Abstract

Growing online services and disruptive technologies forced a global financial institution to review and overhaul their manual processes and undergo a digital transformation. They enlisted ProcessArc, a customer experience architecture firm to examine the firm’s process via a Lean Six Sigma lens. ProcessArc uncovered several pain points, including a heavy reliance on paper applications, unnecessary data collection, and a lengthy review and processing time. Additionally, they reviewed what data is collected, how the data is collected and delivered to the operations teams. They created a more frictionless process, improving the client process by creating a “universal” application, developing a digital application process with business rules, and using predictive modeling in risk ranking. By doing so, ProcessArc reduced the application submission-to-decision time by 20 days, the number of touchpoints by 50%, and the probability of missing forms and critical client data by 90%. Overall, the changes resulted in a $50 million efficiency opportunity.