Celonis has summarized the results of its study on the subject of process mining in the finance sector. One sobering finding from the survey was that about one third of the budget managers at banks and insurance companies in Germany questioned know nothing about process mining. This means that these companies are squandering the opportunity to record, analyze, and optimize business processes with the aid of this innovative approach and the associated solutions.
This is concerning in light of the difficult business environment in which the majority of these companies operate and the challenges that institutes are currently facing. Process mining has demonstrably been shown to result in significant business benefits. Financial service providers that deploy process mining solutions achieve up to 14 percent lower process costs and 18 percent higher productivity.
According to the study, further advantages include greater transparency for processes and quicker, more efficient collaboration between departments. These factors are especially important for banks and insurance companies who want to expand their range of services to include digital offers.
An effective digital strategy is indispensable these days, as the successes of direct banks and fintech companies in the banking sector, as well as insurance technology companies go to show. Thanks to progressive digitalization throughout the entire finance sector, end customers who are otherwise rather traditional have since developed greater expectations when it comes to digital services from service providers.
Bearing this in mind, it’s worth considering that merely one fifth of managers at finance service providers recognize the potential of process mining according to Celonis’ study. This lack of awareness is also why the majority of companies have not deemed it necessary to implement a process mining solution to date.
Celonis: How finance can benefit from process mining
“A finance service provider that doesn’t have its processes under control puts a lot at risk – which means unnecessary friction losses, dissatisfied customers, and higher costs due to inefficient workflows,” stresses Christian Brueseke, Sales Director Financial and Public Services D/A/CH, Celonis.
This has become all the more acute as it is assumed that the coronavirus situation will lead to the demand for improved efficiency and customer satisfaction increasing. Brueseke adds, “The pressure to make processes easier, more streamlined, and more effective will continue to exist in the finance sector. Process mining can support finance companies in mitigating this challenge.”