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The use and advantages of business process management in Portugal’s retail banking to standardize the account opening process by channel
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Resumo(s)
This study investigates whether applying BPM approaches may help identify and recommend
areas of improvement in Portugal's retail banking account opening process by proposing a
standardized model. According to Srinivas, Fromhart and Goradia (2017), despite the fact that
customers of all ages are satisfied with the account opening process, many still express the
need for a better and improved account opening experience. In addition, the study also showed
that in terms of the account opening experience by channel the account opening channel which
requires the most improvement is mobile banking. Therefore, understanding the account
opening process by channel may optimize the digitizing banking industry, provided that a
standard procedure is defined and proposed. Based on the literature review performed on the
account opening process of 5 leading banks in Portugal, the study identified notable differences
in the clients account opening experience by performing a thorough AS-IS analysis on the
account opening process by channel (In-branch, Online banking (web) and Mobile banking
(app)). The results highlight inefficiencies especially for the digital onboarding which is due to
fragmented workflows and inconsistent compliance integration. In order to address these
challenges, a standardized TO-BE model is proposed by integrating industry best practices that
includes centralized client identity verification and all in line with the European and Bank of
Portugal regulations. The models were developed using the Bizagi software and the
methodology used was the DSR methodology.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Information Analysis and Management
Palavras-chave
Business Process Management BPM Account opening process Standard model Digital mobile key Chave-Móvel Digital CMD SDG 8 - Decent work and economic growth SDG 12 - Responsible production and consumption