Case Study

Redesigned cash refund process for a leasing major corporate leads to US$1.8 million loss avoidance

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Client: Global leasing major

Industry: Banking and financial services

Business need addressed: Enhanced financial controllership

Genpact solution:
Redesigned refund process that plugged gaps post detailed benchmarking and diagnostics

Business impact:

  • Avoided potential loss of $1.8 million due to incorrect remittance
  • More timely and accurate quote and disbursal

A leading global leasing company needed precise controllership at all financial touch points in the refund process. This was driven by the fact that a 99.9% accuracy rate would still result in incorrect refunds amounting to a $0.25 million loss annually. Genpact was engaged to redesign the cash refund process and plug the gaps to avoid unnecessary losses.

Business challenge

  • The existing refund process was prone to incorrect remittance leading to rework and recovery costs
  • Delayed disbursals exposed the client to legal and financial penalties and threaten customer satisfaction

Genpact benchmarked the refund process and arrived at an ideal state proposal that plugged gaps at each sub step post a complete diagnostic

Benchmarking and diagnostics

  • All refunds processes were mapped ‘wing to wing’
  • Error Capture – the team mapped possible error scenarios, corresponding root causes and points of inception
  • Control Points – the team identified deficiencies in existing controls and gaps

Ideal state proposal

  • Improved automation by 50% to decrease the manual inputs and thereby substantially reduce the scope for errors

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  • Conducted review and audit of error-prone steps
  • Firmed up standard operating procedure to ensure no deviations or ensure a formal approvals where required

Business impact delivered

  • The project plugged gaps, enabling the client to avoid a potential loss of $1.8 million due to incorrect remittances, related recovery and rework costs
  • Improvement to the timeliness and accuracy of quotes/disbursals enhanced customer satisfaction and reduced risk operational risk and threat of legal and financial penalties

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