FDIC-appointed Successor Servicer: $1.7 billion-dollar program

  • Client type

    Bank credit card program placed into FDIC receivership

  • Portfolio size

    $1.7 billion, 220,000 accounts

  • The challenge

    FDIC required a qualified Successor Servicer with a full transition in 60 days

Overview

The FDIC needed a highly-qualified Successor Servicer upon taking over a failed bank’s credit card program. A condition of being awarded the business was that servicing had to be completely transitioned in 60 days.

 

The FDIC specifically chose CardWorks Servicing for the full servicing transfer, even though it wasn’t a backup situation or a portfolio we were familiar with.

The challenge

  • FDIC required a highly-qualified Successor Servicer to take over the failed bank’s credit card program
  • Full servicing transition had to be completed in 60 days
  • We weren’t in a backup servicing role and were unfamiliar with the portfolio or operations

Our solution

Starting from zero familiarity with the portfolio, we moved quickly on several fronts.

  1. 01

    Rapid operational assessment

    Quickly assessed servicing operations and the systems-of-record environment.

  2. 02

    Onsite cross-functional deployment

    Deployed cross-functional teams onsite at the client's headquarters.

  3. 03

    Process mapping & re-engineering

    Mapped and re-engineered complex processes.

  4. 04

    PMO-led transition planning

    Delivered a detailed PMO-led transition plan.

  5. 05

    On-time implementation

    Completed implementation on time despite aggressive timelines and evolving scope.

The results

Our strategy produced a seamless transition in record time.

  • Seamlessly transferred all accounts to a new system within Fiserv
  • Delivered a complete servicing transition in 60 days — a feat never accomplished by a non-backup service provider for a large card portfolio on Fiserv
  • Retained and integrated critical client SMEs
  • Migrated the portfolio from legacy systems to modern, scalable infrastructure
  • Implemented internally developed tools to improve servicing efficiency and analytics
  • Reduced cost structure while enhancing performance and reliability
  • Improved data integrity, reporting, and decision-making capabilities
  • Maintained an uninterrupted customer experience