SLK Global, a business transformation solutions provider for the U.S. banking, mortgage, title and other financial services industries, recently launched its proprietary SmarTrans business transformation model, which is said to improve clients' business processes.
As per a company press release, the SmarTrans framework includes a proprietary array of methodologies, templates, checklists, processes and technologies to enable SLK to deliver three times the business value to its clients.
What's more, the framework is customizable to meet specific requirements of clients.
‘SmarTrans has been piloted over the past six months, undergoing continuous improvement and refinement with selected engagements,’ says Alok Datta, chief operating officer for SLK Global. ‘After meeting or exceeding expectations in every testing phase, we felt it was time to officially announce this development and make it available to all of our customers.’
Datta noted that the mortgage industry is at a critical juncture, dealing with reduced profitability due to increased compliance costs and reduced volume. SmarTrans was developed as a "force multiplier" to maximize business resources and improve processes while reducing costly mistakes in mortgage, banking, payment processing and other financial services verticals, the company claims.
‘Using SmarTrans, we have been able to reduce defects from around five percent to less than one percent in a consistent and controlled manner,’ Datta says. ‘One way this is accomplished is through SmarTrans' ability to dramatically increase sampling in areas like loan quality control without additional cost, resulting in tremendous improvements in process quality, reduced repurchase exposure and greater compliance with regulatory requirements.
‘In addition, we have reduced typical lead times for several of the processes that we manage from five days to less than one day,’ he adds.
With the SmarTrans model, SLK Global is also able to redefine the start-up process of engaging an outsource partner by simplifying the steps and accelerating implementation to minimize clients' investments.
‘Setting up operating teams to manage these kinds of improvements would typically cost our clients about 50 percent more than with SmarTrans,’ says Ramachandran Ariyur, senior vice president, who heads the global sales and marketing effort for SLK. ‘With the innovations of the SmarTrans model, they will be able to manage this process reliably, far more quickly, and at nearly half the expense. Leveraging SmarTrans, our clients are able to significantly increase sales, improve customer satisfaction and enhance retention.’