Process analysis Paving the way towards a superior customer experience Deloitte | Process analysis
This document outlines how banks can leverage process analysis and process mining techniques to swiftly identify areas of improvement and work towards becoming a customer-centric organization. Deloitte | Process analysis
Contents
Introduction Disruption in the 04 Financial Services Industry 05
Process analysis: A Project examples stepping-stone for 20 transformation 12
03 Deloitte | Process analysis
Introduction
Banks around the world are embarking This document sheds light on selected key on a transformation journey to balance approaches used by Deloitte to identify between cost optimization and customer key pain-points and understand process experience. inefficiencies, thus enabling banks to simplify processes, eliminate waste and With a focus on meeting emerging strive for continuous improvement to customer needs, particularly after recent meet customer expectations and maintain disruptions and challenges caused by the business profitability. COVID-19 pandemic, banks are looking at thoroughly analyzing their processes to unearth direct and indirect improvement opportunities.
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Disruption in the Financial Services Industry
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Disruption in the Financial Services Industry
Today, banks are faced with numerous i re o ntry y co ntry co arison o c sto er se ents challenges resulting from evolving customer expectations, growing Brazil 18% 32% 51% competition related to digital banking, United Kingdom increased pressure to reduce cost, 13% 40% 46% and most recently, major world-wide India disruptions related to the COVID-19 20% 38% 42% pandemic. Such challenges have forced Australia banks to adopt new strategies to remain 17% 45% 38% innovative and deliver new service Mexico offerings that transform the customer 24% 41% 35% journey to meet their expectations. To Norway cater for this transformation, process 12% 53% 35% improvement approaches, that are holistic Spain and agile, are crucial to adapt to changes in 31% 40% 29% customer needs, to face the competition, Singapore 21% 53% 26% and to help banks reduce their costs, Netherlands improve the customer experience and 11% 63% 26% tackle market changes. Canada 28% 47% 25% In the following sections, we will highlight France 4 key challenges faced by banks today that 41% 35% 25% can be tackled through end-to-end process United States improvement methodologies. 38% 39% 23% Switzerland 1. Evolving customer trends 21% 56% 23% In order to provide customers with optimal Germany experience, banks should place the 32% 47% 22% customer at the heart of their business China 21% 58% 21% by implementing customer-centric Indonesia approaches. 35% 47% 18% Japan To understand the latter, research 75% 17% 7% conducted by the Deloitte US Center for Financial Services in May 2019, querying Traditionalists Online embracers Digital adventurers
17,100 banking customers in 17 countries, Note: Percentages may not total 100% due to rounding. showcased the following distinction Source: Deloitte Center for Financial Services analysis. between customer preferences across 17 key countries.
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Online Embracers and Digital Adventurers Although the frequency of digital channel traditional channels over digital channels (Figure 1), who are more digitally engaged usage is a positive sign, it is important to for complex and advisory services. For with their banks and prefer online and make the distinction between the quantity instance, in order to get a personal loan, mobile apps to conduct banking services versus the quality of the interactions. 61% of customers chose ‘visiting the bank respectively, represent around 70% of In fact, the survey showed that digital branch’ as a preferred channel. This trend most countries’ populations. On the channels are mostly limited to informal also applies to the process of applying for other hand, Traditionalists, who prefer and transactional services such as new products, especially loans that require to do most of their banking in branches, transferring money, checking account multiple verification and documentation represent less than 30% of the customers balances and updating account details steps. across most countries. This shows that (Figure 3). Many customers still prefer it is more likely that bank customers are i re ost res on ents re er tra itional c annels to an le co le or a isory ser ices heading toward a path where they would Channels where respondents go to buy new products conduct most of their transactions via digital channels whilst expecting a superior Transactional products customer experience that integrates Checking account 54% 4% 30% 12% the benefits of digital and physical Savings account environments for banking. 54% 5% 30% 11% Similarly, figure 2 shows how customer- Debit card 49% 6% 33% 12% bank interactions are continuously changing over time with a 30% increase in Lending products digital channel usage from 2013 to 2020 Credit card 44% 7% 38% 11% (which was already the main used channel Personal loan as opposed to physical consultation and 61% 6% 25% 8% transactions). Mortgage/mortgage refinance 69% 6% 19% 6% i re era e ont ly an in c annel sa e er c sto ers Bank branch Contact center Online banking Mobile banking app Source: Deloitte Center for Financial Services analysis. 62
118 87 i re es on ents se o ile an online c annels ost re ently 106 98 Bank branch 2% 56 14% 61% 21% 3%
ATM 1170 14% 33% 38% 9% 6% 1557 2% 1364 Contact center 22% 67% 8% 1% Online banking 18% 18% 29% 13% 22%
2020 2016 2013 Mobile banking app 29% 18% 21% 11% 22%
Digital channel Physical consultation Never Less than once a month 2-5 times per month Physical transaction 6-9 times per month 10 or more times per month Source: Deloitte France Survey, April 2020. Source: Deloitte Center for Financial Services analysis.
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2. Increased Competition for high-tech personalized services that reinvent the Further, with the continuous change in services customer experience and attract new customer preferences, competition from Customer expectations for digital services customers from all segments. Digital Fintech startups and changing regulations, are continuously being shaped by superior banks are capable of rolling out new and banks in the Middle East have also experiences provided by tech giants such enhanced money management, savings, been forced to innovate through digital as Google, Apple, Facebook and Amazon. investment and lending products, at much platforms. In particular, banks in the United Such companies set the bar high for digital lower costs than their traditional rivals. Top Arab Emirates (UAE), Saudi Arabia, and experiences and therefore customers tier banks have worked hard to keep pace other GCC countries including Bahrain are expect similar experiences from their with their own investments in Fintech, app- emerging as leading their transformation financial services providers. While digitally based banking and acquisitions; however, by undertaking numerous digital banking savvy millennials are responsible for the to compete on efficiency or experience initiatives and producing real-time digital enhanced service expectations, it is by no they will need to embrace a transformation solutions to meet their customers’ banking means restricted to them. The widespread journey in which they either replace needs. use of digital technologies across various their legacy systems or adopt massive industries has led the different generations simplification supported with intelligent A major step towards transforming the to adopt these digital trends, therefore automation to complement their legacy financial services industry in the region is making it imperative for banks to be on top systems. open banking, which would enable greater of their digital service delivery. transparency and inclusivity through open A major step towards data. Bahrain is the first in the region “Singapore-based Bank, OCBC, has to adopt open banking regulations, and started allowing voice-based commands transforming the financial Saudi Arabia is moving more aggressively for iPhone users, enabling them to do services industry in the towards similar regulations within the basic transactions such as checking bank next two years. According to research accounts, credit card details and making region is open banking, by Finastra in June 2020, 88% of UAE e-payments via Apple’s virtual assistant which would enable banks expect to enable open banking Siri. The transactions are authenticated and open API capabilities in the next 12 using biometrics such as facial-recognition greater transparency and months. Other examples of Middle East and fingerprints, thus providing a great inclusivity through open banks embracing digitization trends are as customer experience” follows: data. Banks previously used to personalize customer interactions through the “NatWest, one of the leading UK banks, branches; however, as digital banking launched “Mettle”, an innovative digital has become more popular, banks had platform that allows small and medium to identify other means to maintain that size enterprises to open a business current personal touch. With the use of predictive account in minutes, forecast their business United Arab Emirates analytics, artificial intelligence and machine performance, create invoices from their Emirates NBD launched Liv., a digital learning, they will increasingly personalize mobile phone and provide reminders for banking proposition for millennials; Abu their offering for customers. chasing payments.” Dhabi Islamic Bank (ADIB) partnered with Fidor Bank to launch the Middle “Standard Chartered Bank has an Challenger banks, often starting from East’s first community-based digital bank, interactive, location-enabled mobile scratch, have been able to base their Commercial Bank of Dubai launched application that prompts users with real- services on powerful, predictive and secure CBD NOW, also targeting millennials and time and personalized offers from nearby ecosystems that cloud-based technologies digitally connected customers with a retailers” offer. This has left traditional banks at a mobile proposition, and Mashreq Bank significant competitive disadvantage due to launched Mashreq Neo, its full-service Today, top tier banks are competing with their owned IT infrastructure, data centers, digital bank. Emirates NBD recently “challenger banks” which operate on full legacy hardware maintenance and costly launched a contactless export trade digital capacity and focus on delivering payrolls. collections capability – a new digital feature
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that will support smartTRADE clients with customers, with instant credit transfers, business continuity through the COVID-19 e-invoicing and billing, real-time payment pandemic. Emirates NBD’s smartTRADE acknowledgement, remittances, bulk clients can access smartCollections from payments and peer-to-peer money the safety of their homes or offices, to transfers. submit an export collections request. Egypt Documents can be safely uploaded on the Emirates NBD Egypt launched a trade finance portal, with real-time updates MasterCard World Switch Card for the on transaction status, thus completely first time in the Middle East, enabling avoiding the need to visit a bank counter. customers to switch from Debit to Credit ADCB partnered with Silicon Valley’s Plug at the touch of a button embedded in the and Play, known for connecting the best Bahrain card. technology startups with the world’s SADAD Bahrain launched its latest largest corporations to boost digital technology-driven service, ‘Sadded’, a transformation programs. The partnership new online invoicing system that provides Banks in the Middle East are likely to comes at an exciting time for the UAE’s businesses and their customers with a look at more sophisticated ways in which financial services industry when technology convenient payment solution through costs can be managed through the use of like artificial intelligence, robotics, machine a secured payment channel (via SMS robotics, analytics and Fintech amongst learning and data analytics offer many new or email, with a URL/link to process the others. opportunities. payments).
According to a survey conducted by YouGov that took place at GITEX Technology Week, “businesses in the GCC are expected to place a high priority on customer experience in 2020”, with 80% of respondents depicting customer Jordan experience as “very important”. Saudi Arabia The Central Bank of Jordan launched a Al Rajhi Bank and Samba Bank launched bill payment service “eFAWATEERcom” With the recent introduction of new digital customer onboarding experiences available through Jordanian banks’ mobile payment processes and technologies this year whereby banks are able to start and internet banking platforms. With this to the financial industry along with a new relationships with customers and service, customers have the ability to make millennial population making one third create current accounts while requiring inquiries and payments to a wide range to half of the total population in the GCC minimal customer input by using customer of billers on the spot. Customers can also region, banks are now being pushed to information automatically extracted create their own profile and manage their develop strategies on where to play and through the integration with Absher and bills accordingly. how to adapt to the wider competition Saudi Post. Al Rajhi Bank also launched of Fintech startups that are “expected to the Digital Document Signature service, attract $2 billion in private funding over which allows customers who applied for the next ten years in the Middle East personal financing to digitally approve the region”. Banks that continue to adhere promissory note through an electronic to traditional business models are at platform for the Ministry of Justice (Nafith) imminent risk of becoming obsolete. without the need to physically visit the Lebanon branch. Saudi Payments, a fully owned Fransabank-Lebanon launched a biometric subsidiary of SAMA, has teamed up credit card, which has an embedded with a MasterCard company, Vocalink, fingerprint sensor that eliminates the need to enable instant payments between for cardholders to rely on their pin code or financial institutions, businesses and signatures to complete a purchase.
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3. Cost reduction initiatives i re ranc ensity contin es to ecline lo ally Amid the low interest earnings, which have persisted for a long period, as well A erage n mber of bank branc es er ad ts as the recent market and economic 60 2008 global average: 27.4 bank branches 2016 global average: uncertainties, banks are under constant 22.9 bank branches pressure to find innovative ways to 50 increase earnings and significantly reduce cost. To achieve this, banks need the 40 right balance between short-term tactical cost decreases, such as headcount 30 reductions, and longer-term strategic 20 cost initiatives, such as streamlining processes or outsourcing certain non- 10 core functions without compromising the quality of service delivered. Accordingly, 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 banks are re-evaluating the traditional role of back-office operations to strive for Australia France Germany India Japan Netherlands cost optimization while improving both back-end and front-end service quality Norway Singapore Switzerland United States and speed. The traditional function of the back-office, which is to improve efficiency, Source: World Development Indicators, World Bank. will be positively impacted by technologies such as robotic process automation This trend is balancing the voice of the and customer safety versus financial (RPA) to reduce the dependency on customer (VOC) and the voice of the strength and growth. ‘Work from home’ manual processes. With rapidly evolving business (VOB) as it is bringing benefits for policies have resulted in significant technologies, major improvements and both the banks and their customers; these business resilience challenges with efficiencies in operational processes are include enabling banks to rid themselves additional risks of operating as well as less expected to lead to significant cost savings of a significant cost, increase their direct visibility on operational processes for banks. performance, and simplify their operations, and performance. At the same time, the as well as preserve a high quality and pandemic has created huge surges in “BNY Mellon has deployed 220 bots persistent customer experience. demand for mortgage or payment loan developed by Blue Prism to handle holidays and debt management operations repetitive tasks such as data requests from 4. COVID-19 Accelerating Digital that cannot be met by increased full time external auditors and correcting formatting Transformation equivalent (FTE) capacity. Amongst some and data mistakes for fund transfers, With the many challenges that 2020 of the rapid changes that banks have leading to $300K in annual savings” has sprung upon our communities and implemented globally and in the region organizations; from decreasing bond yields, is the evolution towards direct sales, self- The decline in use of physical branches by oil and equity prices and the COVID-19 service, digital advice, and digital payments. customers and the high costs of branches pandemic, comes a large uncertainty that are pushing banks to take real steps has driven banking institutions to come Responses of banks have been particularly towards following the trend of shrinking up with rapid business continuity and noteworthy with each bank prioritizing their branch networks (see Figure 5) and resilience measures. Banks are figuring out their ability to help their customers get embracing the digital era. As shown by how to enhance the customer experience through this difficult period; here are some the World Bank’s graph, between 2008 through automation and the integration of examples: and 2016 the branch density of banks a digital paradigm shift in their day-to-day • Natwest in the UK launched a donation- decreased globally from 27.4 branches operations. matching program of £5m for a National per 100,000 adults to 22.9 branches Emergencies trust from donations made per 100,000 adults; representing an With the pandemic and social distancing by its Reward customer scheme and paid approximate decrease of 19.65 percent. measures, banks are pushed to full salaries to staff who took time out to temporarily close branches, and are faced look after their families. with a dilemma of prioritizing employee
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• ABN Amro in the Netherlands has COVID-19 restrictions are pushing Banque Saudi Fransi (BSF) selected TCS offered an automatic six-month deferral customers towards digital channels for BaNCS™ Global Banking Platform to on payments from commercial clients services and sales (Figure 6). Radical provide seamless and contextual customer with a credit facility of up to €50 million. changes in customer behavior have been experiences. • UniCredit in Italy has put in place an witnessed throughout; customers who extension of credit for imported goods of were initially reluctant to adopt digital Abu Dhabi Islamic Bank (ADIB) partnered up to 120 days to support working capital interactions have gained more interest with Etisalat to launch new covered management. and comfort in using such methods out cards called ADIB Smiles. Through these • Bank of Georgia in the UK closed its of necessity due to limited alternatives. cards, ADIB aims to provide savings to its customer service support in express Such interactions include using contactless members via various rewards. branches while keeping the self-service cards or digital payments instead of terminals and ATM areas open. The cash, and online/mobile banking and Oman’s Bank Nizwa has rolled-out bank’s main branches remain open but investments instead of paper-based/ additional features on its e-wallet solution under strict safety guidelines in-branch transactions. Some banks (e.g. to encourage contactless payments. The • America bank in Armenia immediately Canadian banks) have been effective in e-wallet is a digital extension to its Islamic put its business continuity program into leveraging existing technology investments solutions and allows instant fund transfers. place when COVID-19 broke out in the (e.g. AI, RPA) to drive responsiveness and country. The bank was the first in the improve the quality and control over their The COVID-19 pandemic has created a country to offer a two-month “credit data (e.g., to improve authentication, know dynamic shift in customer expectations vacation” for its individual clients and your customer (KYC). In addition, there and therefore instigated a live test to the for legal entities in the more vulnerable have been enterprise-level investments existing digital platforms, omni-channel sectors to defer principal payments for that will likely accelerate to ensure greater functionalities and mobile capabilities. three to six months. reach and consistency of key technologies The exact shape of the future is still • Center Credit Bank (BCC) in Kazakhstan across lines of business and operating uncertain, and mainly depends the joined the response efforts as soon as units (e.g. workforce management, digital severity and pattern of progression COVID-19 began to spike in the country. interfaces). of the pandemic. The expectation is The bank set up a platform so that people that banks will continue to aggressively could open online accounts that allow Further, banks in the Middle East region pursue technological advancement and them to stay at home and still receive are partnering with technology companies use revamped business platforms (e.g. social financing support. to offer digital platforms and services to robotics, AI, analytics) partnering with enhance the customer experience: various Fintech firms to transform and In Saudi Arabia, the Saudi Arabian In June 2020, UAE’s Mashreq Bank venture into the new age of digital banking. Monetary Authority (SAMA) announced a launched the Middle East’s first AI-powered set of measures and guidelines for banks digital engagement banking bot to make to limit the negative impact of the crisis. banking easy for Mashreq customers. SAMA unveiled a package to allow banks to defer loan payments for six months and i re lti c annel resence electric c annels are acco ntin or a reater s are o an s transcations instructed commercial banks to support businesses and individuals affected by the crisis through restructuring loans ranc es c annel without charges and reviewing various fees to adjust to the drop in interest rates. all center nternet SAMA also launched a serious of circulars requesting banks to enhance different aspects of their customer service, such as s annels Di ital an in the automatic update of expired IDs and customer addresses through integrating o ile an in P one an in with the governmental platform to alleviate branch workloads, as we as initiatives that promote cashless payments. Point o sale Traditional Electronic Source: Banking of the future: Vision 2020 CII – Deloitte.
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Process analysis: A stepping-stone for transformation
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Process Analysis: A stepping-stone for transformation
With so many industry challenges and data-driven, place the customer at automation to strive for operational to contend with, banks must strive the heart of the transformation journey. excellence, increase customer satisfaction to fundamentally transform the way Some approaches rely more on hands-on and drive cost reduction. they operate through embracing new process analysis and improvements such technologies and process automation as the Value Stream Improvement Method Key benefits for organizations following initiatives to maintain their competitive (VSIM), while others rely more on process the implementation of VSIM include the advantage and market leadership. and task mining such as the Deloitte Digital following: From using artificial intelligence to optimize Discovery Approach. Below we will detail • Cost and TAT (turnaround time) credit decisions, and automating manual each of these two approaches as applied reduction, as VSIM uncovers hidden processes that previously required by Deloitte. inefficiencies, bottlenecks, and process human intervention, to using chatbots wastes that can be eliminated or for revamping the customer experience, 1. What is VSIM and how can it help automated process automation is becoming a real uncover automation opportunities? • Streamlined and standardized processes game changer. VSIM is a flexible approach widely applied across the organization by Deloitte in the Financial Service • Enhanced controls for operational risk Before this transformation can emerge, industry to deliver results from traditional and regulatory compliance an important initial step is to identify productivity improvements to disruptive • Enhanced quality data and transparency processes that can be measured, analyzed design innovation. This approach consists as duplicate information will be and improved. of 6 phases that can be completed in 8-12 centralized in a single source of truth that weeks and serves to identify and resolve feeds all peripheral systems At Deloitte, we have developed ground- complex, hidden root-cause problems. • 360-degree customer visibility (e.g. breaking integrated approaches to help The first 3 phases shed light on the integration with other banks for credit Financial Services customers tackle current state of the organization, whereas information, governmental systems) disruptions and create opportunities the remaining 3 serve for designing and • Quick wins that can be implemented with to factually analyze performance and implementing a sustainable model that minimum effort and in a timely manner identify improvement opportunities. Our addresses the issues identified earlier. approaches that are flexible, structured A massive part of this model relies on
i re
P ase stain P ase co e Ensuring the sustainment of Defining and reaching consensus on performance and business the scope and the impact of the improvements business problem
al e trea P ase sses terate P ase le ent ro e ent Taking an agile approach to Embedding the complete et o identifying and validating quick solution in the business wins to create early value and problem engagement
P ase t re state Using digital accelerators to focus on innovating a future state design and speeding up implementation of the integrated solution
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Phase 1: Scope Phase 2&3: Asses & Iterate
The first phase of VSIM serves to define These two phases apply an agile and iterative approach in identifying and validating and reach consensus on the scope and quick wins to create early value and engagement. During these phases, it is critical to the impact of the business problem. Banks understand the business processes to identify barriers to efficiency, identify how value specifically face many issues related to is created and illustrate the capability of the process and performance against baseline complaints management and resolution, measures and targets. product performance, market demand, digital transformation, etc. What are the key activities performed at this phase? • Mapping the as-is process(es) to help visualize the tasks and shed light on the What are the key activities performed sequence and interdependencies. Deloitte has its own IndustryPrint tool (ARIS-based) during this phase? that can be used to draw the process flows. • Defining the problem statement and • Understanding the voice of the customer: e.g. “We need faster answers to our agreeing on the scope to align on the queries”, or “the customer service representative did not have an answer to my objective at a very early stage: e.g. a bank questions”; such statements highlight an issue related to response time and requires a could be facing an increased number of service level agreement (SLA) to be defined as critical to quality (CTQ). complaints related to personal lending • Performing waste analysis and ‘go-sees’. This includes performing on-floor and wants to enhance the related observations, finding out what really happens, and identifying the waste aspect of processes to resolve this issue. activities. An example would be inspecting the motion occurring while printing a loan • Defining measurable targets and application at the bank branch. critical success factors to drive • Performing pain-point identification and root-cause analysis to help understand accountability across the business the actual cause of the issues and ensure that the problem is addressed rather than the and enable monitoring and steering of symptom (e.g. inputting the same customer information more than once on multiple business processes (e.g. defining a target systems). time for personal financing file approval, • Analyzing data and establishing a performance baseline against CSFs and targets. or number of rejections). The analysis focuses on process effectiveness, identification of process leakage, waste • Outlining the project governance and time efficiency (e.g. applications which are lost or canceled in the middle of a and project plan, identifying key risks, process generate unnecessary costs). dependencies and key outputs. • Identifying quick wins and prioritizing based on value and ease of implementation, • Identifying the types of data expected such as improving the template of an Excel sheet used throughout a manual process. to support documentation of the as-is process, such as user manuals, Examples of tools used documented procedures, organization structure, charters, etc.
ys cti ity Examples of tools used an analysis analysis is one
Process is al aste ta e ol ers siness a s ana e ent analysis en a e ent case a
an e rea iness P assess ent
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Phase 4: Future state Phase 5: Implementation Phase 6: Sustain
This phase consists of designing, validating The implementation phase embeds This phase ensures the sustainment of and approving the process improvements, the complete solution to resolve the the process and business performance, as well as providing a clear understanding business problem, address the business maintaining improvement momentum and of the impact the proposed change(s) will change impact of the solution and close capturing the change journey and adoption have. During this phase, the automation implementation gaps to ensure problem process. opportunities will be highlighted and resolution. incorporated in the to-be processes. What are the key activities performed What are the key activities performed at this phase? What are the key activities performed at this phase? • Identifying key behaviors required to at this phase? • Building a Work Breakdown Structure maintain improvements, track process • Defining solution requirements for (WBS) and implementation plans and performance and adjust improvements to the future state design, e.g. defining the defining responsibilities: a deliverable- align with the process vision. approval layers and rules in the approval based WBS clearly demonstrates the • Integrating management disciplines workflow related to personal financing relationship between the initiatives into leadership objectives. files. and the scope (i.e. implementing a new • Coaching stakeholders on behaviors • Creating a future state process simulator for car leasing system). that instill a continuous improvement map according to the improvement • Implementing project/program culture. opportunity identified to visualize the governance and KPIs: this activity automation efforts and enhancements defines the governance structure of the Examples of tools used which can be measured versus the projects/initiatives. baseline metrics defined in the “Assess” • Developing and deploying training phase. communications: a communication an e e ise • Determining the organizational impact plan should be developed to keep all the a o tion P s of the solution as some automation stakeholders updated with the program assess ent initiatives might replace human functions progress. or some processes might be eliminated: • Identifying and addressing gaps during e.g. fully automating an approval process implementation: based on the solution ontin o s rocess based on a predefined risk model might selected and the capabilities of the P o ti i ation lead to a severe decrease in FTE. organization, the implementation plan ra e or • Validating benefit generation from may vary slightly from the to-be design. the business case: the automation of a • Formalizing benefits realizationand specific process will enhance the quality the business case. of data, reduce the required number In case the VSIM approach is not relevant of FTE and accordingly generate a cost Examples of tools used for the context of some customers, for saving for the organization. example, in cases of simple processes or • Testing/piloting the future-state pre-identified issues such as complaints design as an integrated solution. related to personal financing, Deloitte Process Completing a pilot on 1-2 quick wins siness can use the Rapid Improvement Event control case or processes in order to prove the lans Approach (Kaizen), which can be benefits of the to-be phases. A popular completed in 2 weeks. example would be the application of RPA technology for repetitive tasks. Pilot e al ation
Examples of tools used
ic ins
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al e strea i ro e ent et o a i i ro e ent e ent
• Need to resolve complex issues • Pilot on one process en se • Root cause of the issues not known • Issues are known in the process • Process that involves multiple parties • Within the same unit
Medium - high Low Effort
Medium - high Low - medium Process co era e
Medium - high Medium Process ste etails
2. The alternative: Using a data-driven What is Deloitte Digital Discovery™? Why do I need both task and process approach to business process analysis Deloitte Digital Discovery™ tooling mining? Over the last few decades, IT systems is unique in the market in providing To illustrate this point, we have to look at have grown from residing in people’s a data-join between process and task the definition of a task and process. One garages to powering the world’s most mining (refer to the below table for such definition is as follows: complex industries, and by doing so are more information on process and A process is an upper level description producing vast amounts of data that can task mining), to provide fully visualized of a series of major steps required to be harnessed to analyze processes with E2E processes down to a transaction level. accomplish an objective. Processes are accuracy and volumes that could not generally made up of tasks. Tasks are possibly be produced using traditional Process mining has been a sub-section of made up of actions or steps. approaches such as VSIM, due to their data science since the late 1990s and has human-centric nature. To enable us a wide variety of use cases (i.e. modeling Taking the above and placing it into to move ahead to an always-on, digital a purchase-to-pay process). We have context, it easily illustrates how both task future where robots take care of full helped clients build their process mining and process mining reveal different parts end-to-end processes, people need to capability, analyze processes and employ of a true end-to-end process and are be able to accurately pinpoint the most predictive analytics for the last decade with necessary to spot high-value opportunities. valuable areas for intelligent automation the help of the Deloitte Process Mining Figure 8 overleaf shows this graphically. to maximize the return on investment. To Framework. This framework helps the The y-axis shows the complete E2E process be able to do this, we have developed the extraction, transformation and visualization coverage down to a transaction level, whilst Deloitte Digital Discovery tool, specifically of data from clients. It has been refined the x-axis shows the process step details, for intelligent automation transformations with over nine years of experience and i.e. the coverage of steps that take place that can accurately model processes by includes features such as standardizing within a task. utilizing big data to capture millions of timestamps and currencies across multiple cases and how each one flows through regions, as well as templates for extracting A higher value on the E2E process a process, thereby enabling us and our data from large IT systems to significantly coverage axis represents the higher clients to accurately and confidently decide reduce the time it takes to get insights completeness of the whole E2E process on the highest value opportunities to from client data. (i.e. if there are 100 steps in a process, the automate. Once Digital Discovery is set up highest value would show that the solution for a process, it can then be easily switched Naturally, this framework has been captures all 100 steps). into continuous data-feeds for monitoring adapted for Digital Discovery, enhanced and continuous improvement. with task-mining agents to give unrivaled analysis and understanding of true end-to- end (E2E) processes.
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Process inin as inin
a or s stems rocess mining too s eskto a ications Task mining endors
Digital activities executed by people, machines, and software Out-of-system activities, such as updating Excel and sending leave trails in so-called event logs. Process mining techniques e-mails, are captured through desktop recording over a at is it use such logs to discover, analyze, and improve business two-week period and then processed with AI and machine processes using data science. learning to build process diagrams, improve business processes and spot opportunities for automation.
To model end-to-end processes by using data-driven insights. To spot automation opportunities by identifying the most at is it se or More than a million cases can be modeled on one process common and rule-driven tasks that occur on an employee’s diagram, showing each variation, where the bottlenecks are, desktop. and much more.
As we move into an always-on future, process mining enables In order to automate first, we need to understand the task Why is it significant? the development of digital process twins, continuously down to a transaction level so that rules-based robots can be monitoring processes. It is often referred to as ‘process developed. Omitting information from the initial as-is analysis hygiene’. In the future, process mining tools will allow the can lead to unexpected robot failures and failed intelligent monitoring of the robot workforce. automation transformations.
at are its Process mining only reveals the steps taken during a process Whilst it is exceptionally well-suited to drill into the detail to li itations that are available in IT systems; it doesn’t drill into the detail. reveal user activities, users need to ensure they are deploying For example, it will note that a mortgage application has been it in the area that will bring the most value. To do this, the approved, however it won’t show the steps taken to ensure it whole end-to-end process needs to be analyzed. For can be approved. example, task mining reveals the out-of-system checks taken to approve a mortgage.
In contrast, a higher value on the process Both values of measurement are Phase 1: Connect and extract the data step details axis shows the level of steps correlated; however, it is important During the first phase, SMEs utilize both that are included within each specific to distinguish between them as both core and non-core systems to connect, task (i.e. if one task in a process has 10 have two different functions. The first extract and process the data required for steps, the highest value on this axis would measurement of E2E process coverage Deloitte Digital Discovery. A combination represent that all 10 steps within the task allows us to pinpoint tasks with the highest of both sources enables a view of the true are captured). inefficiencies in a process, whilst the processing time at every core and non- second measurement is used to drill down core system touchpoint. i re o Di ital Disco ery allo s or t e into each task and understand how and • Systems to extract process mining s ottin o i al e a to ation o ort nities if intelligent automation can be deployed data will be identified and data extraction to remove these inefficiencies. The sweet points agreed (i.e. a bank’s internal High spot for intelligent automation is the area mortgage approval system: Pegasus). Coverage required where the empty, green dotted rectangle • Data will need to be extracted from to spot high-value Deloitte Di ital and green-filled rectangle meet. Deloitte these systems with the agreed method automation Disco ery Digital Discovery is currently the only tool and timeframe (i.e. extract two weeks’ opportunities able to combine both data-sets to reap the worth of data from the bank’s internal benefits of both mining techniques to spot mortgage system). Process inin high-value opportunities. • Task mining software will need to be set up on teams’ desktops/virtual How does Deloitte Digital Discovery™ environments (it may be deployed on 20 rocess co erage work? employee desktops within the mortgage
Amount of detail required to make confident decisions Digital Discovery uses data science and department).
as inin software to capture tacit and explicit • The software will run for two weeks to knowledge to model the as-is process capture the out-of-system activities
Low High landscape. There are three distinct stages that are not visible with traditional nformation for eac rocess task involved: process mining software (i.e. the steps taken to approve a mortgage).
17 Deloitte | Process analysis
Once both task and process mining data imported into a secure environment Phase 3: Digital Discovery Insight has been extracted it is time to process to be processed. In order to obtain During this phase, domain SMEs obtain each individually and then combine to give efficient results, the system log data is a visualized analysis of the end-to-end one holistic end-to-end data model. transformed to include a unique case ID, process flow inclusive of processing time, activity, and timestamp; other information elapsed time, process variants and rework Phase 2: Data modeling may be added as it will help deep time, and in combination with suggestions Combine the data sets diving into the data analysis for better from the visualization tool SMEs are During this phase, data scientists build understanding of the issues and process able to make informed, data-driven, new data-models from the extracted data turnaround time. simplification and intelligent automation (by utilizing the Deloitte Process Mining • Task mining data is obtained following recommendations. Framework) and then apply machine a two-week recording period, after which learning techniques to produce a unique it is sent for processing using the latest Through the use of the mortgage example data join. machine learning, AI and optical character above, SMEs can easily spot bottlenecks recognition (OCR) techniques available. and frictions, i.e. once a mortgage The main events of the data science • Both data sets are subsequently application has been made, SMEs may be revolve around data upload and combined using the Deloitte data-join able to tell that some applications have a configuration: method to give a holistic data model. three-day delay due to missing information • Creating a data pool: data is between departments due to human error. A robot could be deployed here to i re n ill strati e e a le o o tas an rocess inin are se to il a olistic automatically move a mortgage application en to en rocess o el between different teams involved in the
A t ica mortgage o rne process and improve processing time.
Managers using SMEs using SMEs make SMEs use a Perform a Decision notes Benefits of using Deloitte Digital Discovery XLS templates to outlook to notes on variety of third KYC check logges on Process analytics goes beyond basic allocate work retrieve case notepad and party websites evidence form details word to digest to assist with process efficiency metrics like throughput information verification time calculation to show how a friction in
Task mining a process affects key business outcomes. Desktop analytics Key benefits for our clients include: • Significantly reducing the cost of Manual case Access Manually Conduct KYC check Decision– discovery activities: the process analysis allocation case from review income and and approve/ to team allocation application/ commitment valuation reject/defer alleviates the process improvement file case check efforts by identifying manual tasks and rework, so clients can automate smarter with robotic process automation (RPA) and other types of automation by Decision to approve/ focusing on the steps that matter. SMEs use core systems SMEs use internal reject logged core • Understanding the impact of process to confirm application/ calculators and toolkits systemand notes are made System log files rocess mining case details to check affordability if the case is deferred friction on KPIs: availability of both pre-configured and custom KPIs that enable clients to build and track metrics according to management or divisional goals. • Identifying upstream root causes of friction: AI-powered root-cause isco er analysis that helps clients drill deeply e oitte igita process mining tool Analyzed by Deloitte Process log data Desktop analytics data to highlight the upstream causes of and visualized through
18 Deloitte | Process analysis
Volume Applications Average Thr... Customer Ca... PRocess Va...
Credited Application Process – Process Benchmarking 2.04B 17,305 27 d 369M 7,197 ilter y reation Date ilter y sto er y e ilter y re it y e ilter y ec y e ilter y ssessor a s YYYY-M YYYY-M Customer Type Customer Type Credit Type Assessor Campus
s
A to A ro ed ate 30% 68% C c e Time 33 d 20 d ework ate Back ffice 44% 20% ework ate ront ffice 46% 21% it draw ate 18% 6%
process variations, and to set prevention enables each function to see how below shows such an example for a measures for those issues in the future. the performance of their processes mortgage department within a European • Increasing compliance and reducing compares across departments, regions, bank, comparing the pre- and post- risks: automated conformance checking, teams, and even compared to industry- automation landscape. based on process mining AI, evaluates leading companies, so they can apply current process performance against the best practices and increase process Phase 4: Monitor and improve reference process model designed and standardization. Once Digital Discovery is set up for based on best practices, and instantly processes it is recommended to integrate highlights areas that fail to conform, so Once the data is loaded, processed and with continuous data-feeds for monitoring clients can drive process standardization. analyzed, a hypothesis of opportunities and continuous improvement. • Measuring internal performance can be built and implemented to eliminate, of entities: process benchmarking simplify and automate processes. The
i re ary o o Deloitte Di ital Disco ery or s
onnect an e tract t e ata o ine t e ata sets naly e t e ata
Di ital oot rints ll trans arency o e s is Process mining finds Actual process flows and reconstructs become transparent Process system-based workflows in real time start 430,743 stem
rocess mining r er e ec te B 430,743
on ir 430,743 Acti it Time
Process en rface
Task mining 430,743
19 Deloitte | Process analysis
3. Comparing Deloitte Digital process mining, as opposed to a human- and coverage. Deloitte Digital Discovery Discovery to hands-on-process driven approach, which can miss steps and has been developed to specifically analysis can be subjective (for example, it may miss help our clients implement successful We have developed Deloitte Digital exception paths and can be subjective as it automation initiatives whilst keeping an eye Discovery with intelligent automation relies on employees’ recollections of how a on the high-value return-on-investment treatments in mind; however, this method process is completed). opportunities. Previous market research can be applied cross-purpose and cross- indicated that one of the biggest hurdles industry to take on any transformation This, in turn, means that the entire end-to- of business leaders taking on these program. end process shows process step details initiatives is the time (and thereby also on the granular level like never before, the cost) associated with spotting these There are two key distinctions between giving the users an accurate state-of-the- opportunities in the first instance. the hands-on process analysis and the art process landscape that can reveal However, that does not mean methods data-driven approach Digital Discovery bottlenecks and irregularities and ensure such as VSIM are obsolete. Our experience employs. Whilst hands-on-process analysis conformance on an unprecedented scale. shows quite the contrary, with both used to be the gold standard for business methods being suitable tools for different analysis, the end-to-end process coverage True end-to-end process analysis use cases. This is further explored in the and accuracy significantly exceeds the results are delivered at a speed not table below. hands-on-manual process analysis in seen before modeling volumes as it utilizes a data- Using a data-driven approach has several driven approach, combining task and advantages, the least of which are accuracy
VSIM Deloitte Digital Discovery
Description Map as-is process state by conducting interviews, holding workshops Combines both task and process mining to reveal the true, holistic E2E and talking to SMEs business process enabling process analysis across different teams, systems High High and applications MediumMedium - high - high
Implementation cost HighHigh MediumMedium - high - high
E2E process coverage MediumMedium - high - high HighHigh
Process step details MediumHighMedium - high - high MediumHighHigh - high
When to choose • Dealing with multiple processes applicable acrossHighHigh one • When activities are predominantly digital (i.e. HightakingHigh place in IT which approach geographical area systems or desktops) • Majority of the activities done manually or data MediumHighisHigh unstructured - high • For continuous monitoring and predictive andHigh subscriptedHigh analytics • Customer has concerns related to data privacy (e.g. sensitive • To analyze millions of cases and how they flow through processes data, financials, etc…) • When dealing with one process across multiple geographical areas • Highly complex processes for which the organization doesn’t know how they’re completed High High Pros • Often no sensitive data to deal with • Captures both process and detailed steps within each task in the • No need to map current IT infrastructure and deploy software process • In some cases, the cost will be lower than Deloitte Digital • Can be used to check the performance and conformance with the Discovery ideal process • Captures tacit and implicit knowledge • Process and task mining can be completed in parallel • Uses available data and captures real-time data to build a holistic business process model Cons • Time-consuming (as it involves workshops and on-site visits) • Potentially sensitive data that is captured that needs to be hashed • Relies on information provided by staff which sometimes can • Potentially need to install task-mining software on user applications be subjective if full Digital Discovery solution is required • Requires a high level of involvement from the client Considerations • Do we know the complexity of our processes? • Will sensitive data be collected? Do we know which applications to before use • Who are the main stakeholders that should be involved in the whitelist? workshops? • Can this easily be deployed in IT infrastructure? • Does the voice of the customer uncover all issues? • Does HR need to be involved for privacy statements? • Are systems known and can logs easily be extracted? • Is the relevant information captured in system logs (Case ID, activity and event time)?
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Project examples
21 Deloitte | Process analysis
Project examples
Case 1: Digital retail client acquisition, Value delivered and impact Case 2: Process optimization for a onboarding, maintenance and capital markets division servicing in wealth management Engagement summary Engagement summary Less than 5 minutes The capital markets division of a A global bank suffered from manual sales expedited account opening global investment bank launched an and processing of wealth products across organization-wide initiative to reduce the Americas and Asia which resulted operating costs by 30% over the next in their advisors relying on manual and Drastically improved three years. The client engaged Deloitte inconsistent processes, with high time and productivity of advisors to accelerate existing cost reduction cost factors to onboard clients and with leading to an increase in opportunities and identify new ones within 60% of applications incomplete, a lack of sales volume key target areas of its capital markets a scalable platform hampering expansion operations. and a high compliance risk. Zero application Approach The client strategy was to digitize sales of processing errors • The VSIM approach was used to target, wealth products globally to gain market analyze, and identify improvements. The share while lowering operation costs Deloitte team collected operational data through onboarding new clients via digital Reduced operation risk through process interviews with subject channels, enabling client self-service with the automation of the matter experts within each middle- and capabilities and utilizing analytics to better control framework back-office team. understand customer behavior and • Process bottlenecks, pain-points, improve sales. dependencies, resourcing, and tasks Enhanced client experience were analyzed to determine root causes Approach through modern UI and self- and the ability to mitigate or eliminate • Deloitte used the VSIM method to service capabilities the causes. study the client’s current processes • Recommendations were compiled and systems through reviewing existing into function-specific implementation documentation and conducting roadmaps with execution interviews to validate and refine the recommendations for realizing the understanding and/or fill gaps as expected cost reduction benefits within required. the next 12 months. • Deloitte then developed an end-to-end automated application incorporating suitability, investment selection, account opening, KYC and funding.
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Value delivered and impact Case 3: Process improvement for auto Value delivered and impact leasing in KSA Current state process Engagement summary Future-state process models models were constructed A leading bank in KSA was facing were designed to reflect the and validated live during increasing complaints related to its auto recommended changes and subject matter expert leasing product and therefore wanted to showcase the efficiency interviews to improve the related processes and and cost savings expected aligns its capabilities with strategic and (e.g. instant approval, organizational goals and objectives integration with government Post-interview, volume and systems, automated cost data were collected Approach workflow for credit approval, and overlaid on the process • The VSIM approach was used to assess etc…) models the as-is situation and design a to-be state. The Deloitte team conducted workshops with key contacts involved in Quick wins related to Pain-points were the processes to capture the as-is status insurance claims and other highlighted and a Lean and mapped 33 processes across 4 admin areas Six Sigma root cause areas. analysis was conducted to • Process bottlenecks, pain-points, identify optimal process dependencies, resourcing, and tasks Clear KPIs were set that can modifications were analyzed to determine root causes. be measured and used to On-premises visits were also made to monitor the auto leasing capture the waste related to movement processes Future state process models at showrooms and branches. were constructed to reflect • A quantitative and qualitative data the recommended changes analysis for complaints and surveys were Enhanced SLAs for all and to showcase the conducted to understand the root cause functions involved in the efficiency and cost savings of the issues and issues in the CRM auto leasing processes, expected system design. which directly impact the • Recommendations were compiled turnaround time of the into function-specific implementation process At the end of the project, roadmaps with execution the client had a repository recommendations for realizing the of process models for expected cost reduction benefits within Implementation plan to continuous improvement the next 18 months. support the bank in the deployment of automation, specifically related to loan Identified new cost savings simulation and application ~50% for selected processes workflow
Reduced number of customer complaints after three months of the engagement
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Case 4: Mortgage analysis for a Case 5: Finance process analysis Value delivered European bank Engagement summary Engagement summary This client was utilizing process mining Only ca.60% of the process Deloitte was engaged by a large European across the organization, aiming to drive was visible with process Bank to perform a process analysis in operational excellence by creating full mining. Combined process order to identify efficiency and cost savings transparency of as-is processes, but and task mining revealed using Deloitte Digital Discovery. realized that process mining alone does 100% of the process not provide the true end-to-end view Approach required that includes activities outside of The work we performed: core systems. Handling time vs. • After process workshops tasks were throughput time is only split into value add, non-productive, Deloitte supported the client to select a visible with the combination “waste”) and we found that a lot of time process and implement a Digital Discovery of task mining and process was invested in quality assurance of approach (with combined task mining and mining. Average handling submitted mortgage applications process mining). time = ca.3 minutes, average • Established a management cockpit on throughput time = ca.60 process efficiency with cancelation rates, Approach hours re-work efforts on submitted applications, • Digital Discovery was implemented on automation, etc. the invoice bookings process specifically • Re-structured the back-office along newly focusing on invoices that couldn’t Identified ‘ping-pong’ cases developed organization criteria with automatically be booked in the system (cases that go through internal shared services and specialist and needed manual processing on multiple departments and task forces for complex loans applications outside of core systems. reoccur in the work list) to • Changed submission criteria for loan • Key focus areas for the process analysis increase handling time to brokers and applied higher quality were: workflows/activities causing the ca.7 minutes and average standards vs. internal re-work within the most manual effort, process quality throughput time to ca.96 mortgage bank issues, throughput time vs. processing hours • Retrospective data analysis before/after time, communication time, automation applied changes with the process mining opportunities. tool (one time) Identified automation opportunities to transfer Value delivered data between SAP windows and attaching notes to Confirmed headcount invoices reduction of around 25% which was invested in the growing business
Auto approval rate went up to 68%
The count of re-work activities in front- and back- office could be reduced by ca. 50%
24 Deloitte | Process analysis
Case 6: POC implementation of finance Case 7: Automation implementation in Value delivered and impact process for a major bank in Jordan procurement in KSA Engagement summary Engagement summary 40% productivity uplift, ca.80 The client is the leading banking firm in Deloitte was engaged to review and FTE activity automated Jordan with operations across the Middle analyze the end-to-end procurement East region. operation (using process mining) to improve case handling productivity by 50 robots executing over In its endeavor to be leaner and more 20% or above to address the existing case 25,000 operational requests efficient, the client was looking at reducing backlog and meet regulatory requirements. per week across 10 sub- the manual effort involved in its payroll processes at 30% FTE cost process by using a process-mining The productivity increase was required approach to implement automation as a to be designed and implemented as proof-of-concept. The process included operations continued with no material 2 of top 5 quality failures working with Outlook and its core banking impact on quality or customer outcomes eliminated software. Approach Approach • Deloitte reviewed and baselined 24/7 operational • Deloitte focused on conducting a process operational and process performance of production deep-dive to capture the keystroke-level the end-to-end procurement process details of each and every step taken by • Appraised quality issues causing the payroll team. significant rework and resulting in Ability to scale up and down • The as-is process was then documented inefficiencies robots to deal with future and analyzed to identify the potential • Identified improvement opportunities to demand areas for redesign to ensure automation aid overall efficiency and pinpointed key • After the process analysis was finalized, activities for potential automation using the to-be processes were defined and a robotics process automation software • Designed, built and tested a proof-of- Value delivered concept prior to wider roll-out Given the 24x7 working capacity of the robot, the initiative helped:
Decrease the processing time by almost 66%
Increase the processing capacity of the team by 225%
25 Deloitte | Process analysis
Acronyms and definitions
Acronym Expansion Definition
SLA Service-Level Agreement A commitment between a service provider and a service user that stipulates particular aspects of the service level such as quality, availability, responsibilities.
CTQ Critical To Quality Standards or requirements that determine customer quality needs from a value perspective.
FTE Full-Time Equivalent A unit that indicates the workload of an employed person in a way that makes workloads or class loads comparable across various contexts.
CSF Critical Success Factor A management term for an element that is necessary for an organization or project to achieve its mission.
SIPOC Suppliers-Input-Process-Output-Customer A high-level flow diagram that displays cross- functional activities in a single, simple diagram. Provides an “at-a-glance” perspective of the process steps incorporating suppliers, inputs, outputs, and customers.
UAT User Acceptance Test A type of testing performed by the end user to verify/ accept the software system before deployment and to determine if the requirements are met.
KPI Key Performance Indicator A measurable value that demonstrates how effectively a company is achieving key business objectives.
E2E End to End End-to-end coverage of a process down to a transaction level.
RPA Robotics Process Automation A form of process automation technology that enables the creation of software robots (bots) to automate any business process.
AI Artificial Intelligence The ability of a machine to simulate intelligent human behavior.
UI User Interface The user interface is the graphical layout of an application.
SME Subject Matter Expert Individuals who are experts in a particular domain.
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Contributors to this publication
Khaled Hilmi Rami Khalaf Justin Watson Marie Joe Bou Said Partner ME Transformation and Partner Director Deloitte Consulting, Dubai Civil Government Leader, Deloitte Consulting, London Deloitte Consulting, [email protected] Abu Dhabi [email protected] Abu Dhabi [email protected] [email protected]
Oscar Hamilton Charbel Noura Rasha Abbas Malak Kalakesh Director Manager Manager Senior Consultant Deloitte Consulting, London Deloitte Consulting, London Deloitte Consulting, Dubai Deloitte Consulting, Dubai [email protected] [email protected] [email protected] [email protected]
Elsalette Van Rensburg Mike Iliescu Yara El Feghali Suzan Shafaamri Manager Consultant Business Analyst Business Analyst Deloitte Consulting, London Deloitte Consulting, London Deloitte Consulting, Dubai Deloitte Consulting, Amman elsalettevanrensburg@deloitte. [email protected] [email protected] [email protected] co.uk
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Sources
1. http://www.capital-banking.com/wp-content/uploads/2018/08/Emerging-Trends-in- Digital-Banking 2. https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/ news+and+events/news/insights/softening-covid-19-impact 3. https://www.euromoney.com/article/b1lhw9gpg70smh/response-and-responsibility- banks-and-the-fight-against-covid-19?copyrightInfo=true 4. https://fintechnews.ae/3567/fintech/digital-banking-middle-east-bahrain-uae/ 5. https://www.finastra.com/sites/default/files/2020-05/market-insights_open-banking- collaboration-survey-2020-report.pdf 6. https://www.ameinfo.com/industry/finance/the-impressive-rise-of-neobanking-in-the-gcc 7. https://www.zawya.com/mena/en/business/story/Customer_experience_to_be_top_GCC_ business_priority_in_2020__SAP-SNG_155923136/ 8. https://www.euromoney.com/article/b1lhw9gpg70smh/response-and-responsibility- banks-and-the-fight-against-covid-19?copyrightInfo=true 9. Accelerating digital transformation in banking/ Findings from the global customer survey on digital banking POV - 2019 10. Recognizing the value of bank branches in a digital world/ Findings from the global digital banking survey
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