CASE STUDIES

Emerging POS Vendor Increases Implementation Capacity and Improves Customer Delivery Timelines

Consolidated Analytics’ Implementation Experts Help POS Provider Meet Growing Customer Adoption Rates and Strict Implementation Timelines by Automating Cumbersome Processes, Minimizing Errors, and Increasing Support

There is a reason for the digital revolution occurring in the mortgage and lending technology space: customers demand fast, easy, and intuitive lending solutions that mirror the customer experiences found in non-financial online shopping. To remain competitive and deliver a digital customer experience, mortgage and lending institutions are modernizing their Point-of-Sales (POS) systems or adopting new ones.

As a result of the high demand for better POS systems, emerging POS providers face implementation constraints related to resources, timelines, and technological expertise. To keep up with demand, the POS provider must choose the best path forward, which may include:

  1. Limiting implementation capacity based on available resources. This option caps the POS provider’s ability to scale with demand and limits profitability.
  2. Adding full-time implementation resources. While adding talent is a great option, it is also associated with higher overhead costs and staffing-related business risks. This approach is most beneficial when the POS provider anticipates stable and consistent growth.
  3. Augmenting staff or hiring a mortgage technology consulting firm for implementation optimization. This enables the POS provider to quickly gain the technology expertise required to improve implementation through automation and to meet increases in product demand without long-term overhead costs. It also enables the POS provider to continue innovating new tools to remain competitive in the tech space.

About the Client

The client is an emerging Point-of-Sale (POS) provider providing customer-facing technology to banks, credit unions, and private lenders offering mortgage products to their customers. The Point-of-Sale System helps lenders deliver a better customer experience by ensuring an expedited, streamlined, and intuitive mortgage application process for borrowers. As a result of the POS provider’s modern tools and capabilities, demand for the product increased rapidly. This demand increased pressure on the POS’s internal implementation team and placed the business at risk for slowing implementation timelines and limited customization capabilities. To accommodate high demand and facilitate a streamlined implementation process, the client engaged Consolidated Analytics’ Consulting & Advisory’s team of system implementation and optimization experts.

 

Solution Highlights

Consolidated Analytics provided Point-of-Sale Implementation Support during a high-volume growth period, whereby the POS providers’ internal implementation team was low on resources and reallocating innovation resources to implementation activities. The client engaged Consolidated Analytics as their exclusive implementation partner over a four-month period, which enabled them to allocate resources on innovation efforts, meet implementation timelines, and strategically hire new permanent resources.

Specifically, the client benefited from the following three consulting & advisory solutions

  • Implementation Roadmapping

The client’s rapid growth required immediate expertise to streamline the point-of-sale system implementation solution to ensure its clients received a timely, efficient implementation process. Consolidated Analytics analyzed the existing system implementation process, including timelines, duplication of tasks, and manual processes, to identify opportunities for automation.

The system analysis identified gaps, unnecessary steps, and risks in the process and mapped out and prioritized a more efficient process based on the findings. The implementation roadmap also quantified the opportunity by identifying the cost per tasks/ cost-savings relating to changes.

  • Implementation Project Development

Consolidated Analytics assigned two expert system consultants to the project and collaborated extensively with the third-party POS provider and its clients to create a new implementation strategy that aligned with the vendor’s best practices and resulted in an effective and accelerated solution with minimal disruption to the client. The solution factored in the interactivity of the POS with commonly used LOS systems; industry, regulatory, and business process risks; staffing and training requirements; and other technology risks. Consolidated Analytics developed a comprehensive project scope, structure, oversight, pre-launch operational risk plan, and change management protocols.

  • Implementation & UAT Testing

Consolidated Analytics supported the end-to-end rollout of the new POS implementation process. Our consultants defined, documented, implemented, and tested new workflow and automation capabilities, system interfacing, reporting, new business rules, and deployment environments. The new implementation approach was tested across various environments and rolled out with process documentation for all new processes, features, and functions related to the POS implementation.

Outcomes

The final solution helped the client minimize reputation risk and financial loss stemming from capacity shortages, extended implementation timelines, and customer satisfaction challenges. Final outcomes included:

  • Clear data related to the risks and opportunities related to the current implementation approach
  • A bottom-up analysis of recommended tasks, prioritizing, and quantifying recommendations
  • Well-documented processes that enabled greater self-service for the POS vendor’s internal staff and its clients
  • Increased customer satisfaction from the vendor’s clients
  • A streamlined and standardized approach to POS implementation
  • Client was able to refocus on innovation and business growth