Overview
In order to streamline operations and enhance overall operational efficiency, a US-based super regional bank partnered with Odyss. This initiative aimed to optimize resources for fraud detection, payment and deposit services, and clearance of outstanding transactions while addressing disparate process flows and standard operating procedures (SOPs).
Problem Statement
Disparate process flows and SOPs.
Inefficient resource allocation across departments.
Lack of standardized procedures hindering service delivery efficiency.
Business Goals
Optimize resources for fraud detection, payment, and deposit services.
Streamline processes and SOPs to eliminate inefficiencies.
Enhance service delivery effectiveness through standardized procedures.
Solutions
- Odyss helped the client optimize its service delivery through activity-based standard operating procedures. Unlike traditional one-size-fits-all approaches, this method customized the bank’s SOPs to specific tasks and activities. By aligning SOPs with the unique requirements of each operational activity, the bank streamlined processes, reduced redundancies, and enhanced resource allocation.
- The client utilized Odyss’s AI/ML-powered solution to conduct real-time transaction monitoring, screen watchlists, and perform KYC risk profiling with alert investigation capabilities. This helped the client achieve great results.
- With our universal portal solution, the client further bolstered operational efficiencies and effectiveness. This centralized platform provided a seamless interface for various functions, facilitating smoother workflows and improving overall productivity.
Outcome
Attained a 73% increase in model efficiency through AI/ML-powered solution
Optimized $ recovery on charge-off cases by following up with Fed and other Banks
A backlog of 4000+ cases cleared in two months
Impact
- Odyss AI/ML-powered solution brought about a significant improvement in the
client’s operational efficiency. By enabling real-time transaction monitoring, the
bank was able to detect and address any sort of fraudulent activities while
enhancing the overall security of its financial transactions. This proactive
approach not only minimized financial losses due to fraud but also boosted
customer trust and confidence in the bank’s security measures. - Overall, these solutions led to a remarkable enhancement in workflows. The
bank cleared a backlog of 4000+ cases within two months, demonstrating
substantial improvements in turnaround time. With the help of the centralized
solutions, the client was able to optimize resource utilization, streamline
processes, and leverage advanced technology.
Download the Success Story
Learn how Odyss transformed challenges into success with innovative solutions.