Credit Card Application Processing

One of the world’s largest independent credit card issuers has managed loans totaling $100 billion.

Overview

One of the world’s largest independent credit card issuers has managed loans totaling $100 billion.  With operations in North America and Europe, they have grown from a regional credit card issuer to a leading global player.  Last year they received two million new credit card applications.

Business Need

They already knew the dramatic improvements that could be gained from automated data capture technology.  They needed, however, a solution that could provide not only robustness, scalability, security, and auditability the market demands, but also the flexibility to cope with processing volumes that varied significantly on a monthly basis. They needed to cut processing times and costs and increase quality and efficiency, while differentiating themselves from competitors.

BancTec’s Solution

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Application forms are delivered by mail, courier and electronically.

Deliveries arrive into a secure mail processing environment. The documents are scanned and data is captured, classified and added to the appropriate work streams on the same working day.

Operators then check the captured data to ensure minimal errors, followed by a second validation and quality control phase.

Several controls and reporting mechanisms are in place to ensure input from sources are reconciled and relevant data is captured correctly.

A number of reports are also produced daily, weekly, and monthly that provide key statistics.

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The Results

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BancTec now manages typical daily volumes between 10,000 and 15,000 card applications, peaking at 20,000 during key marketing campaigns.

Quality is consistent, at 99 percent or above, with a daily throughput per operator of over 40 forms per hour compared to 12-14 previously, an increase of over 200 percent.

The client can now cope with fluctuating volumes without the overhead of managing staff, equipment and premises.

They have also gained huge efficiencies, cost reduction and improved customer service.

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In the Client’s Words

BancTec’s BPO solutions did just what we needed; it cut costs, improved service and helps us cope with dramatically fluctuating volumes without adding staff of our own.”