On the Path to Digital Process Automation - A Spotlight on Financial Services
Digital transformation has changed how businesses operate. Relevance and profitability have driven organizations to adopt digital technologies that can speed up their processes and provide more effective results. This report analyzes decision makers' repsonses on how financial services firms are adopting Digital Process Automation (DPA).
The change is so profound that Forrester has renamed the category from business process management (BPM) to digital process automation (DPA). This shift, while continuing to drive down costs and drive up employee productivity, makes customer experience and digital transformation the primary success factors. This represents a powerful and necessary change of focus.
This report covers:
- The necessity of digital transformation which has caused financial services
firms to shift the focus of their process improvement efforts from
traditional cost saving measures to focusing solely on the customer.
- Seventy-six percent of financial services firms are in the process of
implementing DPA. Far fewer are sticking to traditional BPM, and
even less believe they have already achieved an optimal level of
- This shift in focus to the customer can be seen in every aspect of
DPA, from the business initiatives prioritized and the KPIs tracked, to
the tools employed and immediate gains experienced.
- Though they continue to benefit from and measure cost savings
and operational efficiencies that were the hallmark of BPM success,
financial services firms expect customer measures to make up the
biggest benefits moving forward. DPA practictioners are confident
that their efforts will lead to better CX, customer acquistion and
retention, and loyalty.