Banking systems around the world depend on a customized and systematic approach to processes used throughout each organization. Better processes can deliver better customer service and experience, while also helping to attract and retain staff. Likewise, in a world of rapidly changing economic, social, and cultural trends, superior processes are essential to maintaining the health of the global banking system. By strengthening partnerships and relationships throughout the organization and beyond, creating an upward spiral of excellent customer experience, and lowering expenses, the process is imperative in these rapidly changing environments.
However, the benefits of leveraging Mavim & APQC extend far beyond reducing cost or increasing efficiency:
- By creating a common language to measure and evaluate every process in a business, Mavim provides senior management with an effective way to manage performance for such distinctly different processes such as accounts payable, customer service, mortgage loan processing and credit card processing.
- Minimizing process variation is particularly important for the banking industry, where every organization deploys a different process. The inherent variation in these processes make it difficult to achieve consistent standards of customer experience. The Mavim software can help identify best practices and where current process execution deviates from the norm.
- Lack of global process across the banking industry has led to the formation of several different bank chains. While the practices within each organization are similar, the lack of common process across each bank, leads to poor customer experience. But what about being able to look at similar processes across different organizations -- such as credit card processing — and being able to replicate the most effective approach across the entire industry? Mavim provides a common language to understand differences in processes and make informed choices about which approach is the best.