Digital transformation requires end-to-end business processes – fully automated, interruption-free, and immediate. Classic business process management, right? No! In the financial industry’s digitalized business processes, numerous manual decisions are still embedded, forming bottlenecks in the process flow. These manual decisions prevent "true" digitalization, which only succeeds through full and seamless automation.
Everyone has seen the popular "Apply now" button on retail bank loan websites. Users quickly fill out the web form, submit their data, and wait for the result – only to be disappointed: "You will receive the documents by mail in a few days." This is not a state-of-the-art, customer-oriented process, and certainly not a digital one. But the bulk of bank and insurance company business processes are in a similar state. Why is the financial industry still struggling with truly digital end-to-end processes?