THE SITUATION
The Ask: To define and document the entire end-to-end Account Closing Flow space, discover the root causes of it not being compliant with regulators, and redesign the experience to address those issues .
The Problem Redefined: Since inefficient work arounds and a complex series of manual steps exposed the business to a continued risk of compliance violations, we chose to focus on automating and simplifying the steps involved in a Member Service Representative (MSR) closing a deposit account.
The Goal: To eliminate exposure to regulatory fines and compliance issues, speed up the process, and reduce human error.
THE RESPONSE
Design was given the opportunity to research the problem and define the path forward. But first we had to deal with these major challenges.
__•_Problems with Account Closure was a high profile compliance issue
__•_Involved a complex set of account servicing tools and systems
__•_Lacked documentation or understanding of closing process as a whole
Finding Where Compliance and User Pain Points Align
Conducted CSR Interviews.
Participated in Y-cording sessions.
Service Blueprint Workshop with stakeholders.
Co-Design Workshop
Including partners in Design Thinking process.
Rapid ideation for tactical and strategic enhancements.
Insights and Ideas
__•_When an account is closed, it stays closed.
__•_Automated re-close if circumstances requires the system to reopen a closed account.
__•_Automated re-close if circumstances requires the system to reopen a closed account.
__•_All actions necessary to close an account combined into a single close tool.
__•_Added the ability to zero out an account from within the Close Account Tool.
__•_Added the ability to zero out an account from within the Close Account Tool.
__•_Had to issue checks one at a time.
__•_Enabled CSR to issue checks to multiple people from an account that was closing.
__•_Enabled CSR to issue checks to multiple people from an account that was closing.
__•_"Dropdowns are our friends."
__•_Prefilling possible values into dropdown inputs saves time and prevents errors.
__•_Prefilling possible values into dropdown inputs saves time and prevents errors.
Iterating Toward a Final Solution
Led a team collaborative wireframe design session.
Shared progress with cross-discipline stakeholders.
Iterated through increasingly higher fidelity comps.
THE RESULT
Value Delivered Beyond Improved Compliance and Customer Service
__•_$1.5 million call center savings over 3 years
__•_88% decrease in manual process steps
__•_70% decrease in call time
__•_A 30% CSR error rate as been eliminated