Streamlining Depository Services: 50% Cost Reduction for client in Depository Services Adjustments Requests
Overview.
A leading global financial institution, a Top 20 U.S. Bank, faced challenges in managing its depository services adjustments process. The manual, time-consuming procedures led to inefficiencies and delays. Coforge partnered with the client to implement an innovative solution, significantly improving response times and operational efficiency.
The client's depository services adjustments process which consisted of customer requests for dispute cases for research & adjustments was hindered by manual operations, leading to slow response times and inefficiencies. This affected customer satisfaction and operational effectiveness.
Some challenges they faced:
210 correspondence/ print templates leading to errors
Customer dissatisfaction due to 48+ hours turn time
Solution.
Coforge implemented a comprehensive solution to automate and streamline the adjustments process
A process reengineering assessment to streamline processes
Better queue management by creating specific queues for different tasks
Reduction of templates from 210 to 10
Automated selection of template to reduce errors
Correspondence generation completely automated for non-complex cases
The Impact.
50% reduction In staffing resource costs
Processing time reduced From 48 hours to 24 hours
Reduction in templates (210 to 10) Reduced errors in processing
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