Signavio Launches Powerful Process Mining Solution for Banking Organizations
BERLIN, BOSTON – December 10, 2019 – Signavio, a leading provider of business transformation solutions, today announced the release of the Signavio Business Transformation Suite for banking and financial services, designed to help finance-focused organizations transform their operations through modern process management.
In recent years, the banking and finance sectors have undergone major operational changes through new regulations and the catalysts of digital transformation, ultimately leading to increased competition, customer scrutiny and the need for greater efficiency and customization. In response, institutions are working hard to reimagine the products and services they offer, in order to integrate them seamlessly into the everyday lives of their customers.
In response, the Signavio Business Transformation Suite leverages business process management and process mining to help companies understand and redesign processes with a customer centric approach. This powers rapid evaluation and improvement of process inefficiencies, helping banks and financial institutions save money and time, uncover compliance issues, and face the challenges of a complex business environment.
Banking institutions can transform their operations through the Signavio Business Transformation Suite in a wide variety of business practices:
Streamline accurate compliance and auditing
Signavio provides banking organizations with a seamless view of a transaction from beginning to end, flagging non-compliant behavior within an organization’s process landscape, and highlighting instances where the specific rules or requirements associated with particular processes are broken or missed. This allows for real-time visibility and action against compliance violations. Over time, process mining generates data on critical risk and compliance metrics, ensuring that organizations are always up to date with the latest insights into the way their processes are actually working, and react quickly to any elevated issue.
Analyze and consolidate siloed systems
Signavio enables banking organizations to view their disparate systems as a single seamless unit, uncovering actionable information about the way complex processes run and their connection with the organization’s overall process landscape. This holistic view gives them the necessary information to identify competitive advantages and refine processes as needed.
Increase the pace of innovation
By offering insights into the way existing processes operate, and highlighting opportunities for optimization, Signavio can help organizations create an ongoing culture of innovation. Process mining helps track and understand historically time-consuming product lifecycle processes, ensuring better decisions, faster, and enabling a competitive advantage.
Provide more transparent, data-driven decisions
Signavio helps organizations to understand not only how their processes are designed, but also how they execute and flow in reality. Users can then take the information generated by process mining and use it as the basis for analysis, to run effective change management projects, optimize resources, and lower costs.
Comprehensively map the customer journey
Signavio reveals the holistic journey of banking customers, providing details of when, where, and how customers interact with specific processes. This allows organizations to better understand customer behavior and reimagine their processes to predict and respond to future customer interactions.
The powerful combination of process discovery, analysis and action supports a collaborative approach to process improvement, giving banking and finance unique and powerful insights into the way their businesses work.
“The data-driven, results-oriented nature of the financial services market makes it a prime candidate for process improvements,” said Mark Elkin, Global Head of Solution Consulting, Signavio. “These organizations possess immense potential found in the hidden knowledge within their operations. Signavio helps capitalize on these broader sources of value that can have tremendous productivity and financial gains for these organizations.”
More information on how the Signavio Business Transformation Suite can improve processes within the Banking sector can be found.