35% COST SAVINGS IN FINANCE OPS DRIVES EFFICIENCY

Financial, Insurance and Lending Leader Reduces Costs and Regulatory Risk

The challenge

A renowned North American financial, insurance and lending services provider based in Illinois faced severe operational instability due to plans to divest its banking business. Having partnered with FIS® for more than 25 years, the firm turned to FIS to assist with a seamless transition.

The client needed to address a mounting set of challenges, including a tight divestiture timeline, regulatory and compliance pressures, procedural knowledge gaps for employees, staffing issues and the uncertainty – created by operational changes – felt by end-customers and employees.

The solution

FIS proposed a plan to implement business process management and business-process-as-a-service solutions for the contact center and loan servicing and collections teams, along with back-office function automation and process reengineering and digitization. The plan also introduced staff training and best practices for employee retention.

The results

Within 100 days of the implementation of FIS Back-office Solutions, the client saw proven success. The effort reduced overall costs by 35%. The contact center’s average handle time (AHT) for calls fell by 15%-20%, improving the customer experience and increasing the internal team’s call volume capacity. The company met regulatory timelines and divestiture plans, including portfolio sale dates for more than 600,000 auto loans.

Operations were transformed via process reengineering through robotic process automation; digitization; and staff training across the client’s contact center, loan servicing and collections departments. EPIC , FIS’ comprehensive workforce management platform, improved reporting and efficiency.

A customized compliance management system program was implemented to improve governance and oversight, leading to a decreased audit risk.

The partnership with FIS enabled multiple special projects related to merger and loan sales, including autopay cancellation, ACH recertification and branding updates.

By transforming operations, the institution gained stronger operational resilience, improved the customer experience and lowered service costs.

Impact

Operations were transformed by process reengineering, digitization and training. Costs were reduced by 35%. AHT for customer calls fell by 15%-20%. Regulatory timelines and divestiture plans were met.