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.
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:
The client partnered with Firstsource in October 2015. In order to help the client overcome challenges, Firstsource devised a partnership solution that included:
This included TUPE transfer of 400 people from the client’s group to Firstsource.
The existing 10 sites were consolidated into 3, and we achieved a 30% headcount reduction.
Firstsource leveraged the power of automation by using robotics to increase productivity and deliver multi-channel support.
Firstsource deployed a long-term operating model solution, which was principally a UK solution with offshore elements.
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.