The customer wanted to transition to a service provider who would support future growth while reducing costs and improving quality.
Services taken by customer:
- Risk Data Capture
- Credit Control
- Delegated Underwriting Services
- Accounts & Reconciliation
- Sanctions Administration
45%
reduction in aged debt with £6m cash collected in 3rd year of contract.
Savings
built in transparent cost structure with year-on-year savings.
Challenges
- Transfer services from existing provider within agreed timelines using structured onboarding plan.
- Transition of services to Velonetic overseas operations with UK support.
- Re-baseline the processes and identify process improvements.
- Provide transparent and meaningful Management Information to support performance and quality.
Solutions
- Velonetic stepped in and offered rapid onboarding and a risk-free proof of concept.
- BinderCloud integrated with Qlik Sense for enhanced reporting.#
- Dedicated support ensured a smooth trial experience.
- A clear roadmap outlined future enhancements.
Results
- Enabled customer to realise cost benefits by outsourcing to our expert Offshore teams whilst maintaining high operational standards/SLA’s.
- Quality SLA’s frequently exceeded, weekly and monthly MI provided to give visibility of results.
- Improved outsource partner relationship by regular interaction with Velonetic teams and monthly reviews, agreeing priorities with the customer.
- Flexibility to add new service lines with ease under contracting model.