The Bank wanted to remain competitive in the Lockbox services area, but was facing multiple challenges including inability to offer competitive pricing, meet guaranteed turnaround time and inconsistent quality of service. Failing to meet the guaranteed service levels meant the Bank had to pay penalties to its clients for not meeting the service levels. Among the several initiatives to improve the efficiency of this process, the Bank decided to go in for outsourcing this process to a third party vendor. SLK Global was selected as a partner of choice to help the Bank address the challenges.

Functions such as scanning of all the checks was handled in-house by the Bank and all cases of check exceptions, adjustments and reconciliation were outsourced to SLK Global.

Key aspects of the approach included:

	SLK Global started handling 100% of the Bank’s Lockbox volume in less than 4 months
	Cross training among agents to handle volume spikes
	Processes running redundant at two of SLK Global's delivery centers
	Process successfully transitioned remotely
	Staggered work-shifts to ensure overlap with the Bank's operational team

	The Bank could offer market-competitive pricing because of reduced overall cost of transaction
	The Bank is now successful in meeting the guaranteed service levels for its 200+ lockbox customers
	The Bank was able to convert its fixed costs into variable costs because of transitional/ unit pricing
	SLK Global's 24x7 support ensures that the Bank is able to handle daily and seasonal volume spikes
	The partnership with SLK Global has helped the Bank expand its lockbox services customer base and remain competitive