Charter UK have developed a PPI Remediation solution that speeds up the processing of thousands of claims, and helped save one of our larger finance customers an estimated £4 million on their PPI resolution project.
The software solution has been developed specifically to help manage the end to end process of PPI remediation in line with FSA principles and reporting requirements. The product's ability to automate a large proportion of the workload, allowing a lean approach, realises significant savings in resources.
Our client had identified a total of 200,000 potential PPI Remediation claims, and quickly reached the conclusion that the workload and time required to process the cases meant that it could not possibly be dealt with during BAU by the existing complaints and feedback handling department.
Working with customer project teams, their partners and auditors, Charter UK was able to deploy the PPI solution extremely rapidly, making it available to users as a simple browser application. The Charter UK PPI Remediation solution has saved our client time, money and effort in the following key areas:
- The system can automatically create new case and claims for the affected consumer individually or in large batches, applying the correct service level timescales, tasks, actions and priorities. This reduces the burden of responsibility on the agents and enables them to concentrate on customer service and claims processing.
- Inbound and outbound correspondence of all media types is captured or created from templates and everything is saved with the case record, accessible to view at anytime. Increased control of the communications and responses schedule results in improved workload management and higher quality service from agents not overloaded by cases.
- Via simple wizards, the system guides the user through the E2E remediation processes, making sure all factors are dealt with properly and mandatory data is captured correctly, resulting in consistently high quality communications and service from agents.
- Charter Continuum will balance case workload, making sure one team or individual is not over (or under) burdened, intelligent warnings and escalation management features ensure key milestones are met in line with customer service levels and these events automatically recorded.
- Once various stages of the process are complete, the system will automate repetitive and time consuming activities in line with full TCF procedure such as; outbound acknowledgement, rejection confirmation and including payment authorisation (to other systems). The inbuilt processes adhere to FSA compliant recommendations for notification and response times in line with TCF principles.
- The system provides auditing of every transaction and data change
- When it is confirmed that refunds are due, a structured file including all payment details can be exported from the Charter solution and fed directly into the client's cheque production system. Automated cheque production eliminates any delays in which payments can be processed and minimises staff effort and involvement in the process. This function can be replicated for other projects and in this case saved an estimated £2 million.
- Internal performance based metrics and management information is automatically delivered through built in business intelligence tools. The specifically aligned reporting pack also generates a full FSA output report, allowing institutions to comply completely with the openness and transparency requirement.
For this particular project, our client saved an estimated £4 million on the processing of 200,000 PPI Remediation claims. This saving is a combined result of an effective, automated solution, clear and compliant processes plus skilled agents and management, all leading to swift and accurate claim resolution. Click here to download the full Case Study