Banking Practice Archives - Page 2 of 2

RBC Imaging Operation standard

SITUATION RBC, (TSE:RY), Canada largest Bank and one of world’s largest financial institution moved away from paper and microfilm. RBC the leading Canadian financial institution. RBC employs more than 80,000 full and part-time employees who serve more than 17 million clients RBC is has three division , Banking, Investing and Insurance. At the heart of the imaging operation, there is an imaging technology. IBM warned their customer they will no longer support the current version of “IBM Content Manager”. Consequently, Royal Bank felt compel to upgrade to the new version of Content Manager. The new version was a complete revamp. Executive were suspicious that the new user interface might impact the operation and involve change issues. There was 5% of ...

Senegal Development Implementation – Network standard

SITUATION In Senegal and many other countries, it is difficult for small businesses to obtain financing because they have no reliable financial information. This impacts the overall economy of the country because only established companies, most of them multinational, have the capacity to execute projects. SOLUTION Cognitive provides a Business Banker portal where a three parties: the “Bank”, “Large Enterprise” (LE) and “Small and Medium Enterprise” (SME) share and collaborate on projects. The banks adjudicate the SME and LE relationships where sales over the coming year and limits are established. On an ongoing basis, banks fund invoices and purchase order and collect payments. RESULT The Business Banker Portal is becoming the major source of financing for small business and an ...

RBC Mortgage System standard

SITUATION Adjudicators lose time going over 30 pages on an information systems. This results in increased cognitive load and increased risk. Adjudicators had to take notes of relevant information and search for more detailed explanation across the application and the imaging systems. SOLUTION Understanding the human factors of the decision making task allowed users to capture key information necessary to make a decision and devise a summary that helped them drill down when they need more details. RESULT Incredible simplification that went from 30 pages to a two pages summary. Adjudicators only need one click to drill to detailed information saving, 20% of their time and preventing risk of missing key information. Adjudicators also experienced a reduces risk of “Cognitive ...

Manulife BANK Mortgage Simplification standard

SITUATION 50% of the loan applications had to be resubmitted. Why: sale representatives were omitting documents and explanations, using the wrong rule for income calculation, making entry or calculation errors. During negotiations, they were changing parameters that do not affect risk, such as reducing interest rates or the loan amount. This resulted in resubmission, delay and lower client satisfaction. SOLUTION The human factors study of the end to end process revealed the nature of human errors and necessary corrective actions. It was recommended that guidance be provided as follows: in the short term with Excel and Checklist , and by improving guidance and support to the current mortgage system. RESULT We tested a prototype and found that 50% of all ...