40% savings, 99% accuracy in processes for a leading regional bank through outsourcing

The Client

Leading Top 20 U.S. Regional Bank

Challenge

  • Client wanted to improve service levels, manage costs and increase process efficiency
  • Challenges across business lines:
  • Processing backlogs in Check Services
  • Quality issues in Mortgage Loan Closing
  • Error in processing lock-box

Solution

  • Re-engineered processes and recommended system automation
  • Multi-phase, multi-location plan for outsourcing resulting from SmarTrans Assessment

Execution

  • Shadow resourcing/ cross training methodology
  • Multiple six sigma projects for continuous process improvements
  • Performance dashboards for constant monitoring and communication

Value Delivered

  • Cumulative savings of $75 million over a 5 year period (40% of onshore cost)
  • Integrated IT & BPO solutions, continuous process improvements
  • Quality score above 99% for most of the processes
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