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Technology continues to rapidly change for CUs.

Business Process Management is the term that has been adopted to identify the discipline of operations management. It uses specific methods to discover, model, analyze, improve and automate business processes and procedures. Any combination of methods used to more efficiently manage a company’s business procedures falls under the BPM category. Most recently, the influence of BPM has been seen in the development of artificial intelligence solutions specific to the financial industry.

Some of the largest banks and credit unions in the U.S. have announced they are investing millions of dollars into updating their systems and capabilities through automation. The finance industry has been one where the automation of processes usually performed manually by individual employees was thought of as a nearly impossible task. Yet financial institutions have been at the forefront of technology and automating as many manual procedures as possible. New technology in this area has allowed automation to replace various teller positions. Now, other organizations are asking what they can do to replicate the same success.

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