Expert Tips on Process Mining for Banks

Written by Lucas de Boer | 3 min read
Published on: December 13th 2019 - Last modified: June 10th, 2021
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In this second part of our two-part series focusing on the banking and financial services sector, we’ve asked three of Signavio’s experts to offer their insights into some of the key points organizations should consider when implementing their process mining initiatives.

Process mining in action

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 of process mining can 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.

These principles apply to banking and financial services organizations just the same as any other industry, and can be summarized in four steps:

  • Define Your Scope
  • Prepare Your Data
  • Generate Your Insights
  • Measure Your Results

A full explanation of each step, and the principles behind each one, can be found in Signavio’s guide to managing successful process mining initiatives. 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.

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 SAP 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!

Next steps

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 specialized banking page. There, you can download a complete guide to process mining for financial institutions, 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 process management for banks, and the ways banks can strengthen regulatory compliance with Signavio.

To see how your own process mining initiative could take shape, as well as how the other components of the SAP Signavio Process Transformation Suite could enhance your organization’s efficiency and effectiveness, why not sign up for a free 30-day trial with Signavio today.

Published on: December 13th 2019 - Last modified: June 10th, 2021