Bank of America Consumer Lending Division Implements eMASON Clarifire® Application to Automate End-to-End Business Processes
Bank of America Reduces Cost of Business by Automating Workflow and Managing by Exception
CLEARWATER, Fla., Nov. 6 -- eMASON, Inc., announced today that eMASON and Bank of America Consumer Lending have automated workflow processes and communications with vendors - achieving dramatic results. Within 30 days of implementing the eMASON Clarifire® application, 3,600 Bank of America internal and external users have: reduced paper, phone calls and emails by more than 90%; increased end-to-end process efficiency; and realized a 25% reduction in the cost of business.
"End-to-end business processes have a high-impact on costs and efficiencies," said Bob Caruso, Senior Vice President, National Servicing Executive, Bank of America. "Through the implementation of the Clarifire application we are now able to automate processes and reduce our costs of doing business throughout the consumer lending division of Bank of America."
The eMASON Clarifire application is a flexible process automation solution that can be used by any organization needing to increase efficiency of workflow. The Clarifire application is made for the business user, providing a one-stop view of all work in a unique web-based dashboard. Business users can easily change workflow and automate communications. This flexibility allowed Bank of America to move beyond the industry standard way of doing business. For example, after using the application for 90 days, the bankruptcy division determined a more efficient way of processing claims. Within a two day period, they were able to fully reorganize process workflows and modify dashboards. The bankruptcy division moved to a functional organization with shared services, enabling the teams to manage by exception.
"Implementing the Clarifire application is a once in a lifetime opportunity for me to experience transformation of our business in real-time," said Randy Chestnut, Senior Vice President, Bank of America First Mortgage Services. "We worked with eMASON to identify processes that could be standardized and automated, so that we could implement workflow-based solutions to how we do business."
Bank of America employees and vendors are using the Clarifire application to manage day-to-day business. Processes that don't require human touch are moved through the workflow automatically. Exceptions trigger events that allow Bank of America to quickly take care of any situation, thus mitigating risk. Gains have been realized in increased efficiency, reduction of paper, reduction of manual communications, reduction of cycle times of doing business, and easier access to critical data. All of this translates to faster response times to customers.
"We are so excited to be working with Bank of America, one of the world's largest financial institutions," said Jane Mason, CEO of eMASON. "Bank of America had the vision that automating banking processes and workflow would increase efficiency and decrease costs. We helped them focus on the processes that have the highest impact on reducing business cycle times and increasing customer satisfaction."
Bank of America and eMASON have formed a Knowledge Exchange Channel to solicit feedback from vendors and business partners on ways to improve business processes and become advocates for process improvements utilizing eMASON's Clarifire application.
About eMASON, Inc.:
eMASON is a software and professional services company, which offers Clarifire®, a web based business process application. Our organization is committed to the vision of putting technology back into the hands of business leaders, and to provide efficiencies that afford clients a way to grow their business. We have a passionate commitment to automate and ignite our client's ability to achieve competitive advantage in their industry. eMASON Inc. is headquartered in Clearwater, FL with a satellite office in Dallas, TX.
For those interested in finding out more about how eMASON's Clarifire® application can automate their operations, please contact
Sharon Bell
eMASON, Inc.
972.352.8698
sharonb@shriverproductions.com
Rosemarie Fama
eMASON, Inc.
(866) 222-3370
rosef@emason.biz
Source: eMASON, Inc.
Web site: http://www.emason.biz/
