Written by Admin | Oct 7, 2022 10:53:21 AM
The Client
Top 20 US retail bank
Challenge
- Faced challenges in quality control checks in the dispute resolution function for the Bankcards line of business
- Manual quality checks needed to be performed on 100% of transactions to ensure that customer disputes were accurately investigated and relevant provisional credits/ appropriate interest charges had been made as per the guidelines
Solution
- Team of 18 dedicated FTEs were aligned to review 22,000 disputed cases per month leading to higher fixed cost
- Calculations needed to be performed on each transaction by referring to multiple applications
- The entire manual QC process was not only time consuming but also led to higher number of human errors
that led to financial losses
Execution
- The Copasys® solution
- Retrieved relevant data fields from source systems and mapped the data fields for automated upload
- Configured rules in the application as per different business scenarios to meet process testing objectives
- Validated and deployed new automated QC solution for dispute resolution process into the bank’s production environment
- Application provided automated results as ‘Pass’ or ‘Fail’ or ‘NA’ as along with the calculations
- Immediate remediation actions further taken on failed transactions by audit agents
Value Delivered
- Reduction of QC review time from 2 hours to 30 seconds The Copasys® algorithm was used to audit 20 transactions
- Improved accuracy in audits
- Reduced QC cost dramatically with automation 18 FTE reduced to 6 FTE