February 1, 2022

How Process Mining Can Help Banks to Improve Customer Experience

How to improve bank and financial institutions’ security compliance and customer experience

As in the rest of the retail and service industry, banks and financial institutions are having to adapt to high expectations from customers for exceptional customer experience. In a 2018 study, 69% of customers who plan to leave their bank said it was due to poor service rather than poor products. However, banks also face a secondary challenge; maintaining a high level of security and customer information protection as their workforce begins working remotely or in a hybrid manner. Both high standards of customer service and security can be achieved by optimizing workflows using process mining tools. 

Process mining is the visualization of workflow based on information taken from employee computers. Unlike imagined business processes, which are often straightforward but inaccurate, data mining enables insights into the actual work processes of employees so changes can be made to improve productivity, raise customer satisfaction and security compliance.  

Fin is built with agent productivity and security compliance in mind and shows how agents work throughout their day. By using Fin’s dashboards, CX leaders can easily visualize where workflow could be improved and any knowledge gaps or recognize top performers within their team. 

Build a banking process your customers can trust 

Protecting customer data should be the top priority of any bank or financial institution. A breach of customer data could not only lead to a damaged reputation for your bank but the potential for millions of dollars in expenses. For this reason, banks create processes for employees to follow that secure customers' data as it is managed throughout requests and transactions. Fin enables managers to verify if standard operating procedures (SOPs) are being followed and minimizes the risk of mismanaged or leaked private data. For more information on data loss prevention, read our blog post about  PCI compliance for customer operations teams and call centers. As Fin can record team members screens for training purposes, you can set up automatic video redaction of potentially sensitive recordings. If you know there are certain websites where you never want video recorded, you can create a rule with a URL pattern, wherein every time someone visits a site matching that pattern, the video is automatically redacted.

The pandemic added another layer of stress for many businesses when it came to security compliance. Unlike offices, remote workers cannot always ensure they are working within a secure and monitored environment. Employees are now working from home without such strict, in-person close supervision but Fin enables managers to monitor all of their employees from one simple dashboard, making it easier than ever to make sure everyone is on track.  

Improve the customer experience with actionable insights 

For many years, customer experience has been a secondary consideration for many banks and financial institutions. However, in 2022, marketplace differentiation relies less on products and services and more on the customer experience . This is especially true for banks and financial institutions as their products and services are rarely viewed as anything special; a mortgage is a mortgage. So, banks need to turn to the customer experience of their service to differentiate themselves from their competitors. This experience needs to be streamlined within every part of the process; from the website and app design to in-person communications. Customers who have a good experience with everyday transactions are more likely to progress to bigger ticket products such as mortgages so it’s well worth investing in for banks. 

In general, customers are looking for their customer's experience to be five things: 

  • Innovative. They want their bank to feel ahead of their competitors, to be introducing new products and services that make the banking experience easier and better. 
  • Knowledgable. They want to feel like whoever they are talking to within the bank is an expert in their field, so they feel secure making financial decisions with them. 
  • Personalized. A good customer experience is a personalised experience, that offers customers what they need and want, instead of getting sidetracked by deals and offers that make no sense for them. 
  • Trustworthy. As with all service-based industries, customers want to know they can trust banks, however since they are dealing with customers finances, building trust with customers should be a banks highest CX priority.  
  • Functional. At the core, customers want a solution that works. All customers experiences should serve a purpose and no matter how personalised or aesthetically pleasing a chat feature or app update is, if it doesn’t work, customers will not be happy. 

Fin helps CX teams achieve this by creating benchmarks and enabling CX leaders to analyze if they are being met and what can be done if they are not. If you want to know more about using benchmarks to unlock a more productive team, download our free 2021 Customer Operations Benchmark Report

Insights into how your agents work while dealing with customers queries will alert you to any knowledge gaps, or if knowledge bases need to be updated and streamlined. A bottleneck in searching for the correct information will slow down your average handling time (AHT) and may make a CX agent look less knowledgeable than they are. Become innovative by checking SaaS application usage, always updating to new software and discontinuing the use of software that is no longer needed as part of your agent's workflow.

Using Fin Experiments to implement better changes  

Experiments is a new feature to Fin; not just a first for Fin, but a first in the market. With Experiments, operations teams define a hypothesis they want to test, select a group to include in the Experiment and specify a duration. Based on the parameters of the Experiment, Fin generates a customized dashboard comparing the impact of that Experiment as compared to the status quo. Now you can ensure that your CX team are working with the best process available from the beginning, and privacy processes are as secure as possible, without risk.  

If you want to know more about how Fin can help your small or mid-level business, contact us to schedule a free demo today. 

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