BPM in Financial Services

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BPM in Financial Services 2nd Edition
(Digital Edition, download immediately)

Foreword by Michael Heffner

Size: 292 pages PDF / 12 MB.

Digital BENEFITS: Enjoy immediate PDF download, live URLs, searchable text, graphics and charts in color. No shipping charges or tax. Delivered in unzipped PDF; mobile device-friendly.

This updated and expanded edition brings the reader the latest updates on this important sector of industry with completely new content, following the first edition.

"This book delivers a vital collection of use cases providing practical insight to those focused on digital transformation. It couldn’t come at a better time. The Financial Services industry is in the middle of a major transition to become more customer value focused, more compliant, and better-adjusted to new normal cost structures. That’s the story behind the story of evolving modern digital technologies including FinTech, Cognitive, Machine Learning, Automation, Robotics, IoT, BlockChain, and other new and interesting opportunities."
-- Mike Heffner, Foreword

Other titles in the BPM and Workflow eBook Series...
* Healthcare (second edition) (size 185 pages, 8MB zipped file) 
Introduction to BPM and Workflow (Size: 130 pages, 3MB)
* Financial Services (first edition) (Size: 265 pages, 10 MB zipped file.)
* Utilities and Telecommunications (152 pages, 5MB)


This new Edition presents a curated collection of the best and most important chapters on Financial Services recently published in the annual BPM Handbook and Excellence in Practice series and our other publications.

BPM’s promises are real, but the path to success is often littered with pitfalls and shortcuts to failure.

This book is going to appeal to those getting into BPM in Financial Services and seeking to engage colleagues into the journey. It provides realistic and pragmatic guidance on how to approach BPM initiatives, along with a wide range of modern case studies developed by those who have undertaken real BPM programs.

For those setting out on the BPM journey, you'll find the direct guidance on business case development and ROI calculation examples particularly useful. Perhaps more importantly, the case study authors also share their real-world best practices and pitfalls to avoid.

Best practices can help you avoid pitfalls. If you are just embarking on using its methods and tools, these authors have a wealth of experience to learn from and build on. Whether you are a business manager in an end-user environment, a supplier of BPM products or services, or a technology practitioner, this special collection of papers will provide valuable information about what BPM can do for you—and how to apply it.

 WfMC Annual Awards for Excellence in BPM and Workflow

Annual Awards for BPM and WorkflowThe case studies featured in this book are all recipients of the annual prestigious awards for Excellence in BPM and Workflow.

If you’d like YOUR case study to be considered for publication, submit it to the annual BPM awards at http://BPMF.org.

Award-winning entries are guaranteed publication.


Section One: Overview

The Heart of BPM

Nathaniel Palmer, BPM, Inc., USA  

The impact of new technologies, the mandate for greater transparency, and the ongoing aftershocks of globalization have collectively removed nearly any trace of predictability within the business environment. As a result, sustainable competitive advantage no longer comes from scale and efficiency but adaptability – the ability to process streams of information flows, make sense of these, and rapidly translate these into effective responses designed for precision rather repeatability.

Benefits of Policy and Rules Driven Processes in LatAm Retail Banking Automation

Kay Winkler, Negocios y Soluciones Informá-ticas, Ricardo Ungo, Panama Canal Authority, Panama

The following analysis and reflections represent the gathered experiences our team members at NSI (Negocios y Soluciones Informáticas, S.A.) have made during the last eight years, implementing more than 150 BPM solutions in several countries but mainly in Latin America (LatAm), in the financial industry. Being the results and conclusions of a broadly experienced, vertically specialized but only a single organization, this paper is complemented by our correspondent peers to serve as a practical guideline for applied and proven business process implementation methodologies and ROI metrics, allowing for continued improvements.

Linking Architectures for Business Results

Jude Chagas Pereira, IYCON

Organizations today have adopted business process management as a must-have initiative to further their success. This is driven by many factors, the need to rationalize cost, the allure of promised results, and also the mounting peer pressure where “everyone is implementing BPM.”
Irrespective of the motive that started an organization onto the BPM journey, every organization today finds itself in a juncture, where they have to measure the cost of the BPM initiative, and quantify the benefits to the stakeholders.

Adaptive Case Management and the Foreign Account Tax Compliance Act

Kay Winkler, NSI Soluciones, Panama

There are staggering amounts of new regulatory requirements each year that threaten the very operability of many businesses. The question of how to turn these challenges into real business opportunities becomes ever more existential for companies in a globalized and fiercely competitive market. That is where successful companies increase their reliance on modern technologies and where, in practice, Adaptive Case Management (ACM) stands out.
The financial industry, typically being among the most mature verticals when it comes to business process management disciplines, has faced, since 2013, an especially pressing compliance requirement which in many instances not only required banks, wealth management organizations and insurance companies to completely revamp their current “Know Your Customer” (KYC) approach but to also envision a thoroughly new way to conduct customer management and origination.

Section Two: Proof of Success
Award-winning case studies

African Reinsurance, Africa

Nominated by Newgen Software Technologies Ltd, India

African Reinsurance Corporation is a leading player in the reinsurance sector in African region. At present the client has the membership from African Development Bank, 41 member countries of the African union, 107 African insurance and reinsurance companies and four non-African Development Finance Institutions. The client has spread its operations across seven regions including the Head Office at Lagos, Nigeria.

AgFirst Farm Credit Bank, USA

Nominated by Bizagi, United Kingdom

AgFirst is part of the national Farm Credit System, the largest agricultural lending organization in the United States. With assets of more than $27 billion, AgFirst provides funding and financial services to 19 farmer-owned financial cooperatives in 15 eastern states and Puerto Rico. These cooperatives, operating as Farm Credit and AgCredit agricultural credit associations (ACAs), offer real estate and production financing to more than 80,000 farmers, agribusinesses and rural homeowners.

Axle Group Holdings Ltd., UK

Nominated by EmergeAdapt, United Kingdom

In January 2012, Axle Group Holding, one of the UK's largest multi-channel tyre retailers, replaced four eCommerce systems along with a back-office platform to provide case workers with a tool to deliver customer service and post-order treatment. EmergeAdapt built the eCommerce systems and a new back-office case management platform, integrated to all four sites, and to a branch and warehouse system written in DataFlex. All systems were launched in December 2012.

Bank Dhofar

Loan Origination

Nominated by Newgen Software Technologies Limited, India

Established in January 1990, Bank Dhofar commenced operations with two branches, in Muscat and Salalah. Today it is one of the fastest growing Banks in the Sultanate of Oman, with a strong presence in Corporate Banking, Consumer Banking, Treasury Banking and Project Finance. The bank realized that to facilitate and manage the growth of its retail assets, it needed to enhance its operational capacity, productivity, and ability to scale-up operations. Automation of key business processes was identified as a key imperative. The bank decided to automate two of its key business processes, Retail Loan Origination (covering Home Loan & Personal Loan), and Credit Card Processing.

CNP Asfalistiki Ltd., Cyprus

Nominated by Newgen Software Technologies

CNP Asfalistiki Ltd has the largest market share of General Business within the Cyprus Insurance Industry and has branches all over Cyprus. The CNP Asfalistiki Ltd., Company was incorporated in 1981 as a subsidiary of Cyprus Popular Bank Public Co Ltd (CNP Asfalistiki Ltd Bank). Since January 2009 there has been a Strategic Partnership’ between Cyprus Popular Bank Pub-lic Co Ltd (CNP Asfalistiki Ltd Bank) and the French Insurance Group CNP Assurance. The strategic partnership aims to consolidate its leading position in the Cyprus Insurance Market and to further improve the quality of services, utilizing the dynamics and experience of CNP Assurances.

Colpensiones, Colombia

Nominated by Bizagi

Since 2007, as part of the reform of the Colombian social security system, the government has been working on the modernization and improvement in efficiency and service of the pension system. This was previously under the management of an entity with innumerable problems of information management, quality of service, out dated technologies and slow processes.

Crawford & Company, United States

Nominated by Appian Corporation, United States

With 700 offices in more than 70 countries, Crawford & Company provides claims management services used by the largest insurance providers in the world. A core part of Crawford's business is Global Disaster Response for incidents such as hurricanes in the U.S or tsunamis in Japan. Crawford must deploy small armies of claims adjusters to the world's most devastated regions so life – and business – can begin to return to normal in the quickest time possible. These adjusters are not Crawford employees; they are contractors who are un-schooled in Crawford business processes.

Delta Lloyd, the Netherlands

Nominated by You-Get, the Netherlands

Delta Lloyd Group is an expert, reliable and accessible financial services provider. We have a single goal: to offer security to our customers, now and in the future. We operate under three strong brands: Delta Lloyd, OHRA and ABN AMRO Insurance.
Our product and service offering covers the areas of insurance, pensions, in-vesting and banking. And we do not only service consumers, but small and large companies, multinationals and pension funds as well.

Eaton Vance Investment Managers, USA

Nominated by EMC Corporation, USA

Founded in 1924 and one of the oldest investment management firms in the United States, Eaton Vance offers individuals and institutions a broad array of investment strategies and wealth management solutions.
Eaton Vance has a long-standing reputation as a leading developer of creative strategies with strong investment merit. The ability to anticipate the evolving needs of investors and meet them with timely innovations continues to be a hallmark of the organization.

Fleet One, USA

Nominated by 4Spires, USA

WEX Fleet One is a midsized company that provides fuel cards and other financial services to private and governmental organizations with fleets of vehicles. The 9-person marketing department was struggling with managing their workload. They receive numerous requests from company management and colleagues in other departments for preparing marketing collateral, advertisements, exhibits at trade shows, marketing programs, etc. On an ongoing basis the department is typically working on 20 or more requests at a time.

Freedom Mortgage, USA

Retail Title Track Rewrite Process.

Title Ordering and Review are key components of the mortgage financing process. Title ordering and the title search process reveal the financial obligations that could potentially impact the sale of the property, including such actions such as lawsuits, liens, legal claims, etc. The mortgage lender holds responsibility for the title review process.

Generali CEE Holding B.V.,

Nominated by Bizagi, United Kingdom

Generali CEE Holding (Generali) is a leading insurance group in Central and Eastern Europe with total assets under management of €14.8 billion and more than 11 million clients.
In 2011-2014, we embarked on “Project Puccini,” a large-scale initiative to significantly boost process visibility, productivity and efficiency in the area of Corporate Risks underwriting for 10 countries throughout Central and East-ern Europe.

HCL IBS, United Kingdom

Back Office Optimization, Nominated by Corporate Modelling, UK

HCL IBS is an outsourcer carrying out policy administration and affiliated services in the UK closed book Life Assurance and Pensions market place. We deliver those services to demanding commercial SLAs, cheaper than the insurance companies with whom we contract and we have to make a profit!


Nominated by IBM, UK

HML responds faster to customer communications, streamlining workflows for incoming correspondence with IBM Business Process Manager. When your business depends on your clients' trust, you need to make sure that you meet their expectations, not just most of the time, but all the time.
As a leading provider of outsourced mortgage, savings and loan administration services for the financial services sector, HML understands this better than most.

Infosys McCamish Systems, USA

Nominated by PegaSystems, USA

The life insurance industry is complex – multitudes of products, different markets, each with their own unique set of processing rules, many policy owners holding multiple policies, spread across broad geographic regions – and each expecting the same customer care they experience when interacting with companies such as Apple, Amazon, etc. As a service provider, supporting call center and back office operations for 36 insurance carriers, this complexity increases exponentially. Call center and operational processes were carrier specific and the outdated/legacy system limitations acted as a bottle neck to consolidate and unify these processes.

New Millennia Group PLC, UK

Nominated by AuraPortal USA

New Millennia Group PLC’s (NMG) business model operates within the £22 billion per annum United Kingdom temporary recruitment industry. Providing invoice funding, credit insurance, payroll and administration facilities to recruitment agencies operating nationwide. NMG have been working within this industry since 2000 and hold both trade body and government licenses in order to operate. Their administration processes and government compliance issues are very complex and are susceptible to several major changes in any one year. NMG have a workflow cycle of seven days.

PENSCO Trust Company, USA

Nominated by PENSCO Trust Company, USA

Many individual investors would love to use their retirement savings to purchase non-publicly traded, alternative assets in today’s economic environment, but the complexity of administering these assets has caused many financial institutions to opt out of offering them as part of their investment platform. As a regulated banking company since 1989, PENSCO Trust has been one of a relatively small number of leading retirement account custodians that permit financially savvy, self-directed individual retirement account (IRA) owners to invest in alternative assets.

Pershing LLC,

a BNY Mellon Company, USA, Nominated by Pershing LLC, a BNY Mellon company, USA

Prior to implementing its Task Management solution for onboarding new clients to Pershing LLC, a BNY Mellon company, the Client Transition (conversion) team relied on a highly manual, paper-intensive project planning system to track the conversion process and manage multiple tasks.
This required frequent in-person meetings, e-mails and phone calls among departments. Administration was difficult and time consuming as project plans had to be printed and shared prior to each meeting and updates were restricted to a single team member from each department.

PSCU, United States

Service Request Management

Nominated by OpenText, Canada

PSCU is one of the largest credit union services organizations in the U.S., representing close to 700 credit unions. PSCU implemented OpenText Assure in 90 days, enabling them to realize significant cost savings, improve customer service and satisfaction, and increase efficiencies, The Assure application factory provides out-of-box, industry best practice components to ensure a quick time-to-value and continuous process improvement. PSCU Customer Service Agents use the Assure Work Center to manage requests and resolve issues very quickly. The PSCU customers at the credit unions use the self-service portal to log requests and monitor the status of requests in real-time.


Nominated by IBM, USA

TIAA was the vision of the philanthropist Andrew Carnegie and founded in 1918 (nearly 100 years ago) through his Carnegie Corporation of New York and the Carnegie Foundation with the goal of supporting the financial well-being of college teachers through a pioneering system of annuities and low-cost life insurance. CREF was established in 1952.

UBS Bank, Worldwide

Nominated by Whitestein Technologies

Our submission is based on the successful adoption of Adaptive Case Management by UBS Wealth, a division of UBS Bank. UBS is enhancing their global operations with client-centric collaboration, operational visibility, adaptive process improvement, through the 'PM1' portfolio management suite built with the Living System's Process Suite (LSPS).
LSPS is designed for cases in which adaptive changes to data state are made by a goal-oriented software controller. This ensures that cases evolve in coordination with events and situational change in order to adapt in real-time to a goal-focused execution path.