In today’s world, technology is rapidly changing how we do business. Artificial Intelligence (AI) has become a buzzword in the banking industry, promising significant improvements in operations and customer experience. However, before investing in AI technology, it is essential to understand existing processes in order to determine the areas best suited for automation. This is where process mapping comes into play
In the recent article, How Bankers Can Take Advantage of AI, Shastic’s Founder and CEO, Joseariel Gomez, mentioned, “It is vital that any organization looking to invest in AI technology start with mapping and deeply understand their own existing processes and use that starting point to determine the areas best suited for automation enhancement.” This statement prompted a question from some of our most seasoned bankers. What is process mapping?
Process mapping is a visual representation of the steps involved in a particular process. In short, it allows financial institutions (FI’s) to identify the people, inputs, outputs, and activities that make up a process. Process mapping aims to help FI’s understand how a process works, identify areas of improvement and determine where automation can be applied.
Process mapping involves:
- Gathering information about the processes.
- Identifying the key departments involved.
- Creating a visual representation of the process flow.
The process map should be easy to understand, and FI’s should be able to identify the important steps and decision points. Once created, FI’s can use it to identify areas where automation is needed. For instance, in the banking industry, process mapping can help identify areas in need of greater efficiency, such as customer and member onboarding, loan origination, fraud detection, and risk management.
Once areas of inefficiency are identified, FI’s can use automation to streamline processes, increase productivity, and improve output quality. For example, automation can increase workflow efficiencies by improving document collection and the speed, accuracy, and consistency of tasks performed. This reduction in manual work enables employees to focus on more meaningful member and customer experiences. Any investment in AI should include data that helps an FI gain important insight about gaps in their processes.
As interest in AI intensifies, it is important for FI’s to think carefully about where they are investing. Solutions like Shastic’s, which combines hands-on process mapping with automation, big data, cloud, and AI, are the ones that will strategically arm financial institutions to win the AI race.