Improving Card Processes
A process-centric organisation is more efficient, and more effective.
IQ’s process improvement intervention applied within a card environment provided a return on investment within two months.
The Business Challenge
Our client had to increase customer satisfaction through improved efficiency in their card environment. It was also necessary to increase the capacity for a higher volume of cards to be processed on a daily basis and in doing so, create an opportunity for the business to increase their card sales without increasing costs.
IQ’s process innovation framework and card experience purpose was to provide a de-centralised user-friendly front-end for new card application capturing at source.
The Solution
A redesigned branch process was crafted and modelled in an end-to-end process flow, re-engineering the entire process, taking into consideration the new system functionality available. IQ played a key role in assisting in front-end design affecting a solution with an intuitive GUI (graphic user interface) design due to the team knowing exactly what the process requirements were, and how technology could support the process. Additional business units were investigated for possible client interfaces for credit card applications. This resulted in a tailored process designed for the call centre and the back-offices based on IQ’s client’s unique business requirements.
Benefits
The improved process increased the capacity for a higher volume of cards to be processed on a daily basis and created an opportunity for the business to increase their card sales without increasing costs. Benefits include:
- Reduction in processing time
- Reduction in the number of FTE (full-time employees)
- Reduction in hand-off time
- Reduction in operating costs
- Reduction in the cost of non-conformance
- Scale economies and improved customer service
- Reduction in cycle time and increase in throughput because of bottleneck alleviation
A calculation was made determining the value of increased revenue due to the client receiving a card within a shorter time, consequentially increasing spend. An average break-even point was confirmed within three months of card issue. Adding this revenue to the cost saving, resulted in a return-on-investment within two months of the project being implemented.
IQ’s client benefited in terms of servicing their customers at a higher level of efficiency and meeting their expectations. Business process innovation from The IQ Business Group provides a highly flexible framework from which clients are able to derive their own unique solutions.