The Client
U.S. Top 20 Retail/ Commercial Bank
Challenge
- Bank’s inability to offer competitive pricing in lockbox
- Could not meet guaranteed deadlines; inconsistent quality of service
- Processing errors meant penalty payments to customers
Solution & Execution
- Implemented standardized/ centralized workflow management ‘queues’
- Instructor-led & Interactive training with LOB thereby enabling quicker transition of knowledge leading to moving majority of volumes in Retail & Wholesale lockbox within 120 days
- Remote migration initiated with 29 FTEs.Business rules created in database for all lockbox clients enabled quicker processing and guaranteed turn around time of 2 hours
- Resulting in 400+ Retail lockbox customers & 3600+ Wholesale lockbox customers serviced by 150+ FTEs from 2 locations processing 4 Mn Retail items & 2.8 Mn Wholesale items per month
Value Delivered
- Benefits Passed on:
- LOB saved annualized $1.6Mn by outsourcing
- Team onsite headcount reduction (40 FTEs):
- 2020: 68 FTEs -> 2021: 53 FTEs
2022: 41 FTEs -> 2023: 28 FTEs
- Improved quality levels:
- From 4.7 to 6 sigma (99.9989%) in Retail lockbox
- From 4.0 to 6 Sigma (99.9998%) in Wholesale lockbox
- At overall lockbox level perspective improvement from 16 DPM in 2006 to 3.4 DPM currently
