Intelligent Business Process Management (IBPM) in Consumer Banking Operations Qorus-Infosys Finacle Banking Innovation Awards 2024

In the bustling world of banking, where efficiency and customer satisfaction are paramount, the Consumer Banking Operations Singapore (SG CBO) team at DBS embarked on a journey of transformation. This journey began in 2020, fueled by a vision to make banking operations simpler, faster, and more efficient. The catalyst for this change was the Intelligent Business Process Management (IBPM) system, an innovation designed to revolutionise how we manage complex processes and enhance both employee and customer experiences.

The story of IBPM begins with a recognition of the challenges we faced. Different teams within SG CBO used various systems, leading to fragmented information and cumbersome workflows. Employees had to juggle multiple logins, navigate different interfaces, and manually update customer service requests. This not only slowed down operations but also left customers waiting for updates, often prompting them to call our centres for follow-ups.

Determined to address these pain points, we set out to create a unified platform that will streamline our processes and integrate our systems. The IBPM workbench, an Application Programming Interface (API) tool, was born. This tool aimed to enable seamless interoperability, consistent access, and reusability across different departments, transforming our operational landscape.

One of the earliest and most notable successes of the IBPM workbench was in automating credit and debit card transaction alerts. Previously, this process was manual and time-consuming, with employees checking multiple systems to provide updates. Using DBS’ proprietary 4D methodology (Discover, Define, Develop & Deliver), we mapped out the entire employee experience, identifying key pain points and opportunities for improvement. The result was a streamlined, automated process that provided customers with instant notifications, significantly enhancing their experience.

The journey didn’t stop there. We also tackled the Digital Account Opening (DAO) process, which had been bogged down by inefficiencies and delays. Before IBPM, employees had to navigate through six different systems to process an account opening. With IBPM, we consolidated these into a single, integrated platform. This not only sped up the process but also improved transparency, reducing customer wait times and enhancing satisfaction.

A key element in this transformation was our Managing Through Journeys (MtJs) strategy. We aimed to make work joyful for our employees by providing a seamless digital experience. By ensuring consistent access to systems, tools, and information, and promoting reusability and interoperability, we were able to reduce manual workarounds and multiple hand-offs. This strategy was operationalised through workflows and workbenches, which stitched together various processes to provide a single, integrated view for both employees and customers.

The IBPM workbench played a crucial role in this strategy. By simplifying and automating horizontal processes, it enabled better connectivity and collaboration across units. It also drove reusability, allowing us to quickly adapt and roll out new features and improvements. For example, the automation of transaction alerts and the overhaul of the DAO process were significant milestones that demonstrated the power of IBPM in improving both operational efficiency and customer satisfaction.

Our journey was not without its challenges. Designing and implementing the IBPM workbench required close collaboration with various stakeholders across the bank. Our technology teams, along with representatives from different departments, worked tirelessly over six months to design, test, and roll out the new processes. Regular meetings and a consistent feedback loop were essential in addressing issues promptly and ensuring smooth implementation.

The impact of IBPM has been profound. It has transformed how we handle operations, allowing us to process approximately 120 cases per hour, up from around 62 cases per hour – an improvement of nearly 50%. The automation has also eliminated the risk of errors in pre-validation checks, transaction postings, and notification alerts, further enhancing the customer journey. Employees no longer have to remember multiple logins or worry about system timeouts, enabling them to focus on more value-adding tasks.

For our customers, the benefits are equally significant. Instant notifications have replaced the usual three-day turnaround time, eliminating the need for follow-ups and allowing customers to proceed with their banking tasks without delays. This seamless and efficient service has greatly improved customer satisfaction, reinforcing our commitment to providing the best banking experience.

As we look back on our journey, it is clear that the IBPM system has fundamentally transformed SG CBO’s operations. By embracing innovation and focusing on the needs of both our employees and customers, we have set new standards for operational excellence in the banking industry. Our story of transformation continues, as we strive to remain at the forefront of digital banking innovation, ensuring that we are always ready to meet the evolving needs of our customers in this dynamic digital age.