Improve Financial Services Resiliency with Process Mining

Drive productivity, reduce risk, enable digital and organize for success

The financial services industry continues to endure significant challenges and disruption from internal and external forces. Financial services businesses must take a proactive and strategic approach to overcome these challenges. Key steps include embracing digital transformation, investing in technology, prioritizing customer experience, fostering innovation, and staying abreast of regulatory changes.

Successfully addressing these challenges allows financial institutions to gain a competitive edge and deliver value in an ever-evolving landscape. But the scale of change can be overwhelming. The industry response has been transformed at an unprecedented level. Irrespective of geography, large mature banks are grappling with transformation on multiple fronts:

Operational excellence
Digital transformation
Risk and compliance
Customer journey
Organizational change and workforce optimization

Process mining uses event data extracted from information systems like Enterprise Resource Planning programs (ERPs) and Customer Relationship Management systems (CRMs) to map and visualize end-to-end processes as they move through your systems. These maps allows business analysts and financial service leaders to see through the complexity of legacy systems and processes, understand how service is currently delivered, and quickly identify what changes will provide the most impact across the value chain. Once the process are accurately mapped, processes can be monitored for performance, simulations can be run to test interventions such as automation and analyze for risk or optimized delivery.

Nigel Adams, Director at Hetton Advisory, explains the value of process mining for the financial services industry. Tapping in over three decades of experience as a banking executive, Nigel unpacks, in simple language, why process mining is the right technology, what challenges it can address, and where it should be best positioned within financial services organizations.

Enable Operational Excellence

Banks are being buffeted by headwinds on multiple fronts. An operational excellence program is pivotal to how they respond and execute their transformation. It also buys time and plays a critical role in delivering better outcomes for customers and shareholders while the transformation teams design and implement their solutions. Process mining enhances traditional approaches to operational excellence by automating the critical step of process discovery. The generated maps and models reflect business reality and are supported with operational data that is so often lacking. With the discovered models as a foundation, the pathway to improvement then becomes more straightforward, more accurate, less risky, and significantly faster.

Predictive Process Monitoring helps operations professionals to prevent friction and disruption and plan for the optimum amount of resources to fulfil SLA.

Simulation supports process excellence by allowing teams to iteratively change scenarios, such as introducing automation until they achieve the desired results.

Increase Efficiency and Success of Digital Transformation

New realities of evolving customer demand and behavior are driving banks to redesign their processes and digitize on their road to total digital transformation. This change process can be daunting, fraught with risk, and expensive. Process mining offers a fast and easy way to understand the current process landscape. Test new ideas to eliminate bottlenecks and accelerate processes with a new understanding of what steps consume the most resources and where rework or process break-down happens.

Simulate the potential impacts of change or test a completely new business model with Process Mining for Digital Twins Simulation and Round Trip Process Mining.

Compare processes in different parts of the company, for example after an acquisition, to see which process process produces the best result and standardize on best practices

Identify Risks, Non-Compliance and Brittle Systems

Volatile markets and the high complexity of fragmented processes and legacy applications put immense pressure on risk professionals in the banking sector. Process mining can help to reduce this pressure and allow risk professionals to focus on what really matters. Improved alignment between risk and operations functions and richer insights into the control environment are just some benefits.

Predictive process monitoring capabilities help business analysts to anticipate risks and formulate responses before they happen.

Use regulatory response to increase business agility and resilience, making compliance a continuous process.

Operational Excellence

Digital Transformation

Operational Risk

Understand Customer Journeys

New competitors and changing customer expectations are putting immense pressure on banks. How are older institutions responding? Most are embarking on transformation programs to enhance their customer experience proposition. Process mining can ensure those transformation efforts are concentrated on the right processes, breaking information silos where necessary.

Leverage data from CRMs and ERPs to optimize the efficiency of service delivery.

Anticipate when SLAs won’t be met or spot ways to ward off potential fraud with process discovery and predictive process mining

Reduce Risks When Changing Operating Models

Banks all over the world are embracing transformation. In response to market pressures, operating model changes are not uncommon for banks. Any operating model change, however, is a serious undertaking with broad-based impact. Getting this change right can power an organization on to a new growth trajectory while getting it wrong can see the fabric of the organization unravel quickly.

Customer Journey Transformation

Operating Model Changes

Process Mining in Financial Services

Don’t let a lack of process intelligence delay response to critical business process issues. Implement a new approach to process discovery, analysis, simulation and monitoring. Learn more about how the Apromore platform integrates with applications including Salesforce, SAP, or other systems in our integration center.

Find out more about what makes the Apromore platform different or learn about our product editions and pricing.