Organizations are losing 15-20% of their revenue on a critical differentiator as per the American Society for Quality and they might not even catch it!
Quality control (QC) has become the biggest differentiator for companies across industries.
It is the backbone of any successful business.
A single product recall usually results in millions of dollars in direct and indirect costs... not to mention the lasting damage to a brand's reputation.
In the financial services industry, where customer trust is paramount, the consequence of subpar quality is even more severe.
Effective QC processes are not just for product and service excellence, but also as a safeguard for brand reputation, to mitigate risks, and to drive continuous improvement. However, it is better said than done as many organizations struggle with QC systems.
Challenges in Traditional QC Processes
While the importance of quality control is well-established, many companies struggle with the limitations of traditional QC approaches. These challenges include:
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- Reliance on manual, sampling-based audits: Manual reviewing can result in missed issues and an incomplete understanding of overall quality.
- Lengthy turnaround times for QC testing: The time-consuming process can delay the identification and resolution of quality-related problems.
- Difficulty in creating comprehensive QC frameworks: Designing a quality management system aligned to business and evolving regulations is complicated and resource-intensive.
- Lack of data-driven insights and real-time tracking: Without a data-driven approach to QC, organizations miss out on valuable insights.
- Customer expectation of consistency: Stringent expectation from the customer to deliver consistent and exceed quality metrics in products and services.
Copasys has identified and addressed these challenges by seamlessly integrating with traditional QC processes and taking them to new heights. It basically is a top-up to your existing systems!
Step 1: Preparing for Quality Control
Today, the financial sector is a hot bed for compliance led risks and that’s the reason you can’t have unchecked boxes in your QC process. No wonder an efficient and effective QC platform would be just what we need.
Leveraging the Expertise of Quality Analysts
Traditionally, financial service providers have relied on a robust team of quality analysts to uphold their standards. These quality analysts undergo comprehensive pre-process and process training, receive QA Certification, and are aligned with agents to ensure seamless integration into the QC process.
This extensive preparation includes orientation to QC, reporting, and Management Information Systems (MIS), equipping them with the necessary tools to maintain excellence.
100% Audit Coverage With Copasys
While traditional methods serve well, the advent of innovative tools like Copasys is a game-changer. Copasys offers up to 100% audit coverage - a significant leap from the sampling model, which only reviews a fraction of transactions. You save a considerable amount of effort in training while getting better results. This approach has yielded remarkable results, with a staggering 20x faster test result, propelling us into a new era of efficiency.
Step 2: Quality Management Framework
As we continue to push the boundaries of quality control, we are not just improving processes - we are transforming the way financial service providers approach excellence.
Traditional QC Management
Financial service providers have always relied on a robust quality management framework to ensure the highest standards of service. This framework encompasses a comprehensive process, starting with the identification of fields and parameters to be audited.
Weightages are assigned based on inputs and customer impact, ensuring that the most crucial aspects are prioritized. The final step involves designing the Quality Audit Form and seeking sign-off from the Process Owner, solidifying the framework, and aligning it with the organization's strategic objectives.
Copasys’ Low-code, No-code Offering
The emergence of innovative tools like Copasys shows how all of this can be done in one place. With its low-code, no-code configuration capabilities, the platform comes with pre-defined quality audit forms for financial services, sign-off forms, and much more, all on the Copasys platform. The tool comes pre-configured with over 2,000 ready-to-deploy rules, providing a comprehensive starting point for financial service providers.
Step 3: Compliance and Reporting
Financial service providers have long recognized the importance of a multi-layered approach to quality control. This traditional framework is built upon three distinct lines of defense, each playing a crucial role in maintaining the highest standards of service.
QC across 3 Lines of Defense
The first line of defense lies within the operations team, where quality assurance (QA) measures are implemented to ensure adherence to processes and procedures.
The second line encompasses the dedicated QC and risk management teams, who provide an additional layer of scrutiny and compliance oversight.
Finally, the third line is represented by the internal audit function, which conducts sampling-based reviews to validate the effectiveness of the overall QC system.
90% Error Reduction Using Copasys in Data Entry
Copasys offers a powerful addition to this framework, providing deeper insights and enhanced reporting capabilities. One of the standout features is the ability to drive a 90% reduction in errors during the data entry process. This dramatic improvement in accuracy lays the foundation for more reliable and actionable insights, enabling financial service providers to make better decisions.
Speaking more on inputs in the system, Copasys scans through documents and inputs to ensure automated compliance and quality assurance functions within an organization’s enterprise risk ecosystem.
The tool's integration with PowerBI further enhances reporting capabilities, allowing the creation of customized dashboards and visualizations. These reports provide a granular view of agent-wise and process-wise quality scores, enabling stakeholders to identify areas for improvement and take targeted actions.
Step 4: Continuous Quality Enhancement
Quality control anywhere is not just a one-time exercise - it's an ongoing journey of continuous improvement. Therefore, identifying where and how much improvement is needed becomes a daily exercise within quality control.
Tracking and Improving
This continuous improvement approach is underpinned by a robust governance framework that ensures close-loop feedback, regular process reviews, and the implementation of suggested improvements. By proactively identifying and eradicating outliers, we easily maintain a consistently high level of quality across all aspects of our operations.
Real-time Reporting Powered by Copasys
Copasys' pre-built workflows for remediation and record assignment, and simplified dispute resolution capabilities, ensure that issues are addressed promptly and effectively. The real-time reporting functionality further enhances our ability to monitor performance, identify areas for improvement, and implement corrective actions in a timely manner.
What The Future Holds For Quality Control?
Financial service providers have relied on robust quality management systems, comprehensive audit processes, and a deep commitment to continuous improvement for decades.
These time-tested approaches are the bedrock of our industry. However, the digital age has ushered in a new era of possibilities, and innovative tools like Copasys are transforming the way we approach quality control.
By combining the strengths of traditional methods with the agility and insights offered by these solutions, we are unlocking unprecedented levels of efficiency and accuracy.
Consider the impact of Copasys' features: its ability to drive a 90% reduction in data entry errors, its real-time reporting capabilities, and its data-driven audit modules that enable smart decision-making. These capabilities not just streamline QC processes, but also empower us to identify and address issues proactively, ultimately enhancing the overall quality of our services.
Moreover, the integration of Copasys allows us to transition from a sampling-based approach to a 100% audit coverage model. This paradigm shift ensures that no stone is left unturned, and every transaction is scrutinized with the utmost rigor, further reinforcing our commitment to excellence.
To know more, connect with us at coforgeBPS@coforge.com
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About Coforge.
We are a global digital services and solutions provider, who leverage emerging technologies and deep domain expertise to deliver real-world business impact for our clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries, and partnerships with leading platforms provide us with a distinct perspective. We lead with our product engineering approach and leverage Cloud, Data, Integration, and Automation technologies to transform client businesses into intelligent, high-growth enterprises. Our proprietary platforms power critical business processes across our core verticals. We are located in 21 countries with 26 delivery centers across nine countries.