Limited IT budgets allocated to processing cost reduction had to be targeted at the areas of greatest need.
Service level agreements (SLAs) with offshore vendors had to be based on accurate exception rates and actual costs.
The aim was to foster a culture of process excellence and continuous process improvement in a way that would maximise return on investment (ROI) on minimal outlays.
Our specialists spearheaded a project aimed at reducing exceptions and improving the management of systems
A data model was developed to capture and resolve exceptions across the entire operations department and an analysis of results from the data model highlighted the root causes of exceptions, making it possible to calculate the cost of resolving these issues.
Exceptions were mapped relating to the bank’s current functional model and process dashboards were developed to provide an accurate and detailed overview for senior management.
The analysis of information on exceptions and the root causes helped drive shifts in IT priorities
Cross-functional working groups were established to review the full end-to-end issues and prioritise improvements.
Daily exception results were used to set targets and key performance indicators (KPIs) for offshore vendors.
The project was a resounding success and delivered the required efficiencies on time and within the bank’s limited budget
Our specialists focused on the full end-to-end operations process and unveiled significant opportunities to reduce the bank’s unit processing costs.
By improving the transparency of processes, the project resulted in a significant reduction in the number of errors and exceptions, dramatically improving system capacity at minimal cost.
This paved the way for the business to expand.
An unexpected but welcome result of the project was an overall improvement in the bank’s customer service.
The project was such a success that the bank embarked on a programme of continuous operations process improvements across the entire firm.