Banking
A leading US Financial Services institution was in a rapid growth and expansion cycle and looking to continue to expand their business through acquisitions. As part of this strategy, the bank was challenged by tens of thousands of banking enrollment requests each month in tandem with integrating disparate systems.
The existing enrollment system was primarily manual and had multiple redirections and form factors that required data entry into legacy systems.
Exigen applied an IT 2.0 Business Solutions for Operational Innovation and Post Merger Integration to transform and automate the client's enrollment business processes across both organizations and all channels.
Results
- Expanded the bank's online enrollment, accelerating it by 75%
- Improved operations efficiency by reducing processing time and allocating resources better, which resulted in over 35% savings
- Reduced enrollment processing time from eight days to two
- Eliminated the movement of hardcopy loan folders from processors and underwriters
- Eliminated all paper generated in the enrollment process
Following, are some of the IT 2.0 ingredients used to deliver these results:
Contract - a Performance Based contract structured to focus on improvements to operating metrics
- Improved efficiency of processing and lowered turnaround times of banking enrollments
- Created significant operating cost reductions and integrated disparate systems
- Met all compliance requirements
Methodologies
- A Value Assessment was employed to identify the opportunities for operational innovation and post merger integration with enhanced efficiencies
- Business Process Optimization was applied to the paper-based systems, manual processes and enrollment process to design an integrated paperless system
Technology
- Exigen Process Backbone has rules and workflow definitions for regulatory compliance and operational efficiencies in banking
Delivery
- A combination of offshore/onshore capabilities
- Provisioned and operated in-house by client's IT organization
