The bank had a credit processing department responsible for accessing data provided by the three major credit reporting agencies. The success of the business depended on quickly and accurately assessing the creditworthiness of these potential clients.
Improving The Credit Processing System At A Top-3 National Bank
- Finance
- , Enterprise
- , Process Improvement
The Challenge
Our client was feeling overwhelmed by the whole startup journey — and receiving a lot of conflicting advice. She was unsure how to develop her product, and how she was going to build, monetize and manage it all in addition to her existing duties as a speaker, educator, wife, and mother.The Solution
Our consultant met with various stakeholders along the data processing chain, from data analysts all the way up to the Department SVP. We laid out a plan to map relevant processes, identify weaknesses in the data flow, and provide recommendations that would allow the bank to proactively integrate the new data structures from the credit agencies — reducing or eliminating the data mismatch problems they were facing.The Outcome
We identified the areas where the data mapping process was breaking, recommended solutions and additionally recommended certain areas where the bank could insert redundancy into their validation process to catch problems before the system went live with the new data structure. This helped eliminate tens of agent hours per quarter previously spent repetitively fixing the problem and kept the bank’s credit approval process times very fast — differentiating them from their competitors. Having felt overwhelmed and doubtful about her ability to pull this off, the founder is now feeling that this business is very doable and confident about her role. We’re on track with the product development roadmap we created and looking at a beta launch in a few months, with the full product launch due at the beginning of 2024.“Alex was new to the cc industry and quickly got up to speed. He worked onsite and had direct client interaction. Alex has a professional attitude and asked appropriate and challenging questions about the work streams he is involved with. He is able to take input from different stake holders and use that to adapt the project plan to make the end product more robust, adaptable and usable as well as complete the project on time. “
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