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