Process Mapping & Analysis in Retail Bank Operations

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With healthcare reimbursement becoming tighter and patients expecting more from their providers, hospitals and other health systems are seeking ways to change processes and become more efficient.

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Developing an Integrated Fraud Claim System in a Multi-National Banking Firm

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Client: A top three U.S. bank holding company with over 80 operations centers in North America
Industry: Financial Services
Service: Voice of the Customer, 3P (Product, Process, and Preparation), IT System requirements definition

Challenge:

Design a combined fraud/forgery claim system
Identify and create a standard workflow for an integrated check and electronic fraud claim process
Identify and document system requirements for an integrated claims process
Identify opportunities for a reduction in cycle time in the claims process

Solutions:

Merge existing but disparate fraud and forgery detection processes into a comprehensive workflow while maintaining tight regulatory requirements
Develop robust business requirements to drive technology acquisition

Results:

Reduced resource requirements and associated costs by $1.7 million per year

The processing of fraud and forgery claims for electronic and paper transactions on checking and savings accounts are governed by federal regulations, and any error in processing of these claims can result in a financial loss. Based on the consolidation of the retail operational sites, the Fraud/Forgery units realized that they had two distinct processes that were fundamentally the same. The Retail Operations management team was given approval to purchase a new fraud review system, but realized they first had to understand how to incorporate both processes into one system.

Guidon Performance Solutions utilized improvement methodologies to assist Retail Operations in achieving their goals. As a first step in the process, the consultants created detailed current state process maps for all the processes related to fraud and forgery claims for both electronic and paper transactions.

The second step was to conduct two facilitated improvement sessions to develop a future state these processes. The goals of the sessions were:

Identify and create a standard workflow for an integrated check and electronic fraud claim process
Identify and document system requirements for an integrated claims process
Identify opportunities for a reduction in cycle time in the claims process

During the sessions, the team utilized various tools and techniques such as:

Process mapping
Data collection and statistical analysis
Time studies
Value added process analysis
Routing standardization
Failure Mode Effects Analysis
Spaghetti charts
Others as needed

An impact/difficulty matrix was completed on the solutions developed during brainstorming. Based on the matrix, the team was able to identify which solutions to incorporate into the future state design, which included business requirements, system requirements, and standard processes for an integrated fraud claim environment.

As a result, the team accomplished all the established goals and was able to give to the software vendor detailed business and system requirements for designing the final system build. One of the participants stated “This is the first time we have ever been able to completely understand and define our business requirements before purchasing a new system.”