As an integral part of the bank’s pit crew, Genpact was tasked with transforming the credit process and achieving three goals:
- Develop a blueprint for a target operating model for the credit decision team
- Reduce time to decision and standardize the application-to-decision process
- Improve productivity of the credit team
This eight-week transformation project began with a credit process diagnostic. We reviewed the value stream from the time the application was submitted until the time the decision was communicated to dealers. Then we implemented solutions that streamlined every point in the process.
Operating model redesign
- Consolidated credit function with new organization structure and clear division of duties
- Created a new centralized queue management procedure for allocating and managing work
Auto credit decision enhancements
Enhanced credit decision scorecards by adding new parameters and refreshing existing ones to reflect employment, home ownership, age, balloon payment, and more.
Process simplification and optimization
- Identified non-value-added activities and designed standard credit assessment process
- Created operating rhythm and metric measurement frameworks
- Designed dealer training and coaching programs for high-volume dealers
- Initiated dealer feedback and net promoter score surveys
- Redesigned dealer portal for ease of use