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Process Mining

Reduce the gaps in business processes to achieve operational excellence

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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.

Key benefits

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

success story

A top global bank reduced customer service inquiry resolution days by 46%

With Process Mining, we helped reduce call handling times from 60 minutes to 15 minutes to improve customer experience and gain significant cost savings.

Learn More

Achieve operational excellence and improve automation rates

Speak with a Process Mining expert to learn how.

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