With the rise in the digitization of financial services, banks are finding new opportunities to improve their processes and scale their operations. In addition, with advanced technology like AI-enabled process discovery and robotic process automation, banks are better placed to analyze customer behavior and transactions to explore opportunities for cost minimization and improved customer experience.
Why do banks need process discovery?
Process discovery gives granular insights into end-to-end banking processes, helping managers understand how a process unfolds. Even seemingly simple processes such as account opening and transaction processing have hidden variations and inefficiencies that can increase operational costs or the risk of non-compliance.
Automated process discovery with tools like SurfaceAI can uncover deep, actionable insights into how complex processes are executed across people and technology across an organization. Going beyond the manual discovery approach, automated discovery tools can be easily deployed across user machines. Every mouse click, keyboard stroke, and navigation step is tracked and mapped into a process flow. This helps banks to view a cohesive operation as a whole and not just as fragments. With an integrated vision, banks can confidently standardize, automate, or eliminate processes to achieve better results.
Process discovery strengths fraud detection
Banks are investing heavily in technology to identify fraudulent patterns and predict unwanted activities. Continuous process discovery helps see deviations from standard operating procedures and detect anomalies in data that can be potentially fraudulent. It gathers accurate information from multiple applications and tools to hidden variants that human eyes can easily miss.
Improve customer satisfaction with deeper insights
The pandemic accelerated digitization at a large scale in the past two years. Processes such as customer identity verification, onboarding, and transactions that needed some extent of physical presence have all become digital today. Online onboarding of customers and self-service capabilities have put pressure on banks to improve processes that drive customer experience. Process discovery helps managers closely monitor customer behavior and identify patterns to create an optimized user experience and help them navigate the process more quickly. Customer-centric banks can analyze processes from their customer’s perspectives and change how they operate to provide a truly positive customer experience.
SurfaceAI for banks
SurfaceAI is a new-age process discovery tool that uses AI and other advanced process capture technologies to empower banks to see how their “AS-IS” processes work. Our tool provides unbiased, objective insights into banking processes to establish transparency and help business leaders make data-driven decisions.
We’ve partnered with organizations that run on complex business processes and helped them leverage the power of automated process discovery to maximize their returns on investments in digital transformation and automation programs.
No matter where you are in your transformation journey, SurfaceAI can extract insights and improvement opportunities in a matter of days to help you maximize the results. Want to see our process discovery tool for banks in action? Get in touch with our solution expert, and we’ll be more than happy to answer any questions you may have.