Driving to six sigma (99.9986%) accuracy levels in retail & wholesale lockbox processing

The Client

Top 20 Commercial Bank offering retail & wholesale lockbox services

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

  • Coforge implemented standardized/ centralized workflow management ‘queues’
  • Suggested start with 29 FTEs, with remote transition

Execution

  • Coforge took over the complete back-office lockbox operations
  • 125+ FTEs from 2 Coforge locations
  • 20 million items per month
  • 300+ Bank lockbox customers
  • Took on 100% of the lockbox volumes in 4 months

Value Delivered

  • Improved quality levels
      • From 4.7 to 5.74 sigma at Coforge (99.9986%) in Retail lockbox
      • From 4.0 to 5.62 Sigma at Coforge (99.9979%) in Wholesale lockbox
  • Met guaranteed turn time (15 min to 2 hours)
  • Bank’s fixed costs converted to variable costs; daily & seasonal volume fluctuations handled
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