Overview
The production of client statements for Fund Linked products created several problems for the Investment Banking division of a major financial firm. Twenty-nine issues surfaced from logged client complaints regarding inaccurate information on 2 percent of statements, causing the bank to lose one client representing an annual loss of $7.1 million. The team benchmarked competitors, replicated a similar solution, established a new-product statement process and standardized the statement data source. Doing so enabled the firm to avoid $850k in expenses related to hiring additional people.