RMB Private Bank has launched its business process management (BPM) initiative using Tibco iProcessT Suite. The project will deliver an end-to-end process management solution that will allow applications, systems and processes to operate autonomously.
As a result, RMB Private Bank will be able to establish an IT infrastructure based on its own unique way of doing business to dynamically and adaptively address the growing demand for its debt consolidation, wealth management and insurance services.
Using Tibco's BPM solution, RMB Private Bank will be able to automate routine tasks and effectively track and orchestrate processes that span organizational boundaries. In addition to executing business processes more efficiently, RMB Private Bank can measure performance, identify opportunities for improvement, and easily make changes to processes as new opportunities arise.
All of this will simultaneously bring down operational costs, while improving overall service quality.
Godfrey Watson, deputy CEO of RMB Private Bank, says: "We need to implement real-time relationship-building tools to help sustain our growth and transform how we deal with clients to deliver continuous value. At RMB Private Bank, we have always taken an innovative, personalized approach to the way we manage our clients' finances and we want this to be reflected in the way we deliver services. We are very excited about the possibilities that BPM has to offer."
A newly established BPM task team at RMB Private Bank will initially focus on optimizing processes starting with client origination and onboarding. Processes will be automated and enhanced with increased levels of functionality to ensure clients are fully informed about the progression of their application at every stage. Future BPM initiatives will target areas such as cross-selling and will aim to deliver a single view of the client across the bank's various divisions.
The selection of Tibco's BPM solution was the result of a successful proof of concept designed to demonstrate the benefits of BPM across RMB Private Bank's Wealth Management Division. The bank also examined the possibility of using open source BPM software, but ultimately decided to use Tibco's BPM solution which includes a suite of application modules for modeling, managing and optimizing front-office to back-office processes.
Murat Sonmez, executive vice president: Global Field Operations at Tibco, says: "Business processes are the lifeblood of an organization. They touch every resource across the company from partners, employees to IT systems. In the ultimate drive for agility, processes need to be as efficient as possible. And RMB Private Bank understands the importance of BPM for governing these cross-functional, core processes to sustain market competitiveness and to perpetuate client value."