New Loan Request project developed and moved into production in 16 weeks
A leading provider of financial services to credit unions vision is to be a trusted business partner who delivers service excellence and customer-focused, best in-class products and market driven innovation. They provide administration and investment services to more than 8,000 retirement plans and more than 400,000 participants nationwide.
(+) Business Need
The existing Loan Request process was paper-based. Managers had difficulties tracking the status of individual loans and the Loan Specialists were engaged prematurely even as key decision information was not yet available. The business required improved work distribution, status tracking, automated follow-up, and management visibility. Integration with systems that manage plan and participant data as well as electronic images of application forms were further requirements.
(+) Solution
EmeriConEXPRESS
They engaged us for the development and production deployment of multiple process
projects supporting their Retirement Services business area using IBM’s Business Process Management software and our iterative EmeriConEXPRESS methodology. The project to implement the Loan Request process delivered important solutions to the business, including:
- Assuring that all facets of the Loan Request application are complete before assigning the task to a Loan Specialist for processing and indicates with automated emails if application is not completed.
- Providing process participants and customer service resources with automatic milestone information (received, assigned, in-process, submitted, completed or on-hold) including reasons for holds.
- Initiating Loan Requests received in the mail or through the company portal.
- Monitoring and measuring capabilities available to the process participants, e.g. total number of loan requests in queue, item in due date order, status since request left my queue, and list of tasks by predetermined priority
(+) Results
The Loan Request project eliminated a high-volume, paper-based process and provided efficiencies in scanning and archiving of the supporting documents. It was developed using the iterative approach and moved into production in 16 weeks. The benefits included:
- Improved productivity by ensuring that key information is available before assigning skilled Loan Specialists.
- Improved work management and reduced processing times through automated follow-up activities and the monitoring of associated tasks.
- Automated distribution of work based on a variety of business rules.
- Enforced 4-eyes principle, ensuring required quality checks to reduce fraud liabilities and errors.
- Higher levels of client satisfaction through prompt and accurate communications, as wells as work lists that make sure all loan requests are visible and tracked by SLAs.
- Foundation for continuous improvements including the merging of processes for recently acquired businesses
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