Automated Lockbox processing helps US bank save $1.6Mn with 99.99%
Overview
Our client, one of the top 20 U.S. Retail/ Commercial Bank faced several challenges with pricing, missed deadlines, inconsistent service quality, and processing errors leading to penalties for customers. The objective was to address these complex business challenges and achieve significant improvements in terms of efficiency and accuracy.
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
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