The banking sector is currently undergoing a profound digital transformation process. This digitization is not only key to recovery following COVID-19, but it is also a requirement for anyone wanting to stay competitive within the banking sector. However, this transformation is not always easy, and must start from a deep internal knowledge of what a company’s processes in order to increase efficiency in the first place.
Enter process mining.
How can process mining help banking?
Process mining is a discipline that essentially gives insight into what is happening within the systems of any organization. It’s primary sub-functions include discovering, monitoring, and subsequently improving the processes to which it’s applied.
Gaining these insights can bring numerous advantages and give rise to infinite use cases. If we focus on the subject of the banking sector, we detect three main benefits:
Heightened User Experience: Understanding the in’s and out’s of the customer/business interaction throughout a given transaction’s lifestyle builds unilateral efficiency, enabling a constant streamlining of the customer’s experience
Driving Internal Change: Understanding a business’ logistical digital operations and mechanisms radically speeds up the decision-making process whilst implementing change, which brings several benefits: operational and personnel costs, compliance with regulations, etc. That any change being made is based off of more accurate data is valuable in its own right.
Automated support: Thanks to process mining, it is easy to identify and automate any repetitive tasks through RPA (Robotic Process Automation), thus allowing companies’ human capital to be dedicated to other functions that provide greater value.
A real digital transformation
Digitization, at this point, is extremely attractive. However, straightforward implementation of digital solutions does not inherently bring a company into the digital age. This change must be born from the core of companies, from their culture and processes. Simply put: technology that is used or implemented without proper understanding of its capabilities threatens to bring more harm than good to a company.
Process mining allows knowledge and understanding of its starting point. Without sufficient amounts of this knowledge, increasing efficiency and introducing function updates is a tough task indeed. And in this age, this knowledge is important to improve efficiency, cost reduction, and customer satisfaction, three key elements in such a competitive and transforming environment as the banking sector is at the moment. Again, simply put: in today’s day and age, process mining is simply invaluable.