70% reduction in audit time at 50% lower cost in loan modifications QC for a US Bank

Challenges.

The key business challenges encountered by the client included:

• Manual & Time-Consuming Audits: Highly manual audit processes led to extended review times, impacting dispute resolution efficiency and error validation.
• Limited Sample Size: Rising operational costs restricted the bank from increasing the audit sample size beyond 60%, potentially overlooking crucial errors.
• Inconsistent Reporting & Analysis: Lack of standardized reporting tools hindered insightful analysis and the generation of meaningful reports.

Solution.

Coforge implemented Copasys®, a centralized and automated Quality Control (QC) platform, to streamline the bank's loan audit process:

• Automated Data Upload: Copasys® seamlessly integrates with source systems, eliminating manual data entry and associated errors through automated data mapping and upload.
• Automated Rule Engine: We configured over 30 automated rules within Copasys®, achieving a remarkable 70% automation rate in audit tasks, significantly reducing manual workload.
• Streamlined Remediation Workflow: An inbuilt remediation workflow facilitates efficient review of exceptions by audit agents, allowing them to take necessary actions promptly.
• Advanced Reporting & Analytics: Integration with Power BI empowers the creation of comprehensive reports and facilitates in-depth data analysis for informed decision-making.
• Comprehensive Data Coverage: Automated rules ensure 100% data coverage, minimizing the risk of missed discrepancies.

The Impact.

• TAT reduced by 50% in the verification process from 14 hours to 7 hours.
• ~USD 45M of potential fraud detected from over 2,200 alerts in Yrs. 2022, and over USD 100M with 10,000 alerts over last 4 years.
• Preferred partner for customer delivery value for last 10 years, rated 5/5 on a C-SAT survey.