Customer Success Story Bank of America

PIONEERS OF PROCESS

Bank of America Success Story

Bank of America Success Story



Background Situation


In 2007, Bank of America knew they needed to make an investment to transform their Mortgage Servicing operations in order to gain efficiencies and realize strategic objectives. During an extraordinarily busy time in the default consumer banking and mortgage industry, the bank reviewed and determined technological needs moving forward.



Boris Roginsky — Former Vice President,
Head of Process Design and Technology Innovations at Consumer Real Estate at Bank of America

 


We had a responsibility to service our customers precisely, quickly, and with empathy during times of financial hardship. All of the compliance principles had been followed to design an industry leading product.

We had to rapidly transform our operations with focus on cost, innovation, solid process and enterprise architecture compliant technological and process designs, and make sound architectural and strategic investment into modernization of business and operations.

We needed to focus on modernizing technologies, make sound architectural and strategic investments, while adhering to our enterprise architecture, and cybersecurity principles and guidelines. We needed to create solid business processes with Six Sigma methodology to meet the needs of the industry and our customers' demands.

 

 

We immediately realized efficiencies in process and compliance, and gained a strategic business and technical advantage that was both flexible and expandable.

- Boris Roginsky
Former Vice President, Head of Process Design and Technology Innovations at Consumer Real Estate at Bank of America

 

Charged with strategy on design and implementation of modern technologies for our servicing division at Bank of America, my concerns surrounded our ability to bring the right solution in-house and operationalize the effectiveness it had to offer. In addition, I needed make sure that a comprehensive solution would not only meet or exceed our security protocols but also keep us in compliance with multiple regulations. I needed to allow for sound, compliant, and streamlined business processes. In the evaluation of technological products in the market, one solution stood out — CLARIFIRE®.

Not only was the solution unique in its nature, but it also had sound architectural design which allowed business to control the workflow rules as an administrative function within the business. Along with the solid platform architecture came a flexible business rule engine with multiple controls around data and configurations. The solution included nifty web-based user interface containers with security and data configurations around them. No one else in the industry had this offering. This was truly a solid workflow platform with great offering of compliance, innovation, and growth capabilities for enterprise.

Sitting down with Jane and the Clarifire team, I realized early on that they were there to ensure we were successful from beginning to end of process. From initial requirements gathering through implementation and final deployment, the Clarifire team provided unwavering support. The team developed and implemented training for the internal Bank of America team to help support, understand, and configure internal controls. It was a true partnership with focus on providing the right solution for the customers and the bank. Our teams worked together tirelessly to bring our requirements to a reality.

It was a learning experience for both sides. The CLARIFIRE product was innovative and new and there were a few moments where I wondered if we could really make this happen. I was extremely happy with results we experienced post deployment.

I have dealt with many technology implementations and digital transformation projects to help organizations progress in their capacity to serve customers better, operationalize strategy, and push abilities to meet the modern needs of a large financial institution. As with any implementation, there were some tense, rocky times. I knew we would succeed because subject matter experts and a caring partner surrounded us. I never felt like I was lone wolf out on a limb. The Clarifire team was there every step of the way. We immediately realized efficiencies in process and compliance, and gained a strategic business and technical advantage that was both flexible and expandable.

Working with the team at Clarifire was like having an extension of my technical team onsite at Bank of America. I can only hope to one day work with this team again.





CLARIFIRE is truly "BRIGHTER AUTOMATION®."