Banking & Financial Services
Retail Banking Services
Generating Banking Impact
We design, transform, and run Intelligent OperationsSM, deploying advanced operating models that address specific industry needs and foster growth, manage costs, and drive compliance across the business functions.
Our deep industry experience has shown us that process is an untapped resource for banks in driving front- and back-end business results. To drive these outcomes, Genpact has created Centers of Excellence (CoE) in 18 countries throughout the world. These enable us to devise the best combination of on-shore and off-shore solutions, including loan processing outsourcing, to support a wide range of retail products and to "industrialize" the related operations, making them more scalable, predictable, transparent, cost-effective, and intelligent.
Our experience, unique tools, and methodologies enable best-in-class financial services solutions and smooth process transformations that drive fast and more agile outcomes, such as lower costs and revenue growth. We help clients run intelligent business operations that leverage advanced operating models to become more competitive.
Retail banking solutions:
Multi-Channel Customer Acquisition
Multi-Channel Customer Acquisition and Service (MCAS) service line helps banks serve their customers through the channel of their choice throughout the entire banking life cycle.
Genpact's mortgage processing services span the globe, combining worldwide delivery capabilities with improvements in process performance that help mortgage lenders intelligently manage costs and improve customer satisfaction
Brokerage and Wealth Management
Genpact offers a wide spectrum of retail brokerage services—from securities processing and collateral management to regulatory reporting, portfolio reconciliation, valuation, and clearing. The combination of experience in brokerage market operations, spanning front, middle, and back offices; process rigor; and industry expertise enables our clients to meet the requirements of a demanding customer base.
Rising regulatory scrutiny of Anti-Money Laundering (AML) programs and increasing penalties for non-compliance have challenged financial institutions with the need to strengthen their Customer Due Diligence (CDD) processes.
The challenges facing the collections process are growing. Companies need a strategic partner who can deliver improved collections efficiencies. With unique capabilities combining industry-specific process management and a globally talented workforce, patented technology, and analytics, Genpact has developed a comprehensive approach to collections that diminishes revenue loss while enhancing the customer experience.
Retail Back Office and Payment Processing
Our back office and payment solutions include:
Deposits and Accounts
Retail banking deposits and accounts comprise a vast domain. Genpact is a leader with capabilities in retail customer account set-up, account maintenance, and management. We provide error-free reconciliation, resolution of discrepancies and exceptions, end-to-end working of negotiable financial instruments, generation of statements, creation of audit certificates, products such as debit cards, and other services such as online and over-the-phone customer query resolution. Our broad categories within this segment are:
- Payment services: These include activities such as maintenance of accounts, clearance of payments via check cards and debit cards, use of negotiable instruments (checks), and relevant customer correspondence.
- Electronic services: Genpact's banking sector carries out an array of electronic services, such as electronic fund transfers (EFTs), online bill payment, email correspondence with customers, and automated clearing house (ACH)-related services.
Loans and Advances (including loan processing outsourcing)
Genpact has built end-to-end domain depth and expertise in the loans and advances segment of markets. We offer seamless knowledge on a wide variety of products, including secured versus unsecured loans, personal loans, home loans, and credit card processing and maintenance.
With changing market trends, the necessity of understanding customers' needs and providing them with unmatched credit card service has become critical to all banks and service providers. We possess industry knowledge and experience in a multitude of areas, such as processing credit card applications, card activation, account maintenance, resolving customer queries and requests over the phone and via email, rectifying online payment errors and purchase discrepancies, and researching and resolving disputed charges.
As lending services are the most sought-after need of retail customers, we have augmented our existing expertise in unsecured personal loans and secured home loans with key activities such as verification and filing of loan documents and document and contract preparation post-loan approval.
A large North American retail bank was facing an increasingly competitive market and escalating costs resulting from changes in its business model and the regulatory landscape. To address these, the bank needed to strengthen global operations and drive process improvement. Genpact helped the bank employ a “virtual captive" operating model and create a best-in-class, large-scale global business process operation that has progressively encompassed knowledge-intensive services, resulting in a business impact of $330 million.
A Fortune 100 financial services firm needed to optimize its customer service operations of its cards' division. Genpact's solution helped the firm realize US$40 million in cost savings through collaborative business projects and sustained leadership through data-driven analytics and intelligent reporting. Firm also managed to reduce operating costs by 5% to 7% YoY, increase self-service penetration by 25%, increased first call resolution by 12% and improved customer satisfaction scores by more than 700 bps.