The bank was concerned by recent regulatory compliance findings related to SCRA, and realized their existing processes left them at great financial risk – especially given the federal government’s zero tolerance policy.
Team Engagement Strategy
A team of five employees and two co-leaders was assembled and equipped with Rapid Action, a toolkit for small problem solving teams.
Rapid Action Project Charter
How can we improve, standardize and streamline SCRA procedures in order to ensure regulatory compliance and boost process efficiency?
Sample of Solutions Implemented
- Created an automated script which determined eligibility of SCRA protection and automatically populated key documentation which processed more data in less time, freeing up hours to better serve SCRA customers.
- Updated existing letters and eliminated redundant and outdated ones which provided clarity to SCRA borrowers and enhanced customer transparency and understanding.
- Created a dedicated SCRA email address and published SCRA specific FAQs on the bank’s website to serve as an internal and external resource and help borrowers feel more knowledgeable.