Leading International Financial Services Company Streamlines Application Processing Through Offshore Provider

Firm Lowers Costs by Outsourcing Forms Processing

Challenge

For financial services firms, processing customer forms and applications represents a critical point of capture for customer data. Obtain the information correctly, and the stage could be set for a long and profitable relationship. Commit just one minor error, however, and the likelihood that customer will do business with the firm again decreases dramatically. At the same time, financial services firms also need to process applications quickly, and efficiently, entering new customer information into the database as quickly as possible at the lowest possible cost.

Moreover, most banks, insurance companies and securities firms have merged or acquired other organizations in the past 10-15 years. As a result, they've cobbled together inefficient workflows that don't always take advantage of the latest automation.

One global financial services firm recognized that its internal process for processing insurance applications was not working. Prone to duplication, the business process simply cost too much and took too long, particularly at month-end, when volumes increased by nearly 400 percent. Adding to the complexity, the firm had to process forms in two languages - English and Spanish...