Cost savings of 25% for a leading UK bank through transformational solution framework

25%
reduction in overall costs
50%
reduction in customer complaints
£6m
credit note, with instant budget benefits
Cost savings of 25% for a leading UK bank through transformational solution framework

 
 
Cost savings of 25% for a leading UK bank through transformational solution framework
Case study

Background

The client is a leading UK-based financial services group focused on retail and commercial customers.

With a customer base of millions in the UK, the client offers support to corporate clients through banking products and services such as financing, risk management, cash management, deposit products, international trade and card solutions.

Business challenge

The client faced challenges related to cost savings, legacy systems and technology platforms among others, and looked for a partner who could help them overcome these challenges, primarily in their commercial finance business unit:

  • Achieve cost savings
  • The presence of legacy technology platforms, disparate delivery locations, and outdated processes
  • A lack of in-house capability to transform existing operations and invest in new technology

Firstsource solution

The client partnered with Firstsource in October 2015. In order to help the client overcome challenges, Firstsource devised a partnership solution that included:

Operational de-risking

This included TUPE transfer of 400 people from the client’s group to Firstsource.

Streamlining of processes and operations using workflow tools

The existing 10 sites were consolidated into 3, and we achieved a 30% headcount reduction.

Leveraging automation

Firstsource leveraged the power of automation by using robotics to increase productivity and deliver multi-channel support.

Implementing a long-term operating model

Firstsource deployed a long-term operating model solution, which was principally a UK solution with offshore elements.

Business impact

Firstsource successfully delivered a transformational solution framework that helped the client reduce costs by 25% over a period of 10 years (cost was £150 million for the client), providing a fixed cost-to-serve.

  • Providing investment in new technology by deploying an RPA solution, Automation Anywhere and a workflow solution, Sympraxis
  • Reducing customer churn
  • Improving business cost/income ratio
  • Improved NPS scores from 75 to 80
  • Assured alignment to current target operating model
25%
reduction in overall costs
50%
reduction in customer complaints
£6m
credit note, with instant budget benefits

Ready to grow your business?

Get in touch with us by visiting www.firstsource.com

Download
Ready to get in touch and grow your business?
Tell us a little more so we can connect you with the right person
Last step!
Let us know which solutions you're most interested in

 

Let's Talk