Situation

Requests from third parties (including Mortgage Companies, CPAs, Housing Assistance Agencies, Commercial Business Credit Departments, etc.) for verification of customer accounts were log-jammed due to a lack of consistent response procedures, ineffective use of existing technology, and overall coordination problems.

Team Engagement Strategy

As part of a bank-wide continuous improvement initiative, an improvement team of Account Ratings staff and representatives from Compliance and the Telephone Banking Center were equipped with Rapid Action, an “all in one” team engagement toolkit for accelerating results.

Rapid Action Project Charter

How can we streamline the process for responding to third party requests for verification of deposit in order to speed request response times, free-up hours for other Department activities, and reduce overall stress associated with these requests?

Sample of Solutions Implemented

1. Documented the standard process for reviewing verification of deposit requests, ensured proper use of required forms, prioritized based on urgency, and clarified process roles and responsibilities within the Department.
2. Developed a job aide and training package to educate Telephone Banking customer service reps on verification of deposit requests: the purpose; how to manage different types of requests; and, how to qualify each request before routing to the Account Ratings Department.
3. Upgraded equipment for sending secure responses to bank customers and authorized third party requesters, virtually eliminating the need to mail information unless specifically requested.
4. Developed an expedited service option for third party requesters willing to pay a premium fee for same-day response.