Increasing performance and reducing cost for a brilliant bank

A leading Spanish bank that provides traditional retail banking in branches, online and through their mobile app, was unhappy with their existing outsourcing partner’s performance. They chose Transcom to take over the incumbent vendor’s staff with the objective to reduce costs, increase efficiency and put in place a plan to drive performance.

The challenge

After years of working on a cost plus model, the client’s incumbent vendor had little incentive to drive efficiencies and performance. This drove a culture of complacence for a client striving for excellence

The client did not want to lose the knowledge built up with existing staff and wanted Transcom to take over the operations.

There was also a challenge with complex Spanish labor laws related to staff takeovers, and we found low efficiency and poor quality of customer support which made minimizing transition risks even more difficult.

 

Transcom’s solution

In order to take over the operations whilst minimizing transition risks, Transcom first hired two managers from the existing operations to learn “the Transcom way.” These change agents spent two months working in Transcom Seville to help get a contingency team of 100 FTEs up and running. This team managed the transition of the incumbent vendor’s agents into Transcom’s operations. The first 100 FTEs went live in Seville in December of that year, and another 400 transitioned in February of the following year.

 

The outcome

As a result of the transition, our client has experienced significantly increased performance and reduced costs.

Today the Transcom team has over 1000 FTEs providing banking services for this client in the areas of telephone and internet banking support, technical support, and back-office activities including KYC and video verification.