example of Impact - STRATEGY, DIGITAL & INNOVATION
Digitally transforming a mortgage divisiondetails
Client background and situation:
Financial services company - mortgage division
Financial services company - mortgage division
Severe backlog of loans that was creating negative publicity in the news and internal challenges
Severe backlog of loans that was creating negative publicity in the news and internal challenges
THe past
Prior approach & challenges:
Several departments involved in processing loans were working in silos with poor communication and quality
Employees were only trained on their specific part of the process with no awareness of the end-to-end
High attrition and low morale in the teams
Difficult to get accurate loan numbers to management
Several departments involved in processing loans were working in silos with poor communication and quality
Employees were only trained on their specific part of the process with no awareness of the end-to-end
High attrition and low morale in the teams
Difficult to get accurate loan numbers to management
solutions
Coppertree Partners approach:
innovative new design
Created dedicated pods to process loans end-to-end which eliminated need for various departments – each individual was cross-trained to be able to work on any part of the process
digitized processes
Wherever feasible took out manual processes and pushed for digitization such as scanning paper documents and providing online tracking of status
implemented new design
Established a “roll in approach” with new volumes going to pods and then progressively phased out the legacy departments
tracked progress
Put in place key performance indicators such as cycle time and reporting to management
Impact:
- 25% reduction in cycle time
- 20% cost savings with much higher team morale and lower attrition
Additional insights and takeaways
Silo busting is extremely important within an organization. By creating an end-to-end pod employees had visibility into the entire process and vested interest in all the steps. They no longer worked within the limited walls of their department with incentives to just throw work over to other areas regardless of quality in order to meet their own volume metrics. They were able to get trained in unfamiliar areas and feel more empowered. Reimagining an entirely new structure was a huge benefit here as simply improving the existing departments would not have fixed the underlying issues.
Get In Touch
917-727-6345