The Problem
Iris Bank is a financial institution that provides a wide range of banking services to individuals and businesses. It offers products such as savings and checking accounts, loans, mortgages, and investment services. Iris Bank focuses on delivering quality customer service and streamlined financial solutions. The bank aims to meet the diverse needs of its customers by providing access to modern banking tools and technologies, such as online banking and mobile apps. Iris Bank sought to improve operational efficiency, streamline processes, and identify areas for automation within its daily operations. To achieve these goals, the bank collaborated with ProcessMaker to leverage the ProcessMaker Process Intelligence solution. ProcessMaker’s tool is being used to analyze various team activities, identify inefficiencies, and provide actionable insights that led to significant time and cost savings.
The Solution
The main objectives of the product usage included:
- Understanding the existing processes within Iris Bank’s operational and commercial teams
- Identifying process bottlenecks and variance in productivity
- Uncovering unused licenses and opportunities for automation
- Standardizing processes for consistency and efficiency improvements
Key findings:
- Productivity Variance: The analysis revealed significant differences in productivity across teams, with daily effective work time ranging from 3.7 to 5.9 hours. Standardizing productivity levels could lead to a 50% improvement, translating to a potential annual savings of approximately $200,000.
- Unused Licenses: Out of 39 applications, 31 were used less than 1% of the total working time, suggesting a need to streamline software costs. Eliminating underutilized licenses could yield an estimated $70,000 in annual savings.
- Automation Potential: A high volume of manual data transfers between applications indicated opportunities for automation. Over 13,500 manual transactions in a five-day period equated to a potential time savings of 3,450 hours per year (or about two full-time equivalents).
- Process Standardization: The CDT (Certificate of Time Deposit) process had more than 200 variations, with only 6% of processes following the most efficient workflow. Standardizing this process could greatly reduce time and complexity in operations.
The Value Created
ProcessMaker recommended standardizing procedures and utilizing automation to address identified inefficiencies. For example, by streamlining manual data transfer processes through automation and minimizing process variation in CDT, Iris Bank could achieve substantial efficiency gains. Iris Bank expressed high satisfaction with ProcessMaker’s Process Intelligence tool, particularly in its ability to provide granular insights into employee activities and pinpoint areas of improvement. The bank’s operations manager highlighted the value of the tool in identifying key friction points and ‘hot spots’ within processes. With these insights, Iris Bank plans to implement recommended changes and continue using Process Intelligence to monitor improvements over time. Through ProcessMaker’s Process Intelligence, Iris Bank gained valuable insights into its operations, identified areas for cost savings, and explored opportunities to optimize processes through automation. This collaboration has not only improved current workflows but has also set a foundation for continuous process improvement, positioning Iris Bank for sustained efficiency gains.
