account opening, getting payment from the parties, risk management, and customer inquiries, complaints, and support processes, to name a few. Therefore, multiple banks globally are shifting to BPM. For instance, Société Générale Serbia, one of the leading banks in the Serbian market, resorted to deploying IBM's Business Process Manager and IBM Application Connect Enterprise to serve its clients better.
- Moreover, Software AG successfully used ARIS for business process modeling and customer journey mapping by ING Group. The company has been using it to comply with GDPR and set up pilots across potential risk management capabilities.
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