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
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- 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