Automating Teller Operations for a Regional Bank
This case study looks at the operation’s department of a financial services organization with focus on automating teller operations for a regional bank.
INDUSTRY: FINANCIAL SERVICES
INDUSTRY APPROPRIATE: ANY INDUSTRY WHERE USER IS INPUTTING DATA INTO MULTIPLE APPLICATIONS AS PART OF PROCESS.
DEPARTMENT: OPERATIONS
Challenge:
The customer’s current teller operations system has no integration with any backend applications. As a result, there is no validation at the Teller Station which opens up risk to the bank should fraudulent or NSF situations arise. In addition, all transactions must be passed to Items Processing for validation and correction. This could be as late as the following day due to timing of receipt of the transaction (end of day) and result on reconcilement items due to crossing days. In addition, as Tellers go in and out of multiple systems to complete a transaction, the customer is left waiting. This is not an optimal client experience. The teller, upon conclusion of the transaction and its return from Items Processing, must then enter a counter-balancing transaction. All of this has caused a risk concern within the organization and ways to mitigate the risk were sought. The bank also wanted the teller to continue to use the Teller Workstation as designed, but have an overlay to pop-up and facilitate the data collection across the process.
Solution:
Odyssey was configured by the Pantheon Team to “listen” for when a teller was using the teller operations system. Upon touching the button for a transaction, Odyssey would present a list of data required to be entered to the end to end transaction. The “Odyssey Button” hovered over the workstation button. Upon entry of the data, Odyssey would then perform the verifications at point of entry previously performed by Items Processing well after the customer had left. As a result, any issues that arise could immediately be addressed by the teller with the customer. This includes validation of credit card, funds in the DDA, etc. This would eliminate the fraudulent credit card or NSF situation. In addition, the customer experience would be improved as the transaction would be performed in a shorter time period. Odyssey would also then perform all of the entries required in the various systems, taking the burden off of the teller, where they could focus on good customer service.
Benefits:
- Savings realized by the process improvement at the Teller Desk alone would provide a seven-month payback on the cost incurred to acquire Odyssey. This is before the time-savings realized in Items Processing and the Reconciliation team is added. This also does not account for other automaton savings to be realized in other parts of the organization by leveraging the Enterprise License and creating automations for their challenges.
- Customer Satisfaction increased due to a quicker and more efficient teller window experience.
- The bank virtually eliminated the risk to fraudulent credit card transactions or NSF DDA (checking) account situations.
- The teller’s job satisfaction increases as they can now focus on customer satisfaction and doing higher level duties than multi-entry of data.
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