The client, a top-20 bank, was struggling to keep up with fraud and dispute volumes while working within an infrastructure optimized for manual processing. Our challenge was to work within a structure with limited status and data to find opportunities for automation.
Because the bank was looking for outside experience to challenge existing processes and identify areas that could be automated to provide the most value, it relied on our extensive client-side experience to quickly understand the bank’s processes and identify actions that could be automated to increase recovery and reduce staffing costs.
We conducted a targeted assessment to identify and prioritize opportunities and constraints, homing in on the repeatable manual processes that consumed agent time and slowed the time to process chargeback claims. Collaborating with the client, we confirmed the value (based on headcount and recovery impact), and then sequenced efforts to maximize value capture.
We delivered an action roadmap for both short-and long-term enhancements, and then moved into defining the new process automation.
We worked alongside internal teams to gather process automation (BOT) requirements for the internal development team to execute. This effort resulted in a shortened development time and allowed the client to focus internal resources on the highest value processes.
Our work ultimately shortened development time and helped the client focus resources on highest-value processes. Our effort resulted in the bank’s ability to quickly reduce an initial backlog of 25,000 claims to less than 5,000 – with a projection to eliminate the entire backlog within weeks.
We supported client growth through automation, eliminating work from operations staff and reducing headcount needs. The bank experienced reduced processing times (and compliance and SLA targets) through elimination of the backlogged claims.
We increased the client’s recovery of over $1 million because claims are processed more quickly and within SLAs. Ultimately, the BOT saved the client $1.5 million in annual headcount savings.