PROFITABILITY ON THE RISE

Bank Increases Profitability with Elixir Customer Correspondence Management

Introduction
This leading U.S.-based bank provides consumer and commercial finance services, insurance, investments, and mortgages to 70 million customers and one in three U.S. households with approximately 266,000 team members in 36 countries.

The Challenge
Customers wanted to access documents online. At the same time, regulatory policies required that the bank offer print, as well as on-demand archives.  Over time, the bank had implemented systems to serve these output channels, but the processes to generate the documents were completely separate. A third party archived records, while the bank handled online access. Separate systems required the bank to maintain duplicate versions of content, data, and graphics. Due to the lack of integration, there was no easy way to link online and printed documents.

The Solution
The bank wanted a single system that could serve print, online, and archived documents from a centralized platform. Adopting an integrated solution would reduce costs by allowing customers to choose online over print, provide audit information to track or re-create different versions, and eliminate costs and reliance on a third-party vendor, all while complying with financial regulations.

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Results

Eliminated Vendor Costs with Integrated Multi-Channel
Print and digital document versions generated simultaneously from same resources and content. Archival is now simply an output process that the bank manages as part of its multi-channel workflow.  They have complete access, control, and visibility into the archive system with no additional costs.

Reduced Printing Costs 25% with Integrated Multi-Channel
Customers log into their portal and access documents online or choose printed versions. Documents generated online at customer request are excluded from the print process, eliminating time, paper, and postage costs.

Previous Document Versions in One Click
On demand generation for all documents for as long as the business requires – the last 7 years or longer. Templates, data, and content are versioned and stored centrally. Previous document versions are reproduced on demand when required. There is no need to store fully-composed documents.

Approval Process Guaranteed
Role-based approval provides control over production process. Customer documents follow an established approval process, which can adjust dynamically based on events in the workflow. Approval permissions are assigned based on roles. Approvers may have different authorities, such as proof approval versus the ability to release a document to production.

Content Silos Eliminated
Integrated platform houses content in single location.  Centralized content management shares 8,000 resources across 500 design templates, reusing content as needed.

500,000+ Statements Daily & Counting
Elixir solution generates over a half million documents every 24 hours. The scalability of the system allows the bank to take on new business with the confidence that it will always meet delivery windows and provide accurate and compliant documents.

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