Case Study

A leading bank harnesses AI to transform its global card operations in under 90 days

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Client: Global financial services firm

Business need addressed: Transformed global corporate card operations to leverage growth opportunities in the international markets

Genpact solution: Implemented a scalable and flexible, real-time credit risk monitoring service, based on the Genpact Cora platform, across 24 geographies, providing a highly innovative early warning solution. The firm nominated the Genpact solution for its internal annual Chairman's award for breakthrough innovation.

Business impact: Automated underwriting for 17 unique products across 24 markets in 10 languages, which provided central control with local flexibility to view real-time, end-to-end processes.

A global financial services firm wanted to transform its corporate card processes across prospecting, underwriting, qualification, and enrollment. With operations in 24 countries, the firm was facing challenges of legal, language, and procedural differences, which led to a proliferation of divergent underwriting solutions, many of which were spreadsheet based.

Business challenge

The firm realized that, because its growth was shifting away from the US to international markets, it needed to rapidly create and launch global corporate card operations. However, the challenges of integrating global operations were exacerbated by:

  • A non-scalable, hardwired, fragmented, and inflexible IT ecosystem, including home-grown applications and sub-optimal integration and connectivity
  • Lack of standards, general inconsistencies, and no end-to-end process visibility led to compliance challenges. At the same time that implementing regulatory changes was an expensive and time-consuming process
  • Customer satisfaction was at unacceptably low levels and operations were not optimized for customer experience
  • Process and systems inefficiency was driving up the cost of customer acquisition and retention

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The firm's "re-underwriting" initiative had suffered massive cost and schedule overruns. It became evident to the firm that piecemeal approaches were ineffective and only added to the problem. The firm turned to Genpact to transform its global underwriting program with a solution that could be implemented across its global operations.

Genpact solution

The firm chose the Genpact LiveCredit solution to create a unified, global underwriting program for the corporate card business that had the functionality and the flexibility to handle the firm's 24 key markets. The driver of this quick turnaround was the agile usage of machine learning, enabled by the Genpact Cora platform.

Each of the modules was fully configurable and provided the first set of building blocks for each country. The most relevant module was adopted and then further configured to specific market needs.

Figure 1: Plug-and-play modular deployment

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Genpact's solution helped the firm in prospecting, underwriting fulfillment, and monitoring corporate card client activity. The artificial intelligence (AI) based underwriting solution also enabled the firm to focus on the business of assessing risk, significantly cutting cost and the cycle time of non-value-added manual and judgment-based tasks. The AI-based automation engine gave the firm rapid control and perpetual flexibility and had the following applications:

  • Automated pre-filtering rules were applied up front to identify cases for fast tracking, rejection, or special handling
  • Data gathering rules and models guided the sourcing of the applicant's data as well as reference data from multiple sources
  • Automated extraction and normalization of financial statements from the data submitted by the applicant, regardless of form and format
  • Automatically generated company models, providing comprehensive forward looking ratings and removing reliance on hindsight or the retrospective analysis from rating agencies and credit bureaus
  • Scoring rules were applied to the data gathered via all upstream processes to generate a composite credit score
  • Decision rules were applied to determine the final status of the application

The solution also helped the firm to tailor its user experience based on different geographic and policy requirements. In addition, the firm has the ability to further enhance the solution without the need for additional programming.

Figure 2: A schematic of the automated aggregation product developed on the Genpact Cora platform

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Within five months from the kick-off, all geographies were using the solution and were able to meet the program goals. Over 1,200 users were active on the system with integration into 17 international bureaus. This hosted solution was also nominated for the annual Chairman's award for breakthrough innovation.

Business impact

Enabled by the Genpact Cora platform, Genpact's solution not only enabled the firm to transform its global corporate card processes but to achieve other benefits including:

  • Automated underwriting enabled for 17 unique products across 24 markets in 10 languages along with real-time systematic bureau data pull for 17 international markets
  • Consistent portfolio assessment across all countries
  • Global and local compliance is now institutionalized
  • The firm can now roll out credit card process decisions simultaneously across all markets
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