example of Impact - STRATEGY, DIGITAL & INNOVATION

Digitally transforming a mortgage division

details

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:

w

Several departments involved in processing loans were working in silos with poor communication and quality

u

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

i

Difficult to get accurate loan numbers to management

w

Several departments involved in processing loans were working in silos with poor communication and quality

u

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

i

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.

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neil@coppertreepartners.com