Lloyds TSB will automate 40% of back-office work by 2009 to cut processing time for new accounts across its retail and wholesale divisions, after a pilot project reduced turnaround times from 28 days to 8 days.
The bank plans to reduce the amount of manual work carried out by its 5,000 administration staff who check and verify applications for loans, credit cards and mortgages against several different databases by using business process management software from DSTI.
The deployment is part of Lloyds TSB's Group Manufacturing Program, which aims to reduce the number of repeated tasks across the business, The software from DSTI automates mundane tasks, allowing staff to cope with a higher volume of work.
The company has now gone live with the software in its estate settlements division, which handles the transfer of funds to family members when an account holder dies, and where turning around decisions fast is especially important.
"Ensuring back-office processes were carried out in a consistent way across our divisions, reducing error rates and turning around applications faster were the main drivers," said Ian Thompson, managing director of group operational services at Lloyds TSB. "Some of our business processes were disconnected and we wanted to raise our quality of service above our peers."
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