Process Excellence With AI in Financial Services
Guest Article: Prabhjot Singh, CEO, Pyze
Ulysses Partners works closely with selected best-in-class companies, to bring our clients technology solutions that add measurable value to their bottom line. One of the most interesting firms that we have come across is Pyze, who specializes in AI-driven analysis of operational processes with their low-code process intelligence solutions. Pyze enables organizations to rapidly take a snapshot of any operational process in real time (what has been described as “an MRI of any business process). Their solutions have been applied to a myriad of industries, including Financial Services, with measurable success.
Access to real-time process data empowers companies to pinpoint bottlenecks and opportunities for improvement, all based on live workflows. Using observational and real data encourages true experimentation: hypothesis creation and testing. This kind of insight, backed by real-time information, is beneficial for incremental innovation and ultimately creates powerful support for meeting the business's key objectives. Moreover, the data collected is invaluable for training and developing closed AI systems, enabling them to generate hyperspecific insights quickly. And it is no more relevant than today.
In the face of an increasingly complex digital landscape, organizations are turning to intelligent process analysis to optimize their operations. This approach, coined as Process Intelligence, goes beyond traditional process discovery by integrating data from various sources, not just the system under review. The resulting augmented dataset allows for a comprehensive analysis of user activities at each process juncture, providing a holistic view of processes across multiple platforms or applications.
Combining Process Intelligence with the power of AI, Pyze has used this model to help Financial Services companies gain efficiencies and spot opportunities with the following powerful results:
1 - Customer Due Diligence | Fortune 1000 Bank
Isolated 20,000 hours of savings in the new product and origination workflows
Identified 250,000 hours of annual savings by generating data to automate manual tasks using the Pyze AI platform- potentially saving the organization USD 10 million
2 - Fraud Optimisation | Fortune 500 Global Bank
Discovered business rules to automate 8.4% of over 2 million fraud cases processed monthly and identified 15% productivity savings in time to process each case
$2.65M in year one technology and people cost savings for Fraud Processing with potential for more with continuous improvement loop
3 - Lending Optimization | Global 2000 Bank
The AI Platform discovered improvements that reduced cycle time by 27% by identifying automation and process re-engineering opportunities.
$3M in cost savings for RESL (Real Estate Secured Lending) Processing with potential for additional savings with continuous improvement monitoring
4 Retail Center Transformation | Top 5 Canadian Bank
AI Platform identified 20,000+ hours of productivity savings in new product sales, isolating the root cause of excessive rework and poorly designed workflows.
Discovered over $3M in lost productivity due to poor digital experiences and identified root causes across backend, front-end, and third-party systems
The partnership between Ulysses Partners and Pyze represents a significant advancement in operational efficiency and process optimization. By utilizing Pyze's AI-driven automation and low-code Process Intelligence, businesses can gain essential insights into their workflows, allowing for real-time analysis, continuous improvement, and incremental innovation. The results achieved in the Financial Services sector illustrate the profound impact of these technologies, showcasing dramatic savings in time and costs while enhancing overall productivity.
Would you like to know more about how Ulysses Partners and Pyze can help your organization? Click here to set up a 20-minute conversation with our team.
Best regards,
President and CEO
Pyze