The Strategic Importance of BRMs in Financial Services
As I celebrate my 26th year in the financial services industry, I find myself reflecting on how the world of financial services has changed over time—and how business relationship management fits into these changes.
Back in the day, the teller line depended on inefficient, paper-based processes. Today, teller systems are fully automated, allowing customers to receive services more accurately and resourcefully, while enabling tellers to provide full relationship banking services. Additionally, while the financial services industry has always relied heavily on document storage capabilities, the technology has evolved from the use of microfilm/microfiche readers and paper-dependent processes to robust enterprise content and document management systems with business process management and case tracking capabilities.
Given these robust changes, executives in the financial services industry of today must not only keep up with emerging technologies, but also stay ahead of the competitor curve, handle regulatory burdens, meet consumer demand for faster service over multiple channels, and maintain their role as a top player in the digital age.
Another concern is the rising threat of FinTech disruptors, because business leaders know customers are not only familiar with these alternatives, but find them increasingly attractive.
With all of these events happening concurrently, there is no better time to utilize a BRM capability in the financial services industry.
By nature of successful BRM capabilities, BRMs have a strong understanding of business objectives and can shape demand for technology that helps reach those objectives. BRMs in the financial services sector also keep an eye on banking trends, demand for consumer financial services, and imminent compliance and risk matters. With this knowledge, BRMs partner with financial leaders to build their business strategy roadmaps.
Sharing business leaders’ roadmaps (the “end game,” so to speak) with IT leaders allows for mutual understanding while driving future investments in technology, prioritizing projects, and the generation of an IT Business Capability roadmap.
Conversely, by working hand-in-hand with technology leaders in their organizations, BRMs gain a critical understanding of emerging technologies and how they can be used in the business to drive results—long before technology leaders even know they need it.
BRMs…also keep an eye on banking trends, demand for consumer financial services, and imminent compliance and risk matters. With this knowledge, BRMs partner with financial leaders to build their business strategy roadmaps.
Thanks to the overarching view of the enterprise BRMs possess, they are able to minimize the number of requests for new business capabilities by leveraging those that already exist.
As the financial service sector’s need for technology continues to expand, the BRM’s role does as well.
As a strategic partner, BRMs help financial services leverage technology to meet the challenges faced by the industry. Developing and building a formal BRM capability in these spaces is sure to result in increased value outcomes, business performance, and streamlined business processes.
Tina Pomeroy is a financial services leader with over 25 years of experience in retail banking operations, information technology, business relationship management, business analysis, project management, and process improvement. After building her organization’s BRM capability from the ground up, she now leads the BRM team and is laying the groundwork for becoming a strategic partner with the business. Tina is also a higher education student mentor and a member of the BRM General Council. In her free time, she enjoys spending time with her husband and children, cooking, and volunteering.
