Process Discovery and Process Optimization of Banking Industry through Visual Mapping and Simulation of Activity Sequences

Abstract

Due to the fact that the banking industry is increasingly interested in process improvement to increase competitiveness and market share, the main focus of the paper is on how an anonymous bank can conduct an internal process improvement analysis in order to enhance its competitiveness and increase its market share, with the intention of identifying and eliminating existing or potential banking bottlenecks and enhancing the overall efficiency of the customer complaint support network. To do this, several Process Mining techniques were applied on anonymous private bank data through Fluxicon Disco, a popular process mining tool/platform. By using various filtering and clustering techniques, the process maps, and resources/attributes, to resolve customer incidents and inefficient points, were examined in detail. The generated process maps and simulation of the procedures provided a comprehensive understanding of the customer complaints journey from start to finish, which helped us identify areas of concern and propose solutions. Our analysis revealed several issues, including bottlenecks, departmental sluggishness, violation of rules/norms, and assignment concerns that have led to a lengthier and more time-consuming operational and management process from both customer and organizational perspectives. The analytical results and insightful findings of the study can be utilized by the decision makers in the Anonymous Bank to determine whether their procedures are efficient, effective and productive, as well as whether their new IT systems are functioning properly. Eventually, the study demonstrates the usefulness of process mining techniques in improving operational efficiency and customer satisfaction. Banks and financial institutions can use the findings of this study to optimize their processes, reduce operational costs, and enhance customer satisfaction, which will ultimately contribute to their overall competitiveness and market share in the industry.