Firstsource delivers cost savings of $3 million for top UK Bank

Background

The client is one of the largest banks in the UK and provides commercial financing solutions to businesses including factoring, invoice discounting, asset-based lending, asset financing and more. As a market leader in the commercial finance segment, the client has a 16% market share that translates to £3.7 billion.

The client faced challenges of legacy systems that impacted customer experience and resulted in a high cost of service and exceptions management within their invoice factoring and discounting function. Post deliberations with several market players they reached out to Firstsource for a solution.

Business challenge

  • Cost-to-serve was high and there was an urgent need to reduce it by up to 25%
  • Low productivity needed to be addressed with an improvement in the range of 30-50%
  • Customer journey, customer interaction touch points required streamlining along with the elimination of process bottlenecks
  • Silo-based operating models needed addressing
  • Customer growth was negative (Year on year)
  • Relationship-intensive processes led to high disparity across customer experiences
  • Manual, document intensive and non-standardised processes added to delays and complexity
  • The burden of legacy platforms and systems reduced efficiency
  • Lack of reporting and clarity on performance metrics made it difficult to track progress

Firstsource solution

Firstsource implemented FirstSmartomation – a solution that aims at helping organisations integrate multiple systems, create new interfaces with automation and reduce complex processes. It leverages domain expertise, operational excellence knowledge and RPA (robotic process automation). Some important aspects of the solution included:

    • Identification of opportunities, dependencies and delivery of a design automation solution within four weeks
    • Implementation of RPA and workflow solutions within 32 weeks, addressing all interface dependencies:
      • Integration of over 4,500 invoice factoring/invoice discounting clients leading to a single point view of information
      • Rule-based workflow integration ensuring a smooth customer/associate experience and consistency across 20+ key processes
      • Seamless queue management through provision of skill-based work item allocation to 100% of advisor population
  • Positive impact on production volumes in the range of 32,000-35,000 transactions per day
  • Successful automation of high volume processes

Business impact

Cost-to-serve benefits led to substantial improvement across quality of service, data accuracy, customer experience and speed to execute.

  • Reduced cost-to-serve was achieved through cost savings of approximately $3 million
    • RPA savings included $3m and workflow solution savings – $250k
  • Close to 30% productivity savings were realized in a 300+ FTE (full time equivalent) environment
    • RPA productivity savings of 21%
    • Workflow calibration productivity savings of 9%

$3 million

cost-to-serve savings


57%

of total business process volumes automated within 32 weeks, with 100% accuracy


90%

RPA penetration was achieved across 33% of the processes in scope

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