We were contracted by a large financial institution with a task to improve the efficiency of their lockbox operation. Specifically, to improve kill rates, improve the efficiency of personnel and equipment without adding any additional hardware.
The result is the foundation of today’s version of PayData. Since this successful implementation of our solution, we have rolled it out to the industry and continue to add additional features and improvements in accordance with our strict development charter.
They were suffering from:
- Expensive product provider updates
- Poor image quality
- Low kill rates
- Low Car/Lar rates
- The costly and mundane task of pulling and average 7,000 exception items per day due to poor image quality
- Out-sorting during scanning items that they knew would have an image quality problem and scanning on another scanner
- Manual handing/shuffling of paper throughout all the cubicles
- Lost documents (in cubicles and other areas) sometimes going back for months
- Poor image quality being delivered to end-users
- Manual handling of Post Office sorting errors
- Difficulty in meeting SLA criteria
- Inaccurate Change of Address detection
- Awkward staging operation between in-process and post process databases
- Excessive latency between scanning and completion
- Manual processing of paper-based exceptions
- Excessive need of onsite and off shore personnel and physical space to process their transactions.
- Obsolete infrastructure and expensive to maintain equipment like Citrix for off-shore keying
- Multiple obsolete Databases and Programs
- Low OCR read-rates
- MICR lines not read
- A work-around to detect duplicates involving a dedicated scanner type
- Cubicles filled with staff shuffling paper in the processing of exceptions
- Incomplete and awkward monitoring of equipment, operation and personnel activity
- Little or non-existent audit information of equipment, personnel, and transaction information
Our solution resolved all the issues above, reduced the staff, cut operating cost, eliminated equipment, eliminated obsolete databases, eliminated the need to install software on workstations and greatly improved the efficiency of the entire operation.
Now with PayData, the client operates an efficient and low stress operation with 10 OPEX Eagles and 84 OPEX 36/7200s over two sites.