For banks and financial institutions, process mining can be applied to investigate, understand, and optimize day-to-day business processes, as well as managing all aspects of internal monitoring and maintaining compliance with internal policies and external regulations.
Any financial institution making use ofcan monitor progress towards their business goals, as well as see their organization from an overview perspective. The 5 reasons process mining is essential for banks are all linked to the ultimate outcome: that banks and financial institutions are better equipped to identify competitive advantages, establish and maintain robust internal processes, and deliver results.
Of course, realizing these benefits relies on the process mining initiative working as intended! Fortunately, there are common principles behind any effective process mining initiative.
A full explanation of each step, and the principles behind each one, can be found in Signavio’s guide to. Of course, it’s always best to gather additional advice. That’s why we’ve invited some of Signavio’s very own process mining gurus, to provide their expert tips on process mining for banks.
Mark Holenstein is Signavio’s Chief Operations Officer, Mark Elkin is Signavio’s Global Head of Solution Consulting, and Alessandro Manzi is the Product Lead for Signavio Process Intelligence. Between the three are decades of experience in the organizational and technical applications of process mining solutions. Their expert tips on process mining for banks offer just a small further insight into the best way forward for financial institutions. Let’s hear what they have to say:
Using process mining to understand and enhance business processes is often considered a critical component of the banking and finance industry not just due to its end-to-end visibility, but also its support of meaningful operational intelligence. Accurate, up-to-date information about how processes work in real time makes it easier to evaluate whether issues may impede progress towards business goals. If the data suggests an obstruction, then you can either take remedial action to remove the bottleneck, or use tools like simulation to evaluate alternatives and ensure you are always on the right track. – Mark Holenstein
Large institutions like banks can be resistant to change. It is near-impossible to convince everyone all at once of the value of a process mining initiative, so don’t try to do that. Instead, make people internal heroes. Show them how the results of process mining and process optimization helps their individual careers, and let them create the internal excitement and support required. Process mining should be the focus, with effective process modeling as an additional benefit. After all, you can’t do process mining without process modeling. – Mark Elkin
The right process mining solution can do more than highlight problems; it can provide insightful, data-based evidence to support your improvement plans. Static process models can be transformed into maps that show how customers and clients engage with a bank’s services. An effective process mining tool touches all facets of the organization, as well as the technology working behind the scenes. Using process mining to support customer journey mapping means the customer has a better overall experience with the organization. – Alessandro Manzi
And you can quote us on that!
If these expert tips on process mining for banks have sparked your interest in process mining for your own organization, you can find out more by visiting our specializedpage. There, you can download a complete guide to , and find further insights into the ways banks can get a clear picture of their operations, discover areas of potential improvement and risk, and greatly improve customer service and satisfaction. You can also learn more about , and the ways banks can with Signavio.
To see how your own process mining initiative could take shape, as well as how the other components of thecould enhance your organization’s efficiency and effectiveness, why not sign up for a with Signavio today.