New Lockbox Solution is Win-Win
How one bank reduced labor costs 25% and expanded its industry-leading capabilities
Industry:
Banking and Financial
Volume:
15,000 / day across 400 lockboxes
Processing:
Lockbox processing of complex financial transactions from individuals and businesses
"What I think really stood out was Mavro's ability to build a complete solution in a timely fashion to meet our particular needs."
Production Manager
The Challenge:
Their lockbox processing system was aging and an expensive software update was required. The bank needed to automate the manual procedures they were using, while maintaining the flexibility and customization opportunities that manual processes allowed.
Our Solution:
The new lockbox system provides complete MavBridge™ One-Touch Processing. Handling every transaction type, it enables data extraction and validation with simplified processing of exceptions. This functionality eliminated the previous cumbersome and error-prone paper-based procedures.
Applying complex business rules to complicated transactions such as mortgages with multiple allocations eliminated paper processes. Increasing automation has helped significantly reduce costs and increase customer access and customer satisfaction, while adding the efficiency needed for growth.
-
Achieved 25% Cost Reduction Goal
Using extensive performance monitoring and reporting capabilities built into the system, the bank can evaluate operator performance and expects further improvements. -
Customers like Connect™ Web Portal
The convenience of quickly accessing reports and researching transactions from any web browser is a real time-saver that customers appreciate. -
Best Return Processing Bar None
Mavro developed a Consolidated Return Module providing the most efficient returns capability of any institution in the industry. -
Positioned for Future Growth
The ease of adding new jobs, ability to process more with less labor and efficient handling of complex transactions mean increased scalability.