Written by Admin | Oct 11, 2022 7:21:11 AM
The Client
Top 20 regional US Bank
Challenge
- Several challenges in loan closing:
- Delays
- Doc errors leading to rework
- Higher cost
Solution
- Analysed Business Operations
- Deep dive of processes, value stream map, etc. to create solutions and priorities
- Recommended changes and redesigned workflow e.g. Improved load balancing
Execution
- Validation to remove fee errors during “change of circumstances”
- System enhancement to create separate queues
- System validation to ensure that fees are not updated in incorrect fields
Value Delivered
- Significant direct cost saving
- Improved Cost to Funding by 13%
- Days to Fund reduced from 48-55 days to 35-40 days
- Additional savings from new opportunities identified - $1.34 M
- Reduction in errors (which reduced cost to cures from $55- $60 to $12-$17)