Perceptif For Finance Process Improvements
There is little room for mistake in the finance world.
There are many processes that hold its own standard operational procedures (SOP), yet delays and mistakes still happen. Are you still holding on to the ideal process model that's set to be the norm, or do you actually know what's happening as procedures are being executed? The hard truth is, actual processes often deviate from the perceived process. Commonly in 20-50 varying deviations.
Now that's a problem that's costing you.
Perceptif pioneers an approach to unleash business excellence through Process Intelligence Automation. This powerful tool opens doors to improve your operational performance, ensuring competitive advantage.
with Process Mining
Unlock operational excellence with process mining & automation. Businesses unprepared to take the next step in digital transformation will quickly get left behind in challenging times.
1. Operational Excellence
At Perceptif, we believe that process mining and automation are the keys to unlocking operational excellence. You may ask, how so?
Well, these tools enables financial institutions to analyze and optimize operational processes, which leads to opportunities to automate repetitive processes or implement robotic process automation (RPA). Perceptif provides a clear visualization of each step in a process you want to analyze - from loan approvals to account reconciliation - allowing teams to understand and pinpoint bottlenecks, and areas for improvement with little effort.
Streamlining workflows, eliminate redundant steps, and reduce manual processing to achieve overall operational excellence like never before.
2. Compliance & Audit
An important goal within finance is to maintain compliance with regulatory requirements and support audit activities.
Process mining tools like Perceptif harnesses the power of data science to facilitate compliance management and audit trail analysis in finance. Seamlessly integrate data that you already have for process analysis to be quickly and precisely done on processes related to financial reporting, internal controls, or customer onboarding. This will highlight non-compliant activities for related personnel to manage weaknesses or potential audit findings.
Use the insights to monitor the flow of financial transactions, document compliance-related activities, and provide a transparent audit trail for regulatory audits.
3. Fraud Detection & Prevention
Each year, fraud cases significant losses to the finance industry, costing more than just financial losses.
In 2022, reported major fraud cases costed billions of dollars in losses in the financial services industry that includes insurance, investments, loans, and payments. Process mining can play a useful role in detecting and preventing fraudulent activities by revealing suspicious patterns, unusual transactions, or deviations from expected behaviors with data that you already have.
Process analysis of digital breadcrumb trails of process steps gives you insights to let you take data-driven proactive measures to prevent fraud, enhance fraud detection systems, and protect customers' assets and financial information.
The more data you input, the better process mining map out your actual process journey. When you have that mapped out effortlessly in real time, streamline operations with ease and accuracy.
4. Customer Experience
As a business, your goal is to shorten lead and reaction time in customer-facing processes for better results.
When customer care compliance and systems are out of step, customer experience suffers. Every digital touchpoint in your business holds the truth behind actual customer experience.
By analyzing customer journey data and process flows, financial institutions can identify pain points, delays, or bottlenecks that impact customer satisfaction. Process analytics empowers you to seek and solve such gaps with ease.
All you need is data that you already have, like Case ID, Activity, and Timestamps in every entry log that you want to dive into for better customer experience.
Problems are revealed sooner with Perceptif's AI-powered tools, for resources to be optimized to your organization's advantage. Data-driven action taken to improve customer journey will boost your customers' overall satisfaction.
This is also where automation can come in to further elevate your process efficiencies and enhance the customer experience in this finance industry.
What Is Perceptif?
Perceptif is a powerful tool to unlock operational excellence with process mining & automation. It harnesses the power of big data technology and AI to pinpoint areas of process improvement. This is applied to multiple aspects of your business to save time, effort, and cost with minimal effort.
Request a demo or subscribe to any of Perceptif's Plans for immediate access. Got a question? Get in touch with our expert team of consultants.