Teleperformance D.I.B.S. - Customer Service Team of the Year
Company: Teleperformance D.I.B.S. , Mumbai , Maharashtra
Company Description: Teleperformance Digital Integrated Business Services (DIBS) is the new division formed subsequent to Teleperformance - the global leader in outsourced omnichannel customer experience management, acquiring Intelenet® Global Services - a global provider of high-end omnichannel customer experience management, back-office, human resources and financial & administration services.
Nomination Category: Customer Service & Call Center Awards Team Categories
Nomination Sub Category: Customer Service Team of the Year - Recovery Situation - Financial Services Industries
Nomination Title: Leading UK Bank meets stringent timelines for FATCA
Tell the story about what this nominated team achieved since the beginning of July 2017 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
What is FATCA - FATCA is a piece of US legislation (part of Hiring Incentives to Restore Employment (HIRE) Act) aimed primarily at combating tax evasion by the US
Also, Common Reporting standard (CRS) was developed in response to a G20 request which calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. At present there are 113 countries as part of the CRS list of countries and important that this activity be completed within deadline.
Challenges arising due to system errors:
A total of 157,000 exceptions were triggered by the system, which required manual investigation and customer contact
-Data for one client was spread across multiple systems within a FFI (Foreign Financial Institution) as each product was supported by a different software system. Each underlying system had a technical architecture and capabilities further complicating aggregation and reporting.
-The entire activity had a regulatory deadline of 31st Dec, leaving the bank to complete the review of the exceptions within a span of 6 months. Breach of the deadline meant serious reputational and financial impact to the bank due to the regulatory commitment
-Cost of Man force deployment in UK for a remediation project was exorbitant
-The learning curve for any New staff ideally will be a period of 3 months to hit the Optimum BAU target
Resolution applied for handling the problem faced by the teams:
-We presented the Bank with a solution to complete the remediation with reduced cost and time to revenue while streamlining operations and attaining compliance.
-With 6 months to Hire, Train and Execute the remediation and a completely new vertical of Bank service to work on, we adopted a different approach across all its functions.
-Hire and Skill set approach followed to cater to meet the speed to Market timeline and 125 staff hired and onboarded in a span of 4 weeks
-Training modules were re written to bring in references of Fraudulent activities with geographical context as the staff while processing need to understand the End Impact
-A total of 125 varied classifications were placed, this ensured that classification catered to various geographies and relevant checks to be applied
-A 30 , 60 , 90 day client contact was enabled to ensure that an appropriate timeline was provided for customer to revert and any grievances addressed immediately
-In-house tools developed to efficiently track MI & details of the case to have adequate & comprehensive data
-Data insights provided from previous Mailshot (2017) helped in targeting appropriate customers for the mailshot thereby reducing out of scope cases from 45% in the previous mailshot to 0.5% in the current mailshot
-Effective repair analysis provided in the previous mailshot & solutions provided to the client resulted in condensing the self-certification forms of customers from 3 pages to a single page thereby making the form user friendly & simple resulting in lesser repairs raised & has made form validations much easier, while comparing data with source applications
Impact and benefits of the recovery solution
Tele performance Digital Integrated Business Services has massively contributed in Delivering the Bank’s Remediation services in record time and accuracy which required absolute regulatory compliance
-Reviewed 157000 exceptions for FATCA classification with 100% accuracy for the bank which was reported to Regulatory bodies
-Developed RPA based Common Reporting standard platform to reduce 80% of the manual task
-17% increase observed through creation of central repository for reference guides
-138k forms successfully reviewed & validated as on 31st December 2018
-Repairs were reduced from 63% to 40% comparing previous mailshot
-Efficiency increase of 14% in the throughput of the BAU CRS advisors
Basis the above, the learning curve has been re plotted and reduced from a 12 week to 4 week, a 60% decrease in learning curve