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