Our client — a banking major in Europe — needed to consolidate their operations to improve efficiencies, enhance customer experience and achieve cost benefits.
HCLTech deployed a managed services model to digitally transform multi-dimensional banking areas for the client, thereby improving scalability, agility and seamless operations
The Challenge
Driving end-to-end digital transformation
Our client’s operations were distributed across vendors and locations, leading to poor customer experiences, high operational costs and limited scalability. In addition, operations were primarily paper-driven and workflow procedures were rudimentary.
The Objective
Improving scale and productivity, while reducing costs
They partnered with HCLTech to consolidate their operations, vendors and systems. The aim was to expedite outcomes to reduce customer complaints and enhance customer experiences through improved quality of products and services.
The Solution
Leveraging a managed services model for a holistic transformation
The solution was implemented over a multi-year timeframe.
2011-2014: HCLTech rebadged existing vendor employees and consolidated vendors and contact centers across the UK, Ireland and India to support savings, cards and loan products. The workflow tool — Toscana — was then deployed within eight weeks and migrated 3.5 million records with ease.
2015-2018: By 2015, we had successfully migrated additional operations, including mortgages, business banking and corporate lending. As a part of the digital transformation initiative, a center of excellence for automation was set up — deploying more than 200 bots across banking functions.
2019-2022: By setting up a Remediation Center of Excellence for Know Your Customer (KYC), Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), HCLTech successfully supported financial crime operations through onboarding and Ongoing Due Diligence (ODD) for SMEs and retail customers. No degradation in service levels through zero misses in SLAs.
The Impact
Increasing value and optimizing costs with business agility
With expertise in emerging technologies such as artificial intelligence and machine learning (AI and ML), Robotic Process Automation (RPA) and analytics, we enabled our client to unlock value at scale, improve productivity and the customer experience and reduce risks.
In this successful collaboration, we achieved the following operational benefits:
- 100% paperless operations
- 75% of customers are now digitally active
- Cost of operations reduced by 50%+
- Consolidated 6 systems into 1, 4 contact centers into 2
improvement in CSAT
cost reduction across functions
