Process Mining
Reduce the gaps in business processes to achieve operational excellence
Banks and financial institutions’ business processes are manual by nature. Without automation in place, the processes have execution gaps which result in inefficiencies and cause high overall operational costs.
What if banks could gain visibility into their inefficiencies to improve straight-through processing (STP), understand the impact of process changes, and reduce operational/compliance costs?
With Process Mining, banks can achieve all of the above and enhance their people-driven business model by increasing automation and establishing standardized processes. We take the risk out of banks achieving operational efficiency, backed by Celonis’s process mining expertise, customized by Virtusa’s domain-focused solutions and capabilities.
Our capabilities focus on three key areas, payments processing, card dispute operations, and customer service, where banks experience inefficiencies.
Process Mining will:
- Reduce cost per payment by over 30%
- Improve payment service-level agreement (SLA) compliance by over 90%
- Automate workflows and improve STP rates to over 70%
- Improve dispute processing timelines by over 25%
- Reduce manual effort for dispute operations by over 20%
- Reduce costs incurred from late processing by over 90%
- Reduce average handling time (AHT) by over 25%
- Reduce average wait times by ~60%
- Reduce customer service operations costs by over 30%
Key features
Process Mining discovers optimization and automation opportunities by capturing data and identifying process inefficiencies.
A powerful analysis engine
Mine data from multiple process systems and build comprehensive maps of process variations
A process and variant explorer
Deep dive into multiple process steps and variations
Business process management
The ability to build target workflows and track conformance with target process state
Automated insights
Find process deviances, inefficiencies, and automation opportunities
Action engine
Continuously monitor processes and trigger automated scripts to close execution gaps
AI/ML-based prediction and automation
Using historical data to predict process execution issues and apply automated resolutions
Why Virtusa
We’ve built custom analysis components, system connectors to key applications, and AI/ML plug-ins for multiple banking procedures. Our accelerators include comprehensive solution packages for the following processes:
Payment processing
applying process mining to inbound and outbound payment processing and payment repairs
Card dispute operations
identifying inefficiencies in debit and credit card dispute operations and process improvement opportunities
Customer service
analyzing the customer journey by applying process mining in customer service operations
Achieve operational excellence and improve automation rates
Speak with a Process Mining expert to learn how.