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 formed a partnership with a women-owned small business, Clarifire, making them the first large commercial bank to invest in a solution that has proven success time and again over the past 12 years. A partnership based in trust that brought disruptive technology and significant change to a long-standing institution steeped in tradition.



Bob Caruso

Bob Caruso — Former High Level Executive at Bank of America

It was 2007 and I was a high level executive at Bank of America. We were struggling with moving beyond our current operational ability to achieve our organization's strategic goals. The team knew we had to think differently and act quickly in the current fiscal climate. In order to survive and flourish we needed to plan appropriately for insourcing, increase throughput and connect all of our teams.

There was a huge buzz about a new product in the industry that was an easy-to-use workflow platform. We had never seen anything like it, the innovation and power was incredible. The team liked the product so much, we decided to implement it immediately. The new product would offer us capabilities to own and control our flows of work and to drive our own change. Business users could makes changes from the front-end of the application, no development time was needed which provided for rapid deployment. This was definitely a new way of gaining impactful corporate performance results while gaining user adoption. Little did Bank of America know at the time that this was the beginning of the era of digital transformation and we were right at the forefront.

 

This is not just about our back office operational successes, it is about a business partnership that flourished. Delivery of an innovative product and a team that brought tremendous results. We, the country's largest banking organization, took a chance on a new product and a small woman-owned business and it was worth it!

- Bob Caruso
Former High Level Executive at Bank of America

 

The CEO and founder, Jane Mason and her team, brought years of expertise in the servicing industry and in particular default. Bank of America had an immediate need to handle more volume, with higher quality and eliminate manual work. The Clarifire team worked tirelessly, side by side, with our teams, gathering current processes and aligning them with CLARIFIRE automation. They taught us how to change the dashboards and the processes, quickly eliminating manual hand offs and voluminous reports.

This is not just about our back office operational successes, it is about a business partnership that flourished. Delivery of an innovative product and a team that brought tremendous results. We, the country's largest banking organization, took a chance on a new product and a small woman owned business and it was worth it!

We met a group of talented subject matter experts providing innovation and transformation unparalelled in the industry. We trusted our instincts and moved forward. My biggest and only regret is that Bank of America did not implement CLARIFIRE throughout the organization back then.





CLARIFIRE is truly "BRIGHTER AUTOMATION®."