Process Mining for Banks

Minit helps banks keep processes in check, optimize costs and discover high-value improvements through well-informed insights from their process data.

Leverage the power of process mining to identify opportunities to boost revenue, bolster compliance and improve customer experience

Process mining gives banks and service providers an unparalleled process view based on your system data, leading to cost optimization, revenue growth, greater compliance capabilities and more insights to inform customer experience initiatives.

Key benefits our customers from the banking industry gain

Improved customer satisfaction with faster process and less rework
Strengthened risk-mitigation and compliance function
Increased manager capacity thanks to improved reporting
Decreased risk of non-compliance and regulatory fines
Reduced costs due to optimized process flow
Better automation success due to targeted deployment

De-Risking Processes & Stronger Compliance

Oxford Economics research states, that the annual AML compliance costs of a bank can climb to $300m. A large part of this cost – up to 70% – is locked within personnel costs. However, human error and suboptimal processes mean that even with such a large annual investment in compliance, breaches still happen and fines are levied.

With process mining, you map and analyze regulatory processes executed on your real cases, and simulate potential improvements in advance. This way you strengthen the process resilience and decrease the risks of individual mishaps or systemic problems, de-risking yourself from exorbitant fines and related remediation costs.

See Compliance Use Case

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Increasing Return on Investment from the Automation

According to Deloitte’s analysis, banks can run their onboarding process 30-50% cheaper with automation in place. However, robotic process automation can pose challenges if not implemented properly.

Our experience shows that automation is often deployed on inefficient processes. With Minit, you can locate and fix your process inefficiencies to enjoy a higher return on investment from automation.

Explore the Automation Use Case

Enhancing Mortgage Loan Process

Process standardization can reduce operating costs by up to 30% for mortgage lenders, allowing them to price more competitively and expand market share.

Instead of investing in a time-consuming and costly customized solution, first, choose your action with the data-based insights. You will get better value out of your mortgage process.

Faster Onboarding

Oliver Wyman’s study states that onboarding a commercial client can take 40-140 days, depending on the risk profile.

According to our experience, a 30% reduction of time-to-revenue can bring in about $235mn–worth of improvement on the bottom line for a large bank.

Process mining helps you find ways to onboard prospects faster and improve the customers' lifecycle. It helps pinpoint where to look for critical points of friction and identify the right way to improve.

Optimizing Expenses & Managing Improvements

When searching for bottom-line improvement, it’s tempting to reduce all department budgets by the same percentage.

That is a mistake, however. Process mining allows you to discover the areas for targeted improvement and don’t require a high effort level. Trim expenses that don’t bring value and invest in capabilities that do.

Financial Analysis in Minit gives you the cost flow view within processes and helps determine where to allocate expenses – whether for direct customer benefit or de-risking efforts.

Discover the impact of Minit’s process mining solutions for banks and financial firms

Our powerful process mining solutions are unbiased, objective and exact. Minit works with any system and data source, providing managers with invaluable insights to make informed decisions, boost business performance and cut unnecessary costs.

Utilizing Minit software, banks and financial firms can enjoy:

Complete visibility of (regulated) process flow
Ability to target automation and increase the chances for success
A better understanding of customer flow and improvement options

Explore Use Cases of Process Mining in Banking and Financial Services

The value of process mining has been proven in various industries, different divisions, and processes. We highlight use cases relevant to the banking and financial services industry.

Use Case

Maximize the Value of Your Procure to Pay Process

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Use Case

Gain More Revenue from Mortgage Loan Process

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Use Case

Process Mining for Regulatory Compliance

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