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Rapid Action Team Results

Lockbox Set-Up Made Easier with Rapid Action

Financial Services
The Lockbox Operations Department at a major money center bank was not meeting expectations for new business customers. A team representing all lockbox service locations tackled the issue using an innovative team toolkit designed for rapid problem resolution and achieved a 25% reduction in onboarding times for new lockbox customers.

Situation

Service complaints from new business customers triggered a multi-pronged initiative by the EVP of Wholesale Banking to improve Service Level Agreement (SLAs) performance across all product lines. Lockbox Operations was commissioned to launch an SLA improvement project and report on results within 90 days.

Team Engagement Strategy

Eight employees representing all three Lockbox Operations Centers were assembled for a one-day launch meeting (with subsequent action meetings conducted by conference call) supported with Rapid Action, a team engagement toolkit for accelerating results.

Rapid Action Project Charter

How can we simplify and standardize the onboarding process for new lockbox service customers in order to meet service level agreements (SLAs) for set-up time and quality?

Sample of Solutions Implemented

  1. Created a Lockbox Services Set-Up Guide providing standard step-by-step instructions for all locations.
  2. Reviewed and clarified roles and responsibilities of Lockbox Operations team members as well as other business partners involved in lockbox onboarding.
  3. Developed, tested, and installed a New Lockbox Customer Set-Up Checklist to prevent common set-up errors.
  4. Collaborated with the Wholesale Business Sales Team to develop a “Lockbox Quick Tips” reference guide to set accurate expectations with new customers when selling lockbox services.

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Rapid Action's powerful toolkit has helped hundreds of organizations achieve measurable results in less than 60 days while getting their team members engaged in long-term improvements. Download a Rapid Action Project Planner and see where you could be in 60 days!
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