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www.hexaware.com | [email protected]
Case StudyBanking
Day 1 benefits realization through Intelligent Automation for a Global BankAbstractHexaware reimagined the manual operation of the Payment Investigations function of a fortune 50 Global Bank to a collaborative man-machine model that increased agility, addressed cost concerns and elevated customer experience using intelligent Automation. The bank can now scale more efficiently in the Payment Investigations operations and compete effectually in this digitally demanding market place.
Traditional service providers find it hard to deliver automation to clients, with a fear to lose out in profit on Time and Material resources. While automation could’ve been catastrophic for the incumbent’s topline, we willingly cannibalized our own revenue for mutual success and a lasting relationship. Using our proprietary Digital Managed Service Model, the client was guaranteed various business benefits including 48% TCO reduction from Day 1 and promise to absorb all the risks during entire automation journey.
About the ClientOur client is a Global Bank and has more than 200mn customer accounts across 160 countries. Operating across various regional operation hubs in Americas, Europe and Asia Pacific, the Bank was keen to explore Robotic Process Automation as a lever to make its operations lean as well as meet the performance standards.
Business ChallengesThe Bank had outsourced their Payment Investigations operations to a large 3rd party Business Process Services company. Though the service delivery was stable and meeting contractual requirements, the bank realized that in the traditional financial construct the incumbent was not motivated to do any proactive transformation for the client. Doing so would have incurred losses in the current high FTE based pricing model and hence there was little or no focus on building high-end automation or digitization of deliverables from the vendor.
www.hexaware.com | [email protected]
Hexaware's SolutionDeployment of Hexaware’s Digital Managed Services engagement
model changed the function’s operating paradigm guaranteeing
significant and accelerated cost and efficiency benefits with
Hexaware absorbing the financial risks of automation.
Key solution highlights:
• Lean & Mean’ operational redesign through automation and
“Bot-ification” of rule-set based manual processes – transforming
a 107 FTE manual operation to an integrated man-machine team
of 59 FTEs + 16 Bots. Major redesign sub-steps included:
- Deep-dive assessment of current operating model
- Task/Process automation selection criteria based on process
stability, scalability, risks and complexity
- Process standardization & documentation to determine
variations
- Automation-enabled optimization and elimination of
non-value-add elements
- Progressively increasing automation while maintaining optimal
man-machine mix
- The remaining tasks requiring decision making and judgement
based handling were retained with the balance 59 FTEs team.
• Delinking the linear correlation between Volume, Effort and Cost – thereby paving the way for exponential and
cost-effective growth
• Customization & deployment of industry leading RPA platforms
along with build of reusable robotic components
• The 16 BOTs are the Bank’s first set of Digital Workforce in the Payment Investigations process, operating in harmony with the
human workforce
DMS model paved the way for first steps towards Digital
transformation. An upfront benefit of 48 FTE to the Bank from
Day-1 of the engagement converted to $7.95mn saving. Hexaware
implemented Change Management Control Center (CMCC), an apex
body that coordinates with the Change Management Committee and
Change Management Sponsor from the client to ensure minimum
disruption and maximum optimization.
Hexaware jointly worked with the client’s business operations and IT
stakeholders to draw the Digital roadmap, mutually agreeing on the
change management process and protocols to address bottlenecks
and issues identified during the transition and implementation
journey.
Based on results delivered, the client introduced Hexaware as a
Challenger against larger service providers in their current partner
landscape. We conducted a detailed analysis of 200+ processes
across commercial banking and recommended 150+ productivity and
efficiency improvement ideas powered by RPA & Machine learning.
Rising transaction volumes and complexities resulting in a step-function increase in processing effort, time and Costs
End state vision to develop strategic advantages essential to their long-term competitiveness
Adopt best of breed Intelligent Automation platforms to embark on technology transformation.
Inadequate Process Optimization, lack of innovative & scalable model for accelerating time to benefit and mitigate risk
Need for tech enabled transformation road-map in Payment Investigations business to gain sustainable edge over market competitiveness
Engagement Triggers
Adverse impact on client relationships due to frequent operational issues related to poor quality, incomplete documentation and tight TAT
© 2019 Hexaware Technologies limited. All rights reserved.www.hexaware.com | [email protected]
India Headquarters152, Sector – 3Millennium Business Park‘A’ Block, TTC Industrial AreaMahape, Navi Mumbai – 400 710Tel: +91-22-67919595Fax: +91-22-67919500
EU HeadquartersLevel 19, 40 Bank Street,Canary Wharf,London - E14 5NRTel: +44-020-77154100Fax: +44-020-77154101
APAC Headquarters180 Cecil Street,#11-02, Bangkok Bank Building,Singapore - 069546Tel: +65-63253020Fax: +65-6222728
NA HeadquartersMetro 101, Suite 600,101 WoodAvenue South, Iselin,New Jersey - 08830Tel: +001-609-409-6950Fax: +001-609-409-6910
About HexawareHexaware is the fastest growing next-generation provider of IT, BPO and consulting services. Our focus lies on taking a leadership position in helping our clients attain customer intimacy as their competitive advantage. Our digital offerings have helped our clients achieve operational excellence and customer delight by ‘Powering Man Machine Collaboration.’ We are now on a journey of metamorphosing the experiences of our customer’s customers by leveraging our industry-leading delivery and execution model, built around the strategy— ‘AUTOMATE EVERYTHINGTM, CLOUDIFY EVERYTHINGTM, TRANSFORM CUSTOMER EXPERIENCESTM.’
We serve customers in Banking, Financial Services, Capital Markets, Healthcare, Insurance, Manufacturing, Retail, Education, Telecom, Professional Services (Tax, Audit, Accounting and Legal), Travel, Transportation and Logistics. We deliver highly evolved services in Rapid Application prototyping, development and deployment; Build, Migrate and Run cloud solutions; Automation-based Application support; Enterprise Solutions for digitizing the back-office; Customer Experience Transformation; Business Intelligence & Analytics; Digital Assurance (Testing); Infrastructure Management Services; and Business Process Services.
Hexaware services customers in over two dozen languages, from every major time zone and every major regulatory zone. Our goal is to be the first IT services company in the world to have a 50% digital workforce.
Safe Harbor StatementCertain statements in this press release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
~48% savings in the Total Cost of
Operations
Scalable man-machine
model to address
30% additional volumes First to
deliver BOT in the global commercial
Payment & Investigation
operations
7.95 MnSavings
Outcome based pricing
Build a culture centered
around Customer Experience and
Digital Innovation
Benefits