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Our client, an $8B credit union, requested our guidance to strengthen the operational and regulatory frameworks supporting its payment channels and processes—e.g., electronic funds transfer, mobile payments, CDs/IRAs and decedent processes. The client sought insights on everything from operational efficiency and staffing standards to regulatory controls, digitization and technology enhancements.
We used our customized Rapid Process Improvement (RPI) framework to perform a broad review of strategies, workflows, technology usage, roles and responsibilities, and time allocation, among other assessments.
We identified and prioritized almost 100 problematic issues and provided recommendations, including estimates of effort required and projected post-implementation impact. Based on our time study data, we also made staffing suggestions. As a prerequisite to enhancing digital capabilities and accelerating payments, we recommended the client enhance its anti-fraud capabilities to mitigate risks. Finally, we offered suggestions related to artificial intelligence and business intelligence reporting.