Process Mining In Financial Services
This article is part of a collection of process mining examples organized by industry. You can find the full overview here.
Banks and other financial services organizations have been among the earliest process mining users and we can see why: Most of their processes are invisible. Like all complex processes, they have hidden waste and thus improvement potential. And they have invested in resources that are trained in process thinking. So, these people are perfectly suited to pick up a new instrument like process mining and use it to their advantage.
Here are examples from the financial services sector, in no particular order.
-
Jozef Gruzman and Claus Mitterlehner from Raiffeisen Bank International share how they use a black-box discovery approach before they explore and review the processes with the subject matter experts in the different countries.
-
John Müller analyzed the customer journeys at ING DIRECT Australia and realized that process mining changed the way questions were asked, because the process mining tool allowed the business users to explore their own process.
-
Tijn van der Heijden developed a framework for conducting process mining projects at the Rabobank and also wrote a case study about the invoicing process analysis.
-
Sudhendu Rai shared his experiences of using process mining with simulation at AIG. He shows how they could reduce the cycle time from 12 days to 5 days, increasing the throughput by over 30%.
-
Niyi Ogunbiyi from Deutsche Bank talked about being clear about what process mining can and can’t do and about finding the right balance between targeted vs. untargeted exploration.
-
Frank van Geffen from the Rabobank was one of the speakers at the first Process Mining Camp in 2012 and came back in 2014 to share how they reduced the waiting time in their IT service desk process by 72,000 hours in six months.
-
Mieke Jans and her colleagues wrote this case study about applying process mining during an audit at a bank after the regular internal audit had already taken place. They found many things that the internal audit team had not found.
-
This HR process case study analyzed how a bank reacts to requests and questions from employees. They discovered that there were significant delays if a case had to be sent to external specialists.
-
Lucy Brand-Wesselink from Alfam, an ABN AMRO subsidiary, expected a straight-through process. However, she found a lot of variation and only 45% of the cases were processed completely automatically. Using process mining, she found where the rework in the process was.
-
Olga Gazina and Daniel Cathala from Euroclear applied process mining to the release process at the Component and Data Management IT division. What made the analysis particularly complex were the configurations and versions that are developed, tested and released in parallel.
-
Harm Hoebergen and Redmar Draaisma from Freo showed how their operational management approach incorporates process mining to maintain and improve performance of the loan and credit processes.
-
Daan Jabroer from the Volksbank talked about the importance of the collaboration between the process mining analyst and the domain expert at last year’s camp (video coming soon).
-
Stefan Michel investigated the data quality of a payment process at the Swiss National Bank (SNB). The results of the analysis show that the data that is available via the core banking platform, the Avaloq Banking System (ABS), is appropriate for process mining.
Leave a Comment
You must be logged in to post a comment.
