Case Study: Banking
Supporting finance and accounts operations for one of the largest private banks in India
HGS improves payment processing quality, accuracy, turnaround times, and volume handling
Main issues to focus on:
Client chose HGS for our expertise and process excellence to enhance the current management reporting.
HGS created a dedicated work flow and built a quality team to ensure proper workflow management and quality rate. We set up a centralized work flow team, which monitors the inflow of work across all the clients, they control various reports and distribute the work as per priority ensuring achievement of TAT. The workflow team also focuses on load balancing and assigns executives across processes in case of requirement.
The quality team coordinates directly with clients. A specific email id is created for the client which is used to communicate in case any edits on entry or feedback is provided. This helps in controlling, centralizing and ensuring that appropriate feedback provided by the internal audit team or by the client is passed on to accounting executives. An editing process is also run with an error tracking and quality feedback process to support and sustain planned workflow management. This also includes a training plan incorporating all the above workflow and quality aspects implemented at regular intervals. To measure performance better, a tracking and feedback sourcing mechanism has been implemented. An intranet website is created, and team members can log in and get all the latest updates/changes/ important files/ all the links required to access while working on accounting entries.
We started off a day-to-day activity charter for employees. A quarterly Reward & Recognition program was launched to recognize good performers. We also implemented a governance model. The model aligns the team and reporting structure to drive operations as per expectations. It provides adequate governance to help in performance management and enables efficient delivery to the client. We have also automated employee performance and project performance reports generated which helps to analyze employee and project performance.
and more payment requests are processed in the same day versus SLA of two days
turnaround time on payment from date of inward compared to earlier TAT of 10 days
increase on average utilization of employees per employee
INR cost savings achieved per year
reduction in team strength from 96 to 70 FTEs/ including project governance team
processing before TAT SLA since six months of initial set-up
annual attrition rate reduced from the earlier 50%
or less unplanned absenteeism vs. over 10% of last FY