Bank of Montreal Bolsters Statement Processing with StreamWeaver
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Facing increasing volumes in its monthly credit card reports, the Bank of Montreal aimed to streamline and speed its processing without sacrificing service.
The Challenges
Reduce Delivery Time
The BMO offers a credit card service, which provides corporate clients paper reports detailing account-level transactions. Processing these reports was manual and complex: The Bank’s legacy data processing systems produced the reports in two separate print streams and in two separate locations. The Bank needed a solution that would decrease delays and complexity.
Keep Up With Growth
After years of consistent growth in its corporate credit card service, the BMO's manual processing approach was unable to keep up with increasing volumes. The Bank was now processing more than 125,000 corporate credit card reports, taking nearly four employees more than a week to match, assemble and mail the monthly reports by hand. BMO needed a solution that would support the Bank's growth by increasing its capacity to absorb new business.
Maintain Customer Satisfaction
The Bank of Montreal has long been widely respected for its commitment to superior customer service, and the Bank didn't want to sacrifice that level of service while working to improve its processing. A new solution needed to be implemented in a timely and cost-effective — in terms of money and IT resources — manner.
The Solution
Print Stream Engineering
Our StreamWeaver® solution was used to allow the Bank to identify and merge their two document streams while in digital form in the print stream. This enables the Bank to create a single print stream — which can be printed at a single location — and then assemble the statements using high-speed and highly-automated inserting systems.
The Benefits
Cost-Effective Implementation
Less than two months after initial programming work began, StreamWeaver was installed and operating as expected. Not only did this implementation save time and money, it also meant that key IT resources were freed from a much longer and difficult — not to mention static — "mainframe" solution. Furthermore, the Bank estimates that it has avoided more than $1.2 million in annual postage, material and labor costs, and the StreamWeaver solution began paying for itself in under two months.
Motivated & Productive Workforce
Instead of requiring a week or more of manual handling, all corporate credit card statements are now easily processed within two or three days. This improvement has lead to a more motivated and productive workforce. The solution has also improved integrity: Before, instances of misassembled statements occurred — particularly when employees were fatigued or rushing. Now, all work is verified as accurate via the use of automated processing and barcoding.
Satisfied Customers
Customers are benefiting too. Statements are now received earlier each month and include an additional page to provide customers a summary and a clearly-defined address block to ensure optimum automated processing. The barcoding capability also enables the Bank to segment statement charges according to department, which makes it easier for customers to review the statement.
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