Case Studies

Simplii’s Co-Badged Debit Card Initiative

Challenges:

Simplii Financial faced several challenges in its pursuit of introducing a co-badged debit card:

  1. Limited Card Functionality: Simplii’s existing debit card was limited to domestic ATM and POS use, and international ATM transactions via the PLUS network. This restricted cardholders from using their cards for online and international debit transactions.
  2. Revenue Diversification: The bank recognized the need to diversify its revenue streams beyond traditional banking services. The challenge was to identify a strategy that aligns with customer needs while increasing revenue.

Solutions:

To address these challenges, Simplii Financial implemented the following solutions:

  1. Co-Badged Debit Card: The introduction of a co-badged debit card with both Interac and Mastercard features allowed cardholders to retain their existing card functionality while gaining the ability to make debit transactions internationally and online wherever Mastercard is accepted.
  2. Interchange and FX Exchanges: Simplii leveraged the co-badged card to generate revenue through interchange fees on transactions and foreign exchange exchanges when customers used their cards for international transactions.
  3. Enhanced Customer Experience: The bank ensured a seamless customer experience by educating cardholders about the expanded functionality of their cards, including international usage and online shopping.

Results:

The implementation of Simplii’s co-badged debit card initiative yielded significant results:

  1. Revenue Growth: The introduction of interchange fees and foreign exchange exchanges generated a new revenue stream for Simplii Financial, contributing to overall revenue growth.
  2. Enhanced Cardholder Satisfaction: Cardholders welcomed the expanded functionality of their debit cards, leading to increased customer satisfaction and loyalty.
  3. Competitive Advantage: Simplii gained a competitive edge by offering a versatile debit card that could be used both domestically and internationally, distinguishing it from competitors with limited card functionality.

In conclusion, Simplii Financial’s strategic decision to introduce a co-badged debit card featuring both Interac and Mastercard capabilities successfully addressed existing challenges, diversified revenue streams, enhanced customer satisfaction, and positioned the bank as a leader in offering versatile debit card solutions to its clientele. This case study demonstrates how financial institutions can adapt to customer demands and market opportunities to drive growth and innovation.

Migration of COSECO and Co-operators Group Auto and Home Policies to CGIC Systems

Introduction: Kenrite Solutions partnered with COSECO and Co-operators Group to migrate their Auto and Home policies from the outdated AS400 system to the modern CGIC systems, including ECM/CIF, PolicyCenter, and BillingCenter.

Challenges:

  1. Legacy Systems: The existing AS400 system was outdated and lacked the necessary flexibility to adapt to new digital initiatives and strategic changes.
  2. Client Engagement: The existing systems limited the ability to provide an omni-channel experience, hindering client interactions and service quality.
  3. Operational Inefficiencies: Managing policies across multiple systems posed operational challenges and hindered the implementation of key strategic initiatives such as digital channels and new rating models.

Solutions:

  1. Migration to CGIC Systems: Kenrite Solutions facilitated the seamless migration of policies to the modern CGIC systems, including ECM/CIF, PolicyCenter, and BillingCenter, which provided a unified and flexible platform for policy management.
  2. Client-Centric Approach: The project focused on delivering an omni-channel experience to meet clients’ needs and enhance engagement. This included the implementation of digital channels and the introduction of features like Comprehensive Water for Home and Telematics for Auto.
  3. Enhanced Efficiency: The introduction of one industry-leading policy system streamlined operations, enabling the implementation of key strategic initiatives like digital channels and perils-based rating.

Results:

The project yielded significant results:

  1. Enhanced Client Engagement: The adoption of CGIC systems allowed for an omni-channel experience, meeting clients’ needs and improving interactions.
  2. Operational Efficiency: Having all policies on a single system improved operational efficiency, enabling the effective implementation of digital channels and rating by peril.
  3. Competitiveness: COSECO and Co-operators Group gained strategic agility by embracing digital initiatives and rating enhancements, giving them a competitive edge.

In conclusion, Kenrite Solutions successfully addressed the challenges of migrating COSECO and Co-operators Group policies to CGIC systems, resulting in improved client engagement, operational efficiency, and competitiveness in the insurance industry. The project serves as a testament to the effectiveness of modernization initiatives in the financial services sector.

Case Study: Implementing an Online Complaint Form for the Consumer Services Bureau at MSSB

Challenges:

The Consumer Services Bureau at the Marketplace Standards and Services Branch (MSSB) faced several challenges in their mission to modernize their consumer complaint handling processes:

  1. Manual Complaint Handling: The existing process of receiving and tracking consumer complaints was primarily manual, involving written letters, emails, and paper forms. This led to delays and inefficiencies in processing complaints.
  2. Accessibility: The Bureau needed to ensure that the new online complaint form was easily accessible to the general public through the Ministry’s website, which required web development and design expertise.
  3. User-Friendly Design: The online form needed to be intuitive and user-friendly to enable consumers to complete it quickly and accurately. Ensuring that users could print the form for their records added complexity to the design.

Solutions:

To address these challenges, the Consumer Services Bureau and MSSB implemented the following solutions:

  1. Online Complaint Form: A user-friendly online complaint form was developed and integrated into the Ministry’s website, enabling consumers to easily access and complete the form online.
  2. User Experience Design: The online form was designed with a focus on user experience (UX) to ensure clarity and ease of use, allowing consumers to complete it intuitively.
  3. Secure Email Handling: Complaints were sent electronically to an MSSB email address, with the Co-ordinator responsible for retrieving, processing, and assigning them to Consumer Services Officers securely.

Results:

The implementation of the online complaint form yielded significant results:

  1. Efficiency Gains: The transition from manual complaint handling to an online system improved efficiency, reducing processing times and manual data entry.
  2. Enhanced User Experience: The user-friendly design of the form improved the consumer experience, resulting in fewer errors and more accurate complaints.
  3. Immediate Confirmation: Real-time confirmation messages provided consumers with immediate feedback, increasing their confidence in the system.

Overall, the implementation of the online complaint form aligned with MSSB’s goal of providing efficient and accessible services to the public, marking a significant step towards modernizing their consumer complaint handling processes and enhancing public trust.

Top of Form

Implementing Convenience Cheque Processing for Bank of Montreal (BMO) on TS2

Challenges:

Bank of Montreal (BMO) faced several challenges while transitioning from their in-house platform to TSYS for Retail and Corporate processing, including the acquisition of the Diners North American portfolio. These challenges included:

  1. Legacy System Migration: Transitioning from in-house platforms to TS2 Consumer and TS2 Commercial for processing required a seamless migration of data and processes.
  2. Integration Complexity: Integrating various systems, including those from the acquired Diners portfolio, introduced complexity to the project, including accounts in both Canada and the US.
  3. End-to-End Process Setup: The existing end-to-end processes at BMO were not configured to support the new portfolios, necessitating significant setup and configuration changes.

Solutions:

To address these challenges, the project team implemented the following solutions:

  1. Migration Strategy: A comprehensive migration strategy was developed to ensure a smooth transition from the legacy systems to TS2 Consumer and TS2 Commercial. This included data migration and process alignment.
  2. Integration Planning: A detailed integration plan was created to address the complexities of integrating multiple systems from the Diners portfolio and accommodating accounts in both Canada and the US.
  3. End-to-End Process Setup: The project included the setup required for BMO to process convenience cheques on TS2 Consumer and Commercial, with clear processes established for incoming and outgoing transactions.

Results:

The implementation of Convenience Cheque Processing for BMO on TS2 resulted in significant positive outcomes:

  1. Successful Migration: The migration from in-house platforms to TS2 Consumer and Commercial was executed seamlessly, ensuring data integrity and process alignment.
  2. Efficient Integration: Complex integration challenges were overcome, enabling the smooth inclusion of the Diners portfolio and support for accounts in both Canada and the US.
  3. Streamlined Processes: End-to-end processes were set up to efficiently handle incoming and outgoing convenience cheque transactions, improving operational efficiency.

The project’s successful implementation allowed BMO to seamlessly transition to TS2 for Convenience Cheque Processing, paving the way for efficient and standardized operations across their retail and corporate portfolios.