Designed an automated system to audit telephone circuit billing and inventories resulting in a $28m savings for the bank.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company providing banking, mortgage and consumer finance. In 2012, Wells Fargo had more than 9,000 retail branches and 12,198 automated teller machines in 39 states and the District of Columbia. It has over 270,000 employees and over 70 million customers. Headquartered in San Francisco, Wells Fargo is the 4th largest US bank with over $1.3 trillion in assets.
Wells Fargo Bank (WFB) purchases Voice and Data network services from Regional Bell Operating Companies, AT&T, MCI and hundreds of Local Exchange Carriers. The billing for these services is either aggregated into Master Summary Bills which contain billing information for the Billing Telephone Number (BTN) but not for the Working Telephone Number (WTN); or they are billed on individual BTNs which contain WTN detail.
The Bank’s numerous mergers and acquisitions and complex billing created a need for a centralized audit business process to include:
- Invoice analysis
- Circuit tracking
- Non-disruptive disconnect procedure
- Refund facilitation
Netswitch supplied a trained, centralized audit team and built the processes to audit the enterprise circuit inventory. The primary focus was to identify a Business Unit, End-user or network function for each circuit researched, and to determine the validity of the circuit. Any circuits, which appeared to be abandoned were cycled through an approved, disconnect process. In a 6 month pilot program Netswitch inventoried 2000 circuits representing $6 Million in annual billable service. The result was an initial savings of $1 Million annually.
Since 2004, Netswitch’s Network Audit Team and the continuous improvement process has resulted in a documented savings of over $ 28 Million in network charges to Wells Fargo Bank. Additionally, on-going maintenance and management have substantially improved complex billing records for Network circuits from multiple vendors.