Reducing paperwork and increasing time with customers
When HomeStreet Bank wanted to streamline its commission reporting process, we helped reduce paperwork and increase time with customers.
From personal home loans to commercial banking, HomeStreet Bank helps families and businesses achieve their financial goals. After expanding to over 90 locations from the West Coast to Hawaii, HomeStreet looked to standardize and streamline its internal commission process.
Without a centralized program to track commission plans, the company’s executives were manually reporting their work using over 200 customized templates. Sorting through this hodgepodge of submissions ate up excessive amounts of time, pushing the company’s objectives and audits behind schedule.
HomeStreet connected with us to help create a standardized program that could reduce the number of report forms to under 20. Doing so would cut down on confusion and unnecessary paperwork, allowing the bank’s employees more freedom to focus on their clients.
A tailor-fit fix
Addressing HomeStreet’s desire for a custom solution, we introduced the company’s stakeholders and executives to an Agile development process to help deliver a more versatile system. Though they were accustomed to waterfall’s sequential methodology, they soon picked up – and came to prefer – Agile’s iterative approach, which allowed early views of the application and an ability to provide feedback.
From there, we began custom-building a commissions reporting system for the company. Rather than having to work around a pre-packaged, “off-the-shelf” option, the loan officers received a program tailor-fit to their specific needs. Thanks to the bank’s flexibility and frequent communication, the new system was up and running in under six months.
Banking on success
Moving from manual commissions tracking and reporting to a brand-new, customized system created multiple benefits for HomeStreet:
Improved commissions plan visibility across the company
Availability of new metrics due to centralized system
Automated month-end commission calculations
Standards met for internal and external audits
Ability to export information for financial analytics
As Joel Forman, our solution architect throughout the project, explained: “This project exemplifies Slalom’s ability to execute its local and national model, providing HomeStreet with local onsite resources backed by a remote development team. This led to the execution of a transformational application development process in a matter of months.”
Once the new system was in place, we continued working with HomeStreet to ensure everyone was efficiently – and confidently – brought on board. The end result: the bank’s employees now spend less time wrapped in red tape, and more time wrapping up successful contracts for their clients!
“Slalom was not an order taker, they were a true partner. They quickly gained deep understanding of the business problem we were trying to solve and then challenged our thinking about the solution. The result was an end product that is highly utilized and has satisfied all of our initial objectives.”