New Strategies to Improve Banking Resiliency
Explore the benefits of process mining in financial services
How to drive productivity, reduce risk, enable digital and help teams and their leaders organize for success
With Nigel Adams, Banking Expert and Director at Hetton Advisory
Banking resiliency has come a long way since the global financial crisis of 2008. As well as repairing bruised and battered balance sheets, banks around the world have had to deal with far greater regulatory intervention, rapidly evolving customer and community expectations, shrinking margins in a low-interest world, an onslaught of innovation sparked by new competitors from the FinTechs to the global Tech giants and, to cap it all, a global pandemic.
The scale of change is 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 transformation
- Digital transformation
- Risk and compliance transformation
- Customer journey transformation
- Organizational transformation
Previously, delivering any one or two of these programs would have presented a significant challenge. Today, there is an urgency to deliver all five – concurrently. To cope, banks have turned to new ways of working, bringing with them new toolsets and technologies.
While many banking executives are familiar with technologies like Cloud, APIs, Chatbots, Robotics and AI/ML, process mining is only just starting to emerge as a toolset destined to play a significant role in supporting banks on their relentless transformational journeys.
In cooperation with Apromore, Nigel Adams shares how this cutting–edge technology can help transformation leaders in banks focus on the customer, drive productivity, reduce risk, enable digital and help teams and their leaders organize for success.
Nigel Adams, Director at Hetton Advisory, is a banking expert with over 25 years of experience in creating enterprise value through operational improvement, risk management and performance optimization. In addition to a consulting career at KPMG, he has brought his skills to bear for leading banks, including National AustraliaBank and ANZ Bank, focusing on global payments and cash operations, financial crime and business performance.
Watch Nigel Adams explain the value of process mining for the financial services industry. Tapping in nearly 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.
Process Mining in Financial Services
Webinar
The potential for process mining to make a real difference in financial services is significant. Watch our CEO Marcello La Rosa interview Nigel Adams in this webinar on the key use cases for process mining. These use cases align with the current transformation agenda of banks and financial services organizations more broadly. After watching the video, download the whitepapers below, to find out more about each use case.
Key Takeaways
- Understand how banks are using process mining to accelerate time-to-value for a wide range of initiatives currently underway, beyond operational excellence and digital transformation.
- Learn why customer journey transformation will only result in disappointment if it’s not linked to understanding and analyzing the underlying business processes.
- Hear why operational risk management efforts will falter without the right tools, techniques and people to understand and improve processes.
- Dive deeper into why accountability for end-to-end process management is needed and how process mining makes this a new possibility.
Operational Excellence in Banking
Whitepaper
Banks are under immense financial and competitive pressure right now. One response sees banks reaching for digital transformation on various levels. To successfully manage this change process, banks need to make use of sustainable operational excellence as the underlying foundation of it all. As part of sustainability, service and quality cannot be treated as trade-offs, posing new challenges.
In collaboration with Nigel Adams, Director of Hetton Advisory and banking expert, we walk you through the operational excellence pathway. Download the first whitepaper of our new banking series to lay the groundwork while diving into how process mining allows banks to accelerate the time-to-value as well as enhance outcomes.
Key Takeaways
- Get a feeling for sustainable operational excellence and discover how it is supported by process mining.
- Even a re-engineered process, that is built on the same technology stack, is hard to automate tactically end-to-end. Learn what you can do to overcome such challenges.
Digital Transformation in Banking
Whitepaper
New realities of evolving customer demand and behavior are driving banks to redesign their processes and digitize on their road to full 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 while providing analysis capabilities to create the digital future of banks.
In collaboration with Nigel Adams, Director of Hetton Advisory and banking expert, we take you through the transformation process of banks and elaborate on how process mining can accelerate this journey. Download this next white paper of the series to dive into the digital transformation in banking.
Key Takeaways
- Discover how discovered process models can be used in digital transformation initiatives in banking
- Learn how process mining allows you to test customer migration strategies
Operational Risk in Banking
Whitepaper
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.
In collaboration with Nigel Adams, Director of Hetton Advisory and banking expert, we take you through the transformation process of banks and elaborate on how process mining can accelerate this journey. Download the whitepaper on operational risks in banking to learn more about how risk management professionals and auditors can enhance their insights with real process data.
Key Takeaways
- Learn how you can speed the discovery of root cause analysis, identification of errors and omissions for faster mitigation with process mining.
- Discover the potential of process mining in relation to risk management and continuous monitoring.
Bringing Customer Journey Transformation to Life
Whitepaper
New competitors through investments into FinTech and changing customer expectations are putting immense pressure on banks. And banks are 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.
In collaboration with Nigel Adams, Director of Hetton Advisory and Banking Expert, we take you through the customer journey transformation process of banks. Download this whitepaper to learn more about implementing data-based to-be processes that truly transform customer experiences.
Key Takeaways
- Discover how process mining capabilities can be applied while improving and reimaging the to-be customer journey.
- Use process mining to focus on the lifetime value of customers and deliver better holistic experiences.
Changing the Operating Model is a Lot Riskier than We Think
Whitepaper
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.
In collaboration with Nigel Adams, Director of Hetton Advisory and Banking Expert, we take you on a journey to derisking such changes to the operating model. Learn how to use process mining to ensure you and your organization are getting it right!
Key Takeaways
- Dive into the planning and execution of the operating model change and learn how process mining can support these phases.
- Understand the significance of process mining and its capabilities such as conformance checking for implementing and monitoring change.
Interested to learn more about how other industry verticals benefit from process mining?
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