Case Study

Booking review cycle time slashed by 33 days for a global commercial finance firm

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Client:
Global commercial finance firm

Industry:
Banking and financial services

Business need:
High audit to dispute resolution time and reporting delays

Genpact solution:
Automated booking review tool, streamlined workflow tool, escalation matrix, and dashboards

Business impact:

  • Reduced cycle time for booking review
  • Increased productivity and process standardization
  • Greater accuracy of booking review audit

One of the world’s leading commercial finance firms was experiencing a high booking audit to dispute resolution time (63 days) that was causing significant business reporting delays and inaccurate audit results.

Business challenge

  • Existing process included a manual review of up to 1,200 fields for each booked deal
  • 50% of audit time was spent navigating the lending software system to reconcile it with the credit agreement
  • High dispute resolution time: 31 days out of 63- day cycle were spent in dispute form initiation, dispute resolution, and form closure
  • Audit assignment delays by review managers due to volume dumps or reviewer absences
  • Significant hold times existed due to missing documentation and exception classification

Genpact automated the booking audit process and streamlined the workflow tool to establish better reporting processes

  • A booking review automation tool was introduced that provided:
    • New user interface with required data on single screen, streamlining system navigation
    • Enhanced auto population of fields
    • Automated reconciliation of reviewer input with the lending software
  • A streamlined version of the workflow tool was used to reduce wait time at various stages:
    • Work flow for booking to dispute resolution was simplified, eliminating the need to create multiple forms
    • Implementation of a new tracking mechanism and escalation policy
  • Better reporting routines were established:
    • Dashboards were designed to report daily statuses, increasing transparency and reducing delays
    • An escalation matrix was created to clearly define timelines for all steps—review work flow submission, actual review, exception classification, and dispute resolution—and automatically notify of delays

Business impact

  • Genpact team created a process that enabled errors to be found sooner, reducing the audit to dispute resolution cycle time from 63 to 30 days
  • The reduced cycle time created a productivity gain of 1.5 full-time employees
  • Processes were standardized and lending software omission defects were eliminated, increasing the booking review audit accuracy

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