1 Customer
- Top 20 Commercial Bank offering retail & wholesale lockbox services
2 Business Situation
- Bank’s inability to offer competitive pricing in lockbox
- Could not meet guaranteed deadlines; inconsistent quality of service
- Processing errors meant penalty payments to customers
3 Solutioning
- SLK implemented standardized/ centralized workflow management ‘queues’
- Suggested start with 29 FTEs, with remote transition
4 Execution
- SLK took over the complete back-office lockbox operations
- 125+ FTEs from 2 SLK locations
- 20 million items per month
- 300+ Bank lockbox customers
- Took on 100% of the lockbox volumes in 4 months
5 Value Delivered
Improved quality levels
- From 4.7 to 5.74 sigma at SLK (99.9986%) in Retail lockbox
- From 4.0 to 5.62 Sigma at SLK (99.9979%) in Wholesale lockbox
Met guaranteed turn time (15 min to 2 hours)
Bank’s fixed costs converted to variable costs; daily & seasonal volume fluctuations handled
I wanted to reiterate my appreciation for your team. Great example of SLK’s commitment to go above and beyond to ensure volumes are processed timely and to a high level of quality.
