A regional bank was facing many errors while opening new bank accounts. This resulted in a delay of opening accounts and loss of capital and business. A study was conducted by our team to understand the process of opening accounts.
There were many steps identified which were manual and complex processes, negatively affecting productivity. The employees had to navigate through dozens of screens to create a bank account which resulted in numerous errors and delay. Newer employees required proper training and understanding of the process and this also resulted in increased training costs.
Our team worked with a data analytics software that helped identify processes for automation and acceleration. The solution provided worked at cutting down needless processes which helped in reducing the time taken to open an account. This also resulted in few errors, improved employee productivity, morale and resulted in excellent customer satisfaction with increase in business.