Credit Initiation Re-engineering for Credit Cards Business

Background

Significant increase in applications volume adversely impacted our client's customer service with processing and delivery backlogs, high error rates and low processing service levels.

Methodology

Arete began with an assessment of current processes for initiation along with analysis of key metrics such as volumes, productivity, TAT etc.

AS-IS Analysis key Gaps

• Manual Processing
• Multiple handoffs
• Capacity issues

TO-BE Design

• Increased automation
• Effective use of credit decisioning system
• Higher empowerment
• Process streamline
• Renegotiated vendor contracts

Business Outcomes

Enhanced Efficiency

• 80% increase in processing capacity with lower FTE
• Double productivity from 17 applications to 45 per day

Improved Client Satisfaction

• TAT reduced from more than 8 days to less than 5 days
• Data entry accuracy improved to 99.6% from 75%

Reduced Operating Cost

• Per application processing cost reduced by more than 50%
• Overall processing cost reduced by nearly 50%