The Client
U.S. Top 20 Retail/Commercial Bank
Challenge
- Errors in monitoring participation loans due to loan specific variations
- Inconsistent notice documents - difficult to interpret instructions
- Processing volume variations up to 300% at month & quarter end
Solution & Execution
- Streamlined the process by migrating from database to Core application
- Simplified the process by highlighting required fields for keying in while reading through the notice
- Exception cases are recorded in the knowledgebase & used as training material
- Developed specific training methodology for the agents and SMEs to provide floor support / clarifications
- Manage fluctuation in volume by cross training resources and staffing model
- Improved process workflow and notice tracking system resulting reduction in exception transactions
- Independent quality team assigned to monitor quality
- Improved accuracy due to highlighting required fields for keying in while reading through the notice
- Improved turn time due to staffing model
Value Delivered
- Annualized savings for Bank ~$500K - 80% reduction in exception transactions (from 12% to 3%)
- Improved quality from 90% to 99%
- Improved turn time for month end volumes from 120 hours to 48 hours i.e., 5 days to 2 days.
- Managing 300% Volume Fluctuations by cross trained and Overtime
