Business Process Management in UK Financial Services

March 2004
Management Services;Mar2004, Vol. 48 Issue 3, p20
Academic Journal
This article reports on the survey conducted by Exeter University regarding business process management (BPM) in the British financial services industry, as of March 2004. The objective of the survey was to benchmark performance across retail financial services and to share the learning from companies engaged in BPM. Results suggest that most companies are managing processes well within local business units and channels. Deployment was a key differentiator in achieving high performance. Many companies have a sound approach. For instance, 84 percent had mapped their key customer processes. Barriers to deployment include scale, complexity and organisational maturity, with Internet companies outperforming traditional bricks & mortar companies. Benefits from successful BPM included improvements in customer service and a reduction in errors and waste. One company had achieved a four year low in the number of complaints as a result of introducing end to end process owner teams. Another company had increased productivity by a third in its call centre, as a result of effective BPM. In addition, over half the companies were using benchmarking and quality tools but few adopted a consistent approach to process improvement.


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