80 percent of decision-makers in the finance sector are losing out on the benefits of analyzing and optimizing their business processes using process mining due to a lack of knowledge on the subject
Celonis, the market leader in AI-supported process mining and process excellence software, has summarized the results of its study¹ 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, German-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. “These companies are depriving themselves of the opportunity to bolster their competitiveness and assert themselves on a market that is defined by ever greater cost pressure and more aggressive competition,” says Christian Brüseke, Sales Director Financial & Public Services DACH at Celonis. “The experiences of our customers from the finance sector emphatically prove that considerable efficiency gains, increased customer satisfaction, and cost reductions can be achieved with the aid of process mining.”