Automated Lockbox processing helps US bank save $1.6Mn with 99.99%

Challenges.

• 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.

• Implemented standardized/ centralized workflow management ‘queues’ 
• Instructor-led & Interactive training with LOB thereby enabling quicker transition of knowledge leading to moving majority of volumes in Retail & Wholesale lockbox within 120 days 
• Remote migration initiated with 29 FTEs. Business rules created in database for all lockbox clients enabled quicker processing and guaranteed turnaround time of 2 hours 
• Resulting in 400+ Retail lockbox customers & 3600+ Wholesale lockbox customers serviced by 150+ FTEs from 2 locations processing 4 Mn Retail items & 2.8 Mn Wholesale items per month 

The Impcat