Enhancing customer experience in evolving world of financial services
By Liz Allen, Head of Automation at Ovations Technologies.
Financial services is a commoditised and highly competitive industry. Where once, South African consumers would have a limited choice of service providers and solutions, there are now many options from over 200 fintechs and international brands. Based on the success of the fintechs, traditional South African financial services institutions have needed to improve their customer experience (CX) and service offerings in order to differentiate and maintain their client relationships. By adopting new approaches such as process mining and enterprise hyper automation, many institutions have seen an improved ability to deliver superior experiences and value for their customers and value growth for their shareholders.
Ovations has significant experience with process mining and enterprise hyper automation, and has helped companies in financial services, telecommunications and public sector to achieve business model improvements. These initiatives have led to improvements in customer satisfaction, increased support, delivery capacity, etc, and have been delivered through business optimisation projects. Our experience provides us with insight into the lessons, benefits, pitfalls and risks of these initiatives. Changing a business model comes with cost overhead and risk and has the potential to worsen the customer experience while trying to achieve the opposite. Before undertaking any significant business model change, we recommend using process mining to mitigate these risks.
By utilising the wealth of data stored in an organisation's event logs, process mining enables businesses to identify when and where a customer interacts with their organisation. The process mining solution identifies areas of friction or duplication, and simulates the positive, negative or neutral impact of process changes. Using this approach significantly de-risks the impact on organisation versus the alternative of changing a process and seeing negative impacts reflected in social and mainstream media as customers voice their frustrations.
In summary, process mining reduces risk and enables business transformations by providing a true picture of your current customer interactions, predicting a customer's most likely next step and ensuring back-office teams are given prior warning of issues before they impact customers.
There are many tools available to assist in transforming customer journeys, but only process mining will assist in all stages of the business transformation. In our view, Apromore delivers this value in an easy-to-use interface designed for use by business leaders. Medium to large enterprises must consider integrating process mining into all transformation initiatives in order to mitigate risk, to stay ahead in today's competitive business world.
For more information on this topic, check out these resources:
- Bringing Customer Journey Transformation to Life - Apromore
- Changing the Operating Model is a Lot Riskier than We Think - Apromore
- The power of the operating model in customer experience | McKinsey
Ovations will be hosting process mining roundtable events in Johannesburg and Cape Town to further discuss the possibilities and opportunities of this emerging technology. We are looking for leading professionals to discuss the role of process mining technology across the business value chain. Equally, if this is a challenge that you are responsible for in your organisation, please join us for the roundtable. The event will take place in October this year; please click on this link: roundtable for more information on the event.