Check fraud of ~$45MN prevented for a Top 40 U.S. Bank in 1 year while maintaining 5/5 Customer Satisfaction scores
Overview.
A regional Top 40 U.S. Bank with nearly $85B in assets with core operations that span in 11 states primarily in the Western and Southwestern United States. Coforge is serving this client since 2013.
A leading regional banking client of Coforge BPS faced an $8 million annual loss due to counterfeit checks, lacking comprehensive fraud detection capabilities. With 50,000 daily checks, only 40% of alerts could be processed promptly.
Challenges:
Legacy tool limitations
Legacy tool limitations
High volume of alerts
Escalations for bank verification
Solution.
Recognizing the urgency to address these challenges, Coforge embarked on a process re-engineering initiative. The key components of the solution included:
A strategic approach was adopted to prioritize critical queues, ensuring that high-risk alerts were addressed promptly
Employees were trained across multiple functions to enhance efficiency and speed in fraud detection and verification processes.
Leveraging the global footprint the team was able to reduce TAT by starting much earlier in the day vs. the onshore team.
The Coforge BPS team designed a lean based processing approach to reduce escalations for bank verification by 15%.
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