Coronavirus business loans, known as BBLs and CBILS, are different to run-of-the-mill commercial loans. In our blog The call for a new approach to Recovery Loan Scheme, CBILS and BBLS account servicing, we outline why servicing these loans poses unique challenges for lenders. And how to tackle these with an
A lighter-touch approach to Coronavirus loans Government-backed loans issued as part of the Recovery Loan Scheme or its predecessors, CBILS and BBLS, will require a different approach to customer servicing. This has been recognized by the state-owned British Business Bank and the industry lobby group, UK Finance, which kicked off
71% of finance professionals still cite manual data entry and inefficient, error-prone, time-consuming processes as their key pain points. Processing an invoice, takes anywhere between 4.1 to 16.3 days per invoice – from receipt to payment approval. Ardent Partners’ Accounts Payable Metrics That Matter in 2020 report reveals that while
Leveraging its remote implementation methodology, Firstsource automated the bank’s Risk Management Quality Assurance processes, increasing capacity for QA testing by 1200% and reducing processing time by 90%. The client One of the largest banks in the US providing banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental
Few industries in the UK have been as quick as the financial services sector to embrace AI, machine learning, Robotic Process Automation (RPA) and data analytics. Highlighting progress in machine learning alone, a recent Bank of England report found that two-thirds of UK financial services firms are already using it
Regardless of where you are on the chatbot journey here are three tools to help you evaluate your progress – chatbot strategy framework, maturity model and chatbot performance benchmark scorecard.
Today, as human agents, as well as other voice interfaces, handle increasingly complex transactions…
Strong Customer Authentication (SCA) means hard work for European banks looking to ensure compliance from day one. Come September, it’s going to mean some hard work for customers too. People are used to making online purchases quickly and easily, and suddenly they’ll be forced to go through additional authentication steps.
Business challenge The retail bank operated several contact centers to service its core retail customer base. This covered standard telephone banking activity such as managing account enquiries, assisting with money transfers, setting up or canceling direct debits, handling complaints and so on. Managing ﬂuctuating call volume was an ongoing challenge
Background The client is a leading UK bank founded over 170 years ago. With a base of over 15 million customers, the bank is the world’s largest mutual ﬁnancial institution, UK’s second-largest mortgage provider, and one of the UK’s largest savings providers. Business challenge The client oﬀered multiple customer service