Client: Leading UK based investment bank
Industry: Financial services
Key Products & Services: Reference data, reconciliation, loans, wealth management and KYC
Area of Operations: Worldwide
The investment bank was taking about 45 days, against the standard of 20 days, to onboard a client, which is a crucial function in the banking industry as it influences customer experience and relationships.
The reason for the delay in onboarding was the high number of pending (work in progress) cases, which was more than 700. There were multiple handoffs and the cases were stuck in buckets for long periods. Moreover, client requests for information were not being addressed quickly. These issues were leading to customer dissatisfaction and loss of business opportunities, which adversely affected the bank’s reputation and finances.
Wipro deployed a structured methodology to understand the problem and recommended a solution leveraging transformation levers to help the client reduce the overall work in progress cases and improve onboarding time.
Time to onboard clients reduced from 45 days to 17 days
The chances of financial and reputational loss for the client’s business was drastically reduced and there was improvement in overall work-in-progress cases month on month.