BPM for Banking & Financial Services

A system that can change faster than client expectations and regulations…

Delivering True Business Process Agility and Improving Customer Service, Acquisition & Retention.

When regulations change and markets demand new products and services at the speed of thought the old way of doing things simply isn’t good enough.

However, “better systems” can no longer deliver lasting advantages if their implementations are slow and ongoing refinements are cumbersome requiring large teams, specialized skills, and complex procedures or code.

Increasingly, the combined ability to adapt and respond quickly is the winning advantage, begging the question: How can you empower your greatest assets – your people – to give you that advantage?

The answer is simple: With HighGear’s solutions to your digital struggles. Our platform is designed for seamless integration with businesses operating in financial services.

Let’s take a closer look at what our workflow solutions can do for you…

Return on Investment

  • Move beyond simply creating more efficiencies and cost savings – directly identify and improve the Customer Experience, thereby increasing customer acquisition, satisfaction, and retention. A better customer experience doesn’t only foster more loyalty to a business. It also transforms your customers into advocates for your organization, driving organic growth.
  • Build strong, direct linkages between departments, functional units, and group silos – significantly improve Operational Abilities across your business. This kind of interconnectedness ensures more seamless communication and collaboration for more cohesive and efficient business operations.
  • Deploy business processes and workflows in less time than it takes to hold the meeting to discuss why the process modification should be implemented – achieve True Process Agility & Continuous Improvement. Additionally, faster deployment minimizes downtime and disruption, allowing your business to maintain its momentum and stay ahead of the curve.
  • Enjoy all the major functionality of traditional BPM suites such as IBM BPM or Pegasystems, for less than 30% of the initial deployment cost and overall TCO – Optimize and Reduce Cost. Cost-effective solutions, like HighGear, ensure even the smallest organizations in the financial sector can use advanced lean business process management (BPM) systems to their advantage.
  • No long, painful deployments or waiting for IT to get around to implementation – Deploy in 10% of the time, and Modify in Minutes. When you combine accelerated deployment and faster modification processes, your business can effectively reduce time-to-market for new products and services. This boosts the competitiveness and agility of your organization.
  • No IT or specialist developer or coding skills required – hand business process autonomy to business analysts and process owners and gain Freedom from the IT Department. Our no-code development tool helps free up valuable IT resources so you can use them for other high-value tasks that will make your financial operations more efficient.
  • A full Audit Trail and Compliance Record backed by Role-Based Permissions and data security. A comprehensive audit trail and regulations record not only ensures regulatory compliance but also boosts internal governance and accountability.
  • Straight-through processing (STP) cuts response times for customer interactions such as account opening and loan processing. STP significantly improves your customer satisfaction by reducing waiting times and streamlining service delivery.

Find out why Fifth Third Bank, Royal Bank of Scotland, Principality, and many more use HighGear, the pioneering Lean BPM suite for banking.

The banking and financial services sectors have undergone a huge shift in both the competitive and regulatory environments.

The #1 focus must be on customer satisfaction and improving the consumer experience from first touch, and on through the entire life of the relationship. Operations must also comply with a complex and fast-changing regulatory and legislative framework, managed by increasingly aggressive regulators.

The gap between financial institutions that are performing well and those performing badly is widening, and Business Process Management (BPM) is the answer to delivering improved and continuously improving customer experiences in a compliant manner.

In fact, high-performing enterprises use BPM to maintain their competitive edge through incredible operational efficiency and superior customer service.

BPM is more than just improving workflow automation and managing tasks. With HighGear, the Lean BPM pioneer, our core philosophy revolves around empowering business process and operations professionals with the ability to optimize business processes – without the need for the IT department, or any specialist development and coding skills.

This empowerment leads to faster innovation cycles and a more responsive business model overall.

Strategic benefits of BPM implementation

The entire landscape of the financial industry is evolving rapidly – and it’s not showing any signs of slowing down. This is why it’s necessary to implement business process management systems like HighGear. Your business will benefit from numerous transformative advantages that go beyond operational efficiency.

By harnessing the full power of BPM, your organization can foster a stronger culture of innovation, improve customer engagement, and even drive more sustainable growth.

A culture of innovation

One of the main strategic benefits of good BPM software is its ability to create a culture of innovation within financial institutions. By empowering people like business analysts and process managers to design, execute, and change processes (without the need for intervention from the IT department), HighGear allows individuals and teams to experiment with new workflows and solutions.

This kind of autonomy naturally speeds up the pace of innovation within a business and actively encourages a proactive, head-on approach to problem-solving. Employees can quickly implement and test new ideas, creating a continuous improvement cycle that keeps your organization head and shoulders above the competition.

Better customer engagement and experience

Another significant advantage of BPM implementation is its effect on your customers’ engagement and overall experiences. HighGear’s functionalities enable your business to streamline operations and improve customer-facing processes. These may include account opening, loan processing, customer service interactions, and so much more.

By shortening response times and eliminating potential bottlenecks, these optimized processes can have a domino effect and improve customer satisfaction. In turn, this fosters a stronger sense of loyalty among your customer base.

Additionally, the data insights you gain from BPM systems can be used to personalize interactions with your customers and anticipate their needs.

For example, by analyzing process data, an organization like a bank can identify common pain points among its customers. They can then strategize and execute a comprehensive plan based on the available data to address them proactively. As a result, the customer journey is more seamless and enjoyable, creating even stronger customer loyalty.

It’s important to remember that this type of proactive approach to customer satisfaction can improve customer retention. It can also attract new customers who want a reliable and efficient banking experience.

And how do they hear about it? Through word-of-mouth from customers who are already both loyal to their specific bank, and who have had a better customer experience than with other financial institutions.

The HighGear difference

So, what is the difference between HighGear’s Lean BPM suite and those of our competitors? It might seem that we all deliver broadly similar functionality, but there are several distinctions.

Only HighGear allows process owners and operational staff to push new workflows and modifications to existing business processes into the live environment with ZERO involvement of IT, specialist coders, or development professionals. This unique capability ensures necessary changes can be made quickly and efficiently, keeping pace with the financial industry’s market demands.

HighGear delivers 80% of the functionality of a traditional BPM solution, for 20% of the cost and deploys in 10% of the time.

HighGear is the pioneer of Lean BPM for Banking & Financial Services

The major differentiator between HighGear and every other BPM suite on the market is this: process owners and operational staff will have full autonomy to own the process, make changes, and push them live into your operational environment. It’s this autonomy that speeds up the decision-making process to boost your operational agility.

A typical BPM solution will allow your business analysts and operational staff to identify issues with existing processes, and to research and come up with improvements, however, at this point, IT then becomes responsible for the deliverables. This dependency can often lead to delays and bottlenecks, which can hamper your business’s ability to respond to changes as quickly.

Additionally, this is time-consuming and costly, and in today’s hyper-competitive, customer-driven environment, by the time IT has deployed the solution, it is obsolete. In contrast, HighGear’s approach ensures that your improvements are implemented in real time so you can maintain relevance and competitive advantage.

What HighGear can do for the Financial Services industry

True agility is now achievable with Lean BPM and HighGear – with minimal training, backed by stellar US-based support, you are able to design and visualize workflows and business processes with ease. Not only does this reduce the learning curve, but it also means quicker adoption across the entirety of your organization.

The crucial missing link provided by HighGear is that you are now able to push processes live operationally, and all associated tasks, notifications, business rules, and compliance procedures will automatically be set up with minimal human intervention and in a fraction of the time normally required. This automation means reduced errors and guaranteed consistency in process execution.

HighGear delivers true business optimization and continuous improvement capability into the hands of those who should wield it – those who own the process and work with it. This focus on end-users means that your processes are continuously refined and optimized to meet your evolving business needs.

Additionally, in highly regulated financial sectors, compliance isn’t just a necessity. Instead, it’s a critical component of your operational integrity. Luckily, HighGear’s BPM software provides a comprehensive audit trail and role-based permissions that help ensure only authorized users can make changes – and that every single action is being tracked.

Lastly, with HighGear, you can rapidly innovate to stay ahead of your competition. By enabling you – or any other user – to modify and implement new processes quickly, you can easily respond to regulatory changes. Plus, you can do this without the bottlenecks and delays typically associated with IT departments.

Move beyond efficiency and cost-saving – embrace improving the Customer Experience with HighGear

In both the banking and financial industry, customers’ expectations are constantly changing, growing, and evolving. Not to mention, complex regulations are becoming difficult to navigate. However, HighGear will give you the agility and control that you need to help your business thrive.

Now, you can empower your team, enhance your processes, and deliver top-notch customer service with the pioneering Lean BPM suite designed for banking and financial services. So, what are you waiting for? Book a demo with HighGear today.

Schedule Consultation