Perceptif For FinTech Process Improvements
Short for Financial Technology, the revolution of FinTech emerged as a response to the changing needs and expectations of consumers who seek more convenient, accessible, and personalized financial solutions. It encompasses the innovative use of technology to deliver financial services, products, and solutions.
This industry covers various sectors, including online banking, peer-to-peer lending, crowdfunding, mobile payments, digital wallets, robo-advisors, cryptocurrency, InsurTech (insurance technology), RegTech (regulatory technology), and many more.
Since 2000, the number of FinTech companies has risen by a staggering 3,588% just within Southeast Asia. However, this industry's rapid growth has its own challenges, among which are inefficient processes that are hindering progress.
Are you seeking cost-effective process improvement solutions that is proven effective globally? 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. Data-Driven Decisions
While gut-feeling and instincts are often claimed to be guiding indicators in business decisions, you know nothing beats cold, hard data from actual cases.
Real-time data provides valuable operational insights that enable data-driven decision making in the FinTech industry.
By analyzing process data, organizations can identify trends, patterns, and key performance indicators (KPIs) related to their operations. No more guesswork, no more focus groups, no more pushing forward blindly.
On another hand, accurate and timely reports can be generated for regulatory compliance in auditing activities, providing a transparent audit trail and facilitating regulatory inspections. Data helps in making informed decisions, optimizing resource allocation, and driving continuous improvements.
2. Customer Experience
Every digital touchpoint in your FinTech business holds the truth behind actual customer experience. Your goal is to shorten lead and reaction time in customer-facing processes for better results.
Perceptif mines real data from the many points in your system (website, mobile app, CRM, call center, support tickets, etc.) to reveal analytics that show what's actually happening in processes, rather than a perceived flow. Event logs that hold these data also hold insights to areas of friction, delays, or customer dissatisfaction.
This enables FinTech companies to analyze the customer journey and identify pain points or areas where the customer experience can be improved. Action that can be taken in processes related designing processes, improving response times, and providing a seamless and personalized customer experience.
Data-driven action taken to improve customer experience will boost your customers and team members' overall experience.
When customer care compliance and systems are out of step, customer experience suffer. 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 journey.
3. Fraud Detection
Fraud is no stranger when it comes to financial services, especially ones that adopt technology as its main strategy. The annual impact of global fraud exceeds $1 trillion. But it doesn't end there. In 2022, financial services have seen a 79% increase in document fraud compared to 2021. It can only get worse.
Perceptif analyzes digital breadcrumb trails of to support fraud detection and risk mitigation in the FinTech industry.
Your current process data, entry logs, and transaction logs hold patterns, anomalies and deviations that indicate fraudulent activities or potential risks. Now that you've got a clear view into this, decision-makers must take proactive intervention, implement fraud detection systems, and establish preventive measures to protect customers and mitigate risks.
Eliminate bottlenecks, delays, and/or conflicts that are costing your business precious time, effort, and money. Thankfully, with process mining problems can be solved to minimize losses and maximize results. With AI-driven analytics, your business can take action to harmonize processes for a seamless, functional flow.
4. Cost Reduction
Operational efficiencies often lead to cost reduction, as resources are used to its full potential with minimal waste. The more data you input, the better process mining map out your actual process flow.
When you have that mapped out effortlessly in real time, streamline operations and automate tedious manual tasks with ease and accuracy. Problems are revealed sooner with Perceptif's AI-powered tools, for resources to be optimized to your business advantage.
This is where automation can come in to further elevate your process efficiencies with minimal issues. This enables you to deliver financial services more safely, effectively and offer competitive pricing to customers.
No more wasting precious time, money, and cost into broken processes that drain your team's resources.
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.