Sector Solutions

Banking &
Financial Services
Case Studies
  • Retail Banking
  • Commercial Banking
  • Collections
  • Helping banks transform their operations

    The surge in digital banking represents a huge opportunity for banks to get closer to their customers and to understand and anticipate their needs. But, hindered by inefficient legacy systems, many are struggling to adopt to the changing requirements of customers.

    At the same time, tightened regulation and increased scrutiny mean that banks are also being forced to overhaul processes, products and systems to become compliant.

    At Firstsource, we have helped a number of leading banks transform their business operations to ensure they remain at the cutting edge of the industry, whilst delivering great customer experiences.

    End-to-end solutions that deliver results

    At Firstsource we are your ‘bank within a bank’, offering an end-to-end solution for all of your main support functions, and providing a range of services across the customer lifecycle, including acquisition, account servicing, collections and retentions.

    Our flexible and cost effective solutions can be scaled rapidly to meet merger & acquisition mode, or downsized quickly on demand.

    A safe pair of hands for your financial processes

    A huge part of running a company involves the everyday commercial finance operations that help keep you in business. But undertaking the task of keeping a company’s books in order often requires expensive technologies, complex processes and extensive resource.

    By outsourcing their commercial finance operations to trusted experts, companies can focus on growing their business and serving their customers – safe in the knowledge that their day-to-day financial processes are in a safe pair of hands.

    How we help transform commercial finance operations

    We have the experience and knowledge to help clients transform and manage their commercial finance operations.

    By working to simplify clients’ operating models and improve risk management, we enhance the customer experience and help drive significant cost savings.

    Using our innovative rightshoring model and leading workforce management software, we have the resources and expertise to support a wide range of commercial finance processes – from cash management and administration, sales ledger and collections through to payroll and taxation services.

    Our services include

    • Sales ledger Administration & Collections
    • Cash Management & Administration
    • Payroll, VAT & Tax management

    Run by qualified, experienced and knowledgeable team of experts, we provide our clients with a targeted structured and consistent approach to collections.

    Managing collections is often a time-consuming, costly and resource intensive process for most businesses. Efficient and effective management of collections is crucial for delivering a positive customer experience.

    We are a global top 20 collections service provider. We partner with leading global financial institutions, healthcare providers, and universities, who rely on us because of our commitment to service excellence and compliance.

    Delivering results

    Our mission is to maximise financial recovery output and deliver great service for our clients customers.

    Our scalable, flexible delivery model offers clients a customised combination of on-shore and off-shore staffing models to adapt to their requirements.

    Financial Collections Healthcare Student Loans
    • Services include credit cards, bank cards, private label retail cards, automotive loans, personal loans, overdraft accounts, and mortgage collections
    • We work with 8 of the top ten leading US credit card issuers and the UK’s largest financial institution.
    • Serving a range of healthcare providers – hospitals, physician groups, large national healthcare systems, small rural hospitals, and government facilities.
    • We have been providing healthcare collection services since 1958.
    • Proven record in collections, default management, prevention services, and recovery solutions to clients in the higher education industry
    • More than 1,600 collection professionals in 5 service centres, throughout the USA.


    Leading UK & Irish banking institution
    Leading UK Financial Service Provider

    Call analytics project identifies potential savings of GBP 0.86mn for leading UK & Irish Banking institution

    Ulster Bank needed a flexible partner, with customer service expertise to provide inbound telephony services for customers and support operations. Ulster Bank also wanted the outsourced staff to be located onsite to consolidate the customer service team, data and security under one roof.
    Firstsource's experience in customer management, its pool of skilled advisers and a local presence in Belfast proved to be the perfect solution for Ulster Bank. Over 100 experienced customer service advisers and team leaders worked seamlessly onsite, alongside Ulster Bank staff to provide an 'in-sourced' solution.

    Firstsource shared best practices in resource planning, quality assurance, process excellence and customer interaction analytics with Ulster Bank. The partnership between Ulster Bank and Firstsource developed into unified team for 24x7 customer service operations. The customer interaction analytics pilot identified the potential to reduce incoming calls by 20% resulting in a cost savings of GBP 0.86mn.

    Firstsource partnership secures 90% increase in customer satisfaction for UK financial service provider

    Firstsource successfully transitioned the customer management operations for one of the UK's largest financial service providers to ensure customer experience goals were met at lower costs. The partnership, encompassing 2600 roles across 2 markets, 4 centres, 23 work streams and multiple lines of business, significantly improved the client's customer satisfaction (CSAT) scores and generated substantial savings.
    Firstsource set up an offshore center in Manila, Philippines and helped transfer the client's US & UK operations with nearly 1,000 employees. Given the scale of operations, it required a centralized framework for change management. With an onshore site in the UK, 650 of the client's employees were transferred to Firstsource under TUPE guidelines.

    The partnership improved customer satisfaction score (CSAT) from 8% to 98%, a remarkable 90% increase. The completion of the two lift outs resulted in a strategic partnership with Firstsource. The client was able to accrue considerable savings over the contract period, with a $6.4 million upfront payout from the US lift out and $16 million from the UK lift out.

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