Leading Canadian Bank Banking & Financial MarketsCaseStudy

TransformingEnterpriseRecordsManagement.OneofCanada’stopfivebanksacceleratesitspaceofpaperlessprocessing.

BackgroundInthefinancialservicesindustry,themanagementofrecordsandotherinformationhasanimpactonvirtuallyeverystrategicgoal.Fastaccesstoaccurate,up-to-dateinformationimprovescustomerservice,increasesoperationalefficiencyandhelpsorganizationalleadersmakesound,fact-baseddecisions.

Inanageofincreasedgovernanceandregulatorycontrol,anefficientapproachtorecordsmanagementisalsoessentialformaintainingcomplianceandmanagingrisk.

Inaddition,allofthedailyactivitiesinvolvedinfiling,storing,searchingandretrievingrecordsrepresentasignificantoperationalcostthatmustbecarefullycontrolledtoensurefinancialsuccess.

Thankstothedevelopmentofdigitaltechnology,banksandfinancialservicescompanieshavetheopportunitytobringpowerfulnewefficienciestotheirrecordsmanagementoperations.Butmakingthetransitiontoapaperlesssystemcanbeachallenge,becauseitrequiresnewtechnology,workflowre-engineering,thedevelopmentofdetaileddatastructures,theimplementationofindustrybestpracticesandtheefficientmanagementofrecordsinalloftheirdigitalandphysicalforms.

The ChallengeInahighlycompetitiveindustrythatdemandsasharpfocusoncorecompetencies,mostfinancialservicesorganizationsdonothavethein-housecapabilitiestotransformtheirprocessesandoptimizetheirapproachtorecordsmanagement.Asaresult,manyofthemareturningtooutsideexpertsforassistance.

TakeoneofthetopfivebanksinCanada,forexample.Itservesmorethan11millionclientsandoperatesmorethan1,000retailbranches.It’salsoaninnovativebankwithanaward-winningonlinebankingdivisionandaclearfocusonmakingpaperlessprocessingacornerstoneofitsstrategicplanforthefuture.

Afewyearsago,however,seniorleadersofthebank’sretailoperationsdivisionrealizedtheyneededspecializedexpertisetobringtheirrecordsmanagementoperationsintothedigitalage.

Atthetime,thebankmanagedninerecordsmanagementfacilitiessupportingthesixregionsinitsretailnetwork.Eachregionhaditsownlegacyprocessesandapproach.Alackofstandardizationwasclearlyaproblemintermsofmaximizingefficiencyandimprovingcompliance.

Thescaleoftheoperationwasalsoachallenge,becausethebankhadtomanagemillionsofrecords,themajorityofwhichwerestillinphysicalform.Themanualworkflowsinvolvedinsearching,retrievingandreturningpaper-basedrecords,microfilmandmicrofichecostmillionsofdollarseveryyear.

Toacceleratethebank’sprogresstowardits“paperlessprocessing”goals,seniorleadersdecidedtofindastrategicpartnerwiththeexperience,expertise,technologyandbest-in-classresourcestocompletelytransformitsapproachtorecordsmanagement.

“ We were looking for an outside organization to help us make the transition to paperless processing. Xerox was the strategic partner we needed to achieve our short-term and long-term goals.”

– Senior Vice President, Retail Operations

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Fastercycletimes.Lowercosts.

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Afteracarefulreviewofproposalsfromsomeoftheleadingnamesinrecordsandinformationmanagement,thebankchoseXeroxtodevelopandoperateacenterofexcellenceforrecordsdigitizationandactivemanagement.

The SolutionTocreatethetechnologicalfoundationforthesolution,weintegratedadvancedplatformsforImagingandRecordsManagement.Combinedwithindustrybestpracticesandtheskillsofouron-sitebusinessprocessspecialists,thistechnologyhelpedusprovidestate-of-the-artcapabilitiesforeverythingfromaccessioning,processing,imagingandfilingtosearch,storageandretrieval.

Fromtheverybeginningoftherelationship,amutualcommitmenttoLeanSixSigmatoolsandmethodologies,progressivehumanresourcespoliciesandtheprincipleofcontinuousimprovementhelpedXeroxforgeaneffectivepartnershipwiththebankandacceleratethetransformationprocess.

Wealsousedourexpertiseinchangemanagementtofacilitateasmoothtransitiontothenewoutsourcingsolution.

Duringthefirstyear,thebankalsomadetwochangestoitsregionalrecordsstorageandrequesthandlingmethods.ThesechangesgeneratednewburdensonboththebankandXerox.Totacklethechallenges,thebank,Xeroxandotherbankpartnersjointlydeployedtheirprocessteamstoassesstherootcausesoftheprocessbreakagesandimplementremedialmeasuresreturningservicelevelstocustomerexpectations.Apartnershipapproachtoproblemdetection,assessmentandresolutionhasproveninvaluabletothebankanditsservicepartners.

TheclientsignedthecontractthefirstweekofDecemberandwebegandeliveringservicesthefirstweekofJanuary.Thefullscopeofthesolutionwasphasedincarefullyoveranine-monthperiodtofacilitateasmoothtransitionandminimizetheimpactonthebank’sdailyoperations.

Oncefullyimplemented,thecomprehensiverecordsmanagementsolutionincludedthefollowingkeycomponents:

• Consolidationofninerecordsmanagementfacilitiesintoasinglefacility

• Implementationofstate-of-the-artRecordsManagementtechnology

• Integrationofthenewtechnologywiththebank’ssecurenetworkandcontentmanagementsystem

• Developmentofadetaileddatastructurecoveringallaspectsofrecordsmanagement,includingstandardizedpoliciesforgovernanceandclear-cutrulesforrecordsretentionanddestruction,informationsecurityandprivacy

• Optimizationofapproximately80recordsmanagementworkflows

• Conversionoftheoutdatedboxfilingsystemforactivephysicalrecordstoanefficientopentabfilingsystem

• Multi-modalcaptureofdocumentsdeliveredbyemail,faxandgroundtransportation

• Exactingqualitycontrolprocedures

• Adisciplined,data-drivenapproachtomanagementdesignedtodelivermeasurableresults

• On-sitemanagementofateamof170businessprocessspecialistsinrecordsmanagement,imagingandservicedelivery

The ResultsXeroxproductivecollaborationwiththebankhelpedto:

• Improvethemanagementofmorethan26milliondigitalandphysicalrecords

• Speedupcycletimesforthefulfillmentofthousandsofdailyrequestsforrecords-basedinformation

• Reducecostsbymorethan20%

• Expeditesearchandretrievalwithadvancedtechnologyandstreamlinedworkprocesses

• Improvecustomerserviceandsatisfaction

• Increasethespeedandeffectivenessofdecision-makingbyprovidingbetteraccesstocriticalinformation

• Improvegovernance,complianceandriskmanagementbyprovidingasafe,securechainofcustodyforbothdigitalandpaperdocuments

• Increaseinformationsecurityandtightenthechainofcustody

• AchieveallofitsServiceLevelAgreement(SLA)goals

• Ensurecontinuousimprovements

• EstablishabenchmarkinRetailOperationsthatcanbeeasilyexpandedtosupportotherorganizationsofthebank

Followingthesuccessfulimplementation,webeganworkingwiththeclienttoengineeradditionalprocessimprovements,maximizetheuseofrules-basedautomationandhelpthebankoptimizeitsenterprise-wideapproachtorecordsmanagement.

Case Study Snapshot

The Challenge

• Multiplerecordsmanagementfacilities• Inconsistentandinefficientprocesses• Outdatedfilingsystemfor

physicalrecords• Lackofsecure,centralizedstoragefor

digitalrecords• Time-consumingsearchandretrieval• Theneedtosupportcorporatestrategies

forpaperlessprocessingandcostreduction

The Solution

• LeanSixSigmaanalysisofcurrentstate• Consolidationofmultipleoperationsinto

asingle,centralizedfacility• Implementationofstate-of-the-art

recordsmanagementandimagingtechnology

• Re-engineeredworkflowsandstandardizedprocesses

• Developmentofadetaileddatastructure

• Opentabfilingsystemforphysicalrecords

• Changemanagementexpertise• Disciplined,data-drivenmanagement• Acommitmenttocontinuous

improvement• On-sitemanagementofmorethan

170businessprocessspecialists

The Results

• Acomprehensivesolutionformanaging26milliondigitalrecordswiththecapacitytohandlefutureneeds

• Fastfulfillmentofthousandsofdailyinformationrequests

• Improvedinformationsecurity,governanceandcompliance

• Increasedcustomerserviceandsatisfaction

• Betteraccesstoinformationfordecision-making

• Reducedcostsbymorethan20%• Astrongfoundationforrecords

managementaddressingbothphysicalanddigitaldocumentsthroughouttheirlifecycle

• Progresstowardthebank’s“paperlessprocessing”goals

• Agrowingstrategicpartnership

The FutureThankstothebank’sfavorablereviewofoureffortstodate,wearenowexploringotheropportunitiestohelpthebanktransformandoptimizekeybusinessprocesses.

“Xeroxtookthetimetounderstandourstrategyandcarefullyanalyzeourproblems,”saidSeniorVicePresidentofRetailOperations.

“Thentheybroughtinbest-of-breedexpertise,technologyandprocessestoturnourretailrecordsmanagementoperationsintoacenterofexcellence.

“Itwasacomplexundertaking,andweencounteredanumberofchallengesalongtheway.Butweworkedtogethertoresolvethem,andthatbuiltahighleveloftrust.Infact,itstrengthenedourrelationship.Asaresult,thedoorisnowopentootheropportunitiesoutsideofrecordsmanagement,becauseweknowthatXeroxwillhelpusgetwherewewanttogo.”

Transformingrecordsmanagement.Improvingcustomerserviceandsatisfaction.

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