Process Mining for Banks

Realising potential

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Implementing Process Mining for banks with process.science

Service providers today face major challenges. Driven by technological innovation and increasing market saturation, customers are placing ever-higher demands on services. Financial service providers in particular must offer customers impeccable service in order to remain competitive. Customers in the banking sector, for example, expect fast access to account information, the ability to carry out transactions in real time and personalised financial advice.

Banks are under enormous pressure: on the one hand, they want to reduce costs, but on the other hand, the customer experience must be continuously improved. We at process.science are addressing these challenges – our Process Mining solutions enable banks to analyse processes, uncover optimisation potential and derive improvement measures. With our user-friendly tools, you can fully exploit the potential of your data.

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Process Mining for banks – the basics at a glance

Basically, Process Mining  for the financial sector  is about making business processes visible. To do this, so-called event logs are extracted from processes and analysed. Our Process Mining tools for Power BI and Qlik Sense reconstruct the actual process based on these event logs and make it tangible in the form of a model. The so-called conformity check is particularly relevant here. In the course of this, the actual process is compared with a reference model in order to identify deviations. The evaluation reveals inefficiencies and bottlenecks that you can then address and eliminate in a targeted manner.

Process Mining can deliver enormous added value, especially in the banking sector, which is characterised by complex, often historically evolved processes. Our Process Mining solutions offer banks a wide range of optimisation potential, whether in the areas of lending, customer onboarding or back-office processes.

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How Process Mining is increasing efficiency in banking

Bank processes extend across various departments and systems and are therefore characterised by a high level of complexity. This complexity makes it difficult to create transparency and identify optimisation potential. This is exactly where process.science's Process Mining solutions for banks come in. One of the main advantages of Process Mining for banks is the ability to visualise and understand processes. Our tools for Power BI and Qlik Sense combine data from different sources, creating transparency. This transparency is the basis for targeted optimisation measures.

With the help of Process Mining, you can uncover manual, time-consuming activities in banks and identify opportunities for automation. Especially in banks with high transaction volumes, automating routine tasks can greatly increase efficiency and reduce the workload on employees. Our intuitive dashboards show at a glance where processes can be standardised and automated.

Process Mining also provides valuable insights for compliance and risk management in banking. By comparing the actual process with regulatory requirements, deviations and potential compliance violations can be identified and eliminated at an early stage. Compliance monitoring for banks minimises operational risks, while transaction monitoring in banking uncovers questionable transactions.

One of the main reasons for using Process Mining in banks is to increase customer satisfaction. Optimising customer-related processes such as granting loans, opening accounts or managing complaints can reduce processing times and improve service quality. Process Mining from process.science reveals bottlenecks and sources of error, enabling you as a financial services provider to     respond to customer requests faster and more reliably.

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Our Process Mining tools display for every step in realtime, where outliers currently occur, to correct them before they establish. Improve lead times, costs and quality. Reduce commercial risks through process optimization.

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Process optimisation in banking – an overview of use cases

With Process Mining solutions from process.science, banks can optimise a wide range of different processes. The detailed analysis and visualisation of processes in Microsoft Power BI and Qlik Sense identifies weaknesses that can be eliminated in a targeted manner.

Analyse credit processes

The lending process is often a complex and time-consuming process that involves many manual steps in banks. By analysing the lending process with process.science, you can analyse the process flow end-to-end to uncover bottlenecks and inefficiencies and improve credit risk management. This can, for example, automate repetitive tasks, improve communication between the front and back office and shorten overall processing times.

Improve the invoice processing process

The invoice processing process is also often characterised by manual activities and media breaks. With Process Mining solutions for banks from process.science, deviations from the optimal process can be identified and the causes determined. Our tools show exactly which tasks take more time than they should    . By automating these tasks in a targeted manner, you can achieve significant efficiency gains.

Optimising the customer onboarding process

Onboarding new customers is a critical but often lengthy process that involves many bank employees. Our solutions enable you to identify and optimise friction points in the process. This shortens processing times and eliminates media breaks, which contributes to a better overall customer experience.

Processing customer complaints

If customers are already dissatisfied, they often become even more frustrated if their complaints are not processed in a timely manner. Efficient complaint management is crucial in this regard. Process Mining from process.science can be used to identify and eliminate weaknesses in the complaint management process, which can reduce customer complaints and improve service quality.
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Realising Process Mining for banks – with process.science

The implementation of Process Mining is a challenge for many banks and the integration into existing systems is often challenging. The result: long implementation times and high costs.

process.science offers an innovative approach that overcomes these hurdles and enables the rapid, uncomplicated introduction of Process Mining. We integrate Process Mining seamlessly into your Business Intelligence (BI) platform. Your employees can use our solution in their familiar BI environment. This not only reduces the implementation effort, but also saves costs for additional hardware or software. We guarantee the highest security standards, both for on-premise solutions and in the cloud – no data is transmitted to process.science. Choose a Process Mining solution for banks from process.science and get your bank's process optimisation off the ground.

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Start analyzing and optimizing your processes today. Please contact us for an individual offer.

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