Streamlining Credit Card Transactions
The Challenge: Streamline Credit Card Transactions
One of the largest and most established banks in Australia, one of the 50 largest banks in the world, had a vision of becoming a global financial services company. Achieving this would require strategies that deliver strong returns for shareholders and superior offerings for customers. The bank desired to diversify its income streams through broader product offerings and by implementing more efficient internal processes. Technology, it was thought, could be utilized to improve internal processes and reduce costs. One target area was the overhead involved in processing merchant credit card transactions, which are received at the bank's branches via mail and the telephone. The bank decided to reduce the number of staff and the time it took to process these transactions.