CU Employee

Error Resolution

Greetings from Suncoast Credit Union here in Sunny Tampa Florida.  I'm Steven Simpson and am VP Strategy and Innovation.  The purpose of this blog is to seek feedback, opinions and collaboration regarding "error resolution".

A particular regulatory entity :-) is asking us to do a lot of work around CIP and Account Opening.  Our "error rate" was said to be "too high".  Of course no real guidance re: acceptable amount of errors or best practice process is provided.  We've responded by doing two rounds of audits on every new account, we've communicated that errors are not acceptable to the point of creating "stress" in our branch environment and yet we still have errors.  From a Six Sigma perspective, given the number of fields to be input, volume of new memberships, variability in the member themselves, etc. a goal of 100% (beyond 6sigma) is unattainable!  But the questions I'd like to pose is:

1) does anyone track their "error rate" during account opening / CIP?

2) if so, would you share your typical "error rate"? (note that you can email me directly at steven.simpson@suncoastcreditunion.com) and that if I get several responses I'd be happy to anonymize and share with all respondents

3) I'd welcome a discussion re: methods and practice to track and calculate.  We may be our own worse enemy re: definition of what is an error, should we have different levels or types of "errors" and measure them separately to better identify "CIP significant errors", etc.  I also feel that we're doing too much with multiple rounds of audits. 

Thanks in advance for the discussion

E-mail me when people leave their comments –

You need to be a member of Credit Union Data Analytics and Digital Transformation Community to add comments!

Join Credit Union Data Analytics and Digital Transformation Community

Comments

  • Vendor

    Hey Steven!

    I unfortunately can't speak from the CU standpoint (as I'm on the provider side) - but I'll try and speak to this without being too "salesy".

    - We are seeing some CU's build core reporting around error rates for AO and LO applications (through BI/reporting tools who can collect/ingest data from the core and the processing applications themselves. Some of our CU's have engaged with us directly on initiatives to lower error rates as much as physically possible as it - 1; Puts you in non-compliance - and 2; adds a lot of additional man-effort in reviewing and correcting data.

    - I can't speak to typical error rates, sorry!

    Our business process apps (LOS/AOS/Self-Service) now contain a lot of the automation required to eliminate (as best as possible) error rates. (we didn't do much of this until a couple years ago)

    If you have systems that facilitate the following it will help eliminate some of these errors substantially:

    - Scan ID barcodes (eliminate errors on ID and demographic data)

    - A method for 'automating' non face-to-face ID validation (KBA or Cheque deposit etc)

    - Validation on CDD forms

    It's not a very complex process to enforce if you have the tools.. often having those tools is the issue. I can only imagine how difficult it would be to manage onboarding error rates in a system with no field validation and/or no automated or "single click" ID checks. I guess that's the reason people build software for that!

    Best of luck Steve and I'll be watching this thread.

This reply was deleted.

Related Post