Our client
A regional bank in the Central States of the US with 1000 branches in 11 states, it provides consumers with a comprehensive suite of banking, payments, and wealth and risk management products and services.
The challenge
During the pandemic the federal government approved the CARES Act of 2020, which aims to provide aid to citizens due to the economic fall out brought by the pandemic. As a financial institution all stimulus checks will be routed thru direct deposits and they must be ready for the outpour of inquiries and process that will take place. With thousands of account holders whose accounts are the primary recipient of the payments, we saw an opportunity on how we can help our partner streamline distribution and provide forgiveness to those with pending overdraft charges.
Solutions
Process preparedness. Provided a short course for CARES ACT, outlining eligibility, identification of floating deposits submitted by the federal government, as well as follow up correspondence with the IRS.
Back office scrubbing of all account with negative balances before stimulus disbursement. Identified all affected accounts and temporarily reconciled negative balances to give way in full crediting of their stimulus payments.
Track call drivers and customer sentiments for further process improvements that will be adapted on next batches of disbursement.
Results
We work side by side to ensure growth and positive results in the simplest and most effective way possible.
Providing simplified and cost-effective BPO services to real-world scenarios by applying technology, knowledge, and hard work.