WYTH Financial

Revenue: $222.43M
Size: 300 Employees

Neal Oswald COO of WYTH Financial:

StereoLOGIC Immediate Task Mining for better Client & Employee Experience.

Overview:

As Canada’s leader in digital-first banking, Concentra Bank (now known as Wyth Financial) focuses on creating a seamless digital banking experience for its customers. To support this vision, the company needed to streamline processing of client applications performed by the back-office.

Within two months of deploying StereoLOGIC Task Mining, Wyth identified numerous opportunities to accelerate back-office processing. Now, Wyth Financial, “the Bank that Does,” envisions even more rapid client service through continued use of StereoLOGIC Task Mining.

Challenge:

Wyth needed to gain a clear understanding of employee processes and uncover the reasons for delayed service that were adversely impacting customer experiences.

Each time a new banking client is onboarded, or an existing client requests a new product, a back-office process is started. Each back-office process is performed by multiple employees using numerous IT systems, tools and processes. Delays typically occur during handoffs from one employee to another or due to lack of documentation from the client. An internal analysis revealed poor documentation occurred in 20% of the processes reviewed.

Wyth needed an easy way to analyze employee processes, measure processing time and diagnose the root cause of delays so an automated solution could be created.

Solution:

With StereoLOGIC the bank quickly identified where client services could be accelerated through automation or by redesigning employee work processes.

Wyth’s previous COO and his team selected StereoLOGIC, a pioneer of automated Task Mining software. Unlike most solutions offering simple analysis of system database logs, StereoLOGIC provides diagnostics of employees’ keystroke-level interactions with the company’s IT systems, producing accurate documentation of processes and pinpointing where they stall or fail.

StereoLOGIC’s report for Wyth included real-time screenshots of employees’ desktops, time spent in each activity, statistics about client interactions, process scenarios and their outcomes, and other data points along the client service journey.

StereoLOGIC utilizes Wyth’s dashboarding tool, enabling the company to monitor how long the client onboarding process takes end-to-end, where it breaks, and whether the failure is caused by human errors or back-office system failures.

StereoLOGIC Task Mining helped Wyth understand employee processes, identify problems in servicing clients and evaluate which problems could be solved by automation and which required adjustments to employee work processes.

Results:

In the first two months of using StereoLOGIC’s system, the organization accomplished impressive results by identifying numerous opportunities for automation and reducing the process analysis and diagnostics time from 12 to 4 weeks, per process.

Wyth Financial continues to find ways to streamline the client onboarding process using StereoLOGIC.

“StereoLOGIC took less time to diagnose and present solutions than it would have taken a business analyst to assess the problem. It only took a couple of use cases to reduce our learning curve,” said Kelly Sanheim, VP of Digital Servicing and Operational Excellence for Wyth. “As we automate more processes, we remove friction in our processes, which creates capacity for our employees and improves our speed of service and the overall experience with our clients.”