Case Study

How rapid automation and speech recognition helped a payment service provider transform operations

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Client: A fast-growing payment processing solutions provider

Business need addressed: Increase capacity to meet surge in demand, while reducing operating costs and improving response time to sustain growth 

Solution: Genpact developed a customized solution to transform the company's operating model through process optimization, followed by the deployment of a rapid (robotic) automation solution and speech-recognition tool

Impact: Reduced operating cost per transaction by 54%, which led to saving of $12 million, and automated 83% of the total transaction volume, resulting in a 23% improvement in accuracy

A leading payment services and transactions processing company based in the United States wanted to transform its operating model to improve capacity and reduce response time and cost.

Business challenge

As the firm expanded its portfolio, the complexity of its operations also increased due to the increase in number of partners and service providers. As a result, the firm was challenged by:

  • Increased volume: The sudden surge in volume of transactions led to a shorter time period for processing as the payments done via virtual credit cards had limited validity. Any missed payment meant a loss in revenue, huge impact in their partners' satisfaction levels, and the risk of losing business.
  • High operating costs: Many manual processes were negatively impacting payment accuracy while the dependency on a growing number of agents/associates to process the payments was driving up operating costs. 
  • Inefficient operating model: The current operating model was unable to efficiently scale in order to process increased volumes, which was causing a drag on profitability

Genpact solution

Leveraging its Lean DigitalSM approach, Genpact developed a customized solution for the company that harnessed the power of advanced digital technologies and gave them the ability to deliver comprehensive solutions on a global scale.

The key drivers included:

  • Process optimization: Domain expertise helped re-engineer and optimize business processes that were incurring high costs. Lean Six Sigma and re- engineering were used to remove unnecessary process complexity and establish the right measurement systems. The team identified and automated the steps in the process to eliminate manual efforts and optimize productivity gains.
  • Speech-recognition tool: Using speech-recognition functionality, Genpact developed a tool that analyzed and converted the interactive voice response (IVR) recording of service providers to text. The tool was designed to detect when payment information was required and alerted the agent to input virtual credit card numbers and other data. The tool allowed the agent to process multiple transactions at the same time as it eliminated non-value-added sections of the call flow. 
  • Rapid automation: Genpact took automation to the next level by teaching the tool to post payments without human intervention. The tool was able to detect and input the correct payment data taking information from a rule-based decision tree. This enhancement significantly reduced manual efforts and improved payment accuracy.

The rapid automation solution automatically processed most of the payments; it also highlighted and transferred exception cases to agents for manual processing. The solution optimized the operations process to drive performance improvement by automating repetitive work with a deterministic rules engine. This reduced errors and enabled a single operator to monitor 20+ transactions and resolve exceptions using a single display screen.

In addition, by executing the project in phases and closely monitoring outcomes, the transformation benefited from an error-free implementation cycle, leading to a faster time to value for the client.

Business impact

Genpact' s customized technology solution helped the company cut its operating costs in half, from $0.78 per transaction to $0.36 per transaction resulting in $12 million business impact. This tool is now being used to process 83% of all transactions and has improved payment accuracy and success rates by 23%. 

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