The pandemic accelerated digital transformation, made customer experience even more of a differentiator, and added complexity to an already process-heavy, regulated, and risk-averse industry. Banking, financial services and insurance companies need to both optimize existing operations and transform their business models to meet new demands and competitive pressure.

Organizations that don’t adapt intelligently will struggle — and may even cease to exist. Because process is the lifeblood of heavily regulated businesses, and because BFSI must adapt to change of unprecedented scope and scale in 2021 (and beyond), this white paper lays out a new approach to process management, modeling and intelligence to cut operational costs, find efficiencies, develop new capabilities, automate workflows, and collaborate to manage large-scale change.

Drawing from third-party research from the world’s most respected consulting firms and up-to-the-minute surveys of banking leaders and consumers on their shifting priorities, we consider how and where BFSI organizations should invest, as well as the paradoxes and pitfalls associated with these choices. One thing is clear: PowerPoint, Visio and sticky notes might have been good enough before, but COVID-19 changed the game.