Revolutionizing Participation Loan Management: 80% Exception Reduction for Top 20 US Bank
Overview.
A leading US retail/commercial bank faced significant challenges in managing participation loans, resulting in high error rates, and processing inefficiencies. Coforge partnered with the client to implement a comprehensive solution that streamlined processes, improved accuracy, and managed volume fluctuations effectively.
Challenges.
The bank struggled with monitoring participation loans due to loan-specific variations and inconsistent documentation.
Key business challenges:
High error rates in loan monitoring
Inconsistent and difficult-to-interpret notice documents
Extreme volume fluctuations (up to 300%) at month and quarter-end
Inefficient processing leading to extended turnaround times
Solution.
Coforge implemented a multi-faceted solution to address the client's challenges.
Key highlights of Coforge's solution:
Migrated from database to Core application for streamlined processing
Simplified notice interpretation by highlighting key fields
Developed a knowledge base for exception cases and training
Implemented cross-training and flexible staffing model
Improved process workflow and notice tracking system
Established an independent quality monitoring team
The Impact.
80% reduction in exception transactions (from 12% to 3%) 90% to 99% Improvement in Quality metrics From 5 days to 2 days reduction In turnaround time for month-end volumes $500K annualized savings For just this process for the Bank
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