Open Banking – Item Processing Integration and Automation

The Challenge


A super regional bank was looking for methods of streamlining its item processing operation, shortening the processing cycles, reducing the overall costs, and decreasing the complexity of the number of constituents involved in the overall process.

The Solution


It was determined that the 75% of the non On Us checks came from 3 major banking institutions. The feasibility of establishing an item processing arrangement directly with these institutions rather than through the Federal Reserve was evaluated inclusive of services and service levels, operating standards, policies, procedures, terms and conditions, technical solutions, integration capability, governance and controls, fraud, fees, and other key aspects of such an important relationship. The decision was made to implement the direct item processing integration between the super regional bank and the 3 major banking institutions. The solution was successfully implemented.

The Benefits


The direct integration and automation of the item processing between the super regional bank and the 3 major US firms significantly reduced the processing cycle times, overall process costs, human error, and an increase in NSF revenue.

Open Banking – Data Integration Between Entities

financial services integration

The Challenge


A bank needed to make its retail customer profile data and bank product and services data available to 3rd party payment provider systems to enable new products and services with the payee partner.

 

The Solution


APIs were developed for the bank for retail customer profile data and bank product and services data access. The payment provider integrated them in their customer application process inclusive of application, approval, and onboarding. The APIs allowed for the ability to read, insert, and update the data.

The Benefits


The bank was able to offer new payment services capabilities to their customers that previously weren’t available in real time with limited error. Customer support for the services was incorporated into the contact center to further enhance the customer experience.

FinTech Software and Data Company M&A

The Challenge


A FinTech software company placed itself on the market for sale. Detailed due diligence was necessary to determine the value, risk, and cost of integrating the firm. If the due diligence process resulted in the acquisition of the Fintech company, the integration had to be executed flawlessly without any adverse customer experience impact.

The Solution


Due diligence was performed on the customers, products and services, financials, information technology, organization and personnel, business and data operations, cybersecurity, compliance, and other critical aspects of the potential target. Merger P&L forecasts, integration roadmaps and timelines, synergies, integration risks and a bid price were developed. The company was acquired and integrated.

The Benefits


Revenues were increased 60% and EBITDA by 30%. A significant customer list was acquired. The geographic footprint and market were significantly expanded in the US nationally and across Europe and Asia. The overall breadth of financial market data content was significantly increased, the software product and managed services portfolio were significantly expanded and the feature/functionality of existing product and services was greatly enhanced. There was zero adverse impact to the customer bases caused by the integration.

Loan Packaging Optimization with RPA

The Challenge


The loan packaging process needed to be shorter with reduced manual human error and rework and at a lower cost to remain competitive in the market and maintain margins. Economic conditions did not support addressed the challenge by simply improving existing processes and hiring more staff and training them better.

The Solution

 

Robotic process automation bots were implemented to perform the tasks summarized below.

 

  • The bot downloaded the loan package and split the documentation by classification type.
  • The bot correctly indexed documents and validated or identified missing documents or information.
  • The bot updates the loan details on the LOS as required such as the order compliance report, flood certificate, fraud report, and loans in the LOS.

The Benefits


The solution resulted in 30% AHT reduction and greater than $3 MM USD of annualized savings

Harnessing Your Customer Data for ROI and Value Add

The Challenge


A US based financial market data provider had grown from $10M in revenue and roughly 30 products into a world-wide $60M revenue firm with over 100 product and services offerings. The company didn’t have an overall view of their customer inclusive of products and services provided, customer experience, operating needs, and sales data; exec management wasn’t able to provide accurate operating reports; and customers were experiencing significant customer service and data quality challenges.

The Solution


A customer profile system was implemented with a 360 view of the customer inclusive of the company’s overall products and services, the customers and their purchased products and services, contract terms, product and services operating and delivery detail, and integration into the customer points of contact (mobile, browser, etc.). Management dashboards were developed, automated intelligent customer operations alerts and next product to sell heuristics were implemented, and data analytics to develop customer retention and sales programs were implemented.

The Benefits


More precise and comprehensive executive management reports allowed for improved decision-making and investment decisions, cross sales by an average of 25% within each customer, customer service satisfaction increased and operating issues reduced, new revenue generating services and products were identified, regulatory compliance issues were mitigated, and company morale improved.

Contact Center Customer Experience

The Challenge


A super regional bank’s customers were complaining about contact center wait times, difficulty getting resolutions to their inquiries that were accurate or timely. Internal lines of business felt that they’re operating personnel were fulfilling the majority of the inquiry resolutions. Executive management felt the contact center was extremely expensive for the service provided and the contact center believed they were being unfairly measured.

The Solution


An end-to-end analysis of 6 months of customer inquiries was performed to understand the contact center services and the customer experience through the lifecycle of an inquiry inclusive of initial call to IVR to customer service rep to the relevant back – office operation to the resolution to the delivery of the resolution to the customer. The analysis measured the duration of each phase, the point at which the resolution occurred, the customer satisfaction, and evaluated the technology solutions, processes, and customer service reps roles and responsibilities. As a result of the analysis, the IVR menus were rewritten, inquiry resolutions were automated and moved earlier in the cycle, functions were automated, the customer service reps roles were redefined, operating dashboards were implemented, and the contact center revenue generation and cost were reevaluated.

The Benefits


Over 50% of the customer inquiries were resolved earlier in the inquiry lifecycle, inquiries making it to the back office for resolution were reduced by 25%, customer satisfaction increased 30%, and product cross sell revenues increased by 6% while the contact center operating cost remained flat.