30% FTE optimization delivered in Procurement through successful vendor to vendor transition.
Overview.
A Top 20 U.S. Bank, facing rising operational costs and challenges meeting service level agreements (SLAs), partnered with Coforge to optimize their finance operations.
The key business challenges encountered by the client included:
Inflated cost of finance operations: The bank's existing finance operations were resource-intensive, leading to high operational costs.
Unable to meet defined service levels: The bank struggled to consistently meet established SLAs for accuracy and turnaround time (TAT).
Solution.
Coforge implemented a meticulously designed hybrid transition plan to ensure a smooth and efficient handover of operations. Here is how:
Hybrid Transition Plan: This plan combined elements of both onsite and offshore resources, enabling a gradual shift in responsibility while maintaining operational stability.
Parallel Learning & Production Training Model: We created a unique training model where new team members simultaneously learned the processes while contributing to production, accelerating knowledge transfer, and reducing ramp-up time.
100% Volume Management from Day 1: Coforge successfully managed 100% of the bank's finance operations volume from the very first day, eliminating the need for a gradual ramp-up period.
100% Internal Audit Managed from Day One: Our team assumed complete ownership of the internal audit function from day one, demonstrating our commitment to quality and compliance.
Creation of Query Repository: We established a centralized repository for frequently asked questions (FAQs) and standardized responses, ensuring consistent and efficient resolution of queries.
Timely Escalation of Queries: We implemented a robust system for timely escalation of complex queries to subject matter experts, guaranteeing prompt resolution.
