- Solution overview
Accelerating customer remediation excellence
Smoothing the path to compliance and restoring customer trust with remediation-as-a-service
When things haven't gone as planned for current or former customers of a financial institution, there's a need to put them right. Regulators are placing increasing pressure on financial institutions to remediate customers at speed and scale with a focus on quality and sustainability. The goal? To boost compliance and customer satisfaction while minimizing reputational damage.
Regulators are also questioning the buildup of billions of dollars in undistributed remediation payments. They're demanding investment in systems, processes, and data analytics to halt the vicious cycle of having more affected customers while ensuring ongoing compliance.
With customer experience paramount to success, organizations that deliver best-in-class remediation have a competitive edge. They can rebuild trust and relationships with customers while minimizing risks by focusing on transparency, operational excellence, and environmental and social governance outcomes.
Genpact's remediation-as-a-service (RaaS) solution provides the people, processes, and technology to meet regulatory and customer demands with quality, transparency, scale, and speed so you can concentrate on other areas of business.
Today's regulators are eagle-eyed, able to spot errors at speed. And they're just as quick to issue consent orders or other enforcement actions. Fines can run into the billions and critically impact profitability, and regulator-imposed asset caps can limit a bank's growth and ability to serve its customers. So, financial institutions must ensure they aren't on the receiving end of these penalties.
Quick identification of operational issues and their root causes is vital. Financial services institutions must spot abusive or deceptive behaviors and resolve errors at speed by:
Let Genpact relieve these pain points by managing end-to-end remediation to reduce stress, costs, and risk.
Genpact partners with financial institutions to provide remediation-as-a-service to financial services compliance teams. Our process leverages industry expertise and proprietary technology to execute best-in-class remediation. We provide data analytics, workforce management, digital enablement, and the ability to scale with demand.
Our remediation-as-a-service platform uses cloud-based software to provide an end-to-end customer remediation solution that automates request processing. It also offers built-in controls to heighten security, auditability, traceability, and reporting, which enables you to meet regulatory needs.
Our workflow-based solution seamlessly ingests data files and applies configurable rules for address and hygiene checks to generate mailing execution files. The platform issues customer letters and checks (as applicable) according to regulatory timelines. And it integrates with contact center services to manage customer inquiries triggered by the customer remediation letters issued.
Genpact has delivered multiple customer remediation resolutions through this platform, meeting and exceeding our partners' expectations. The solution can scale to manage multiple remediation cases simultaneously.
To deliver against all five pillars, we not only bring our own knowledge and expertise, but also ally with industry leaders across remediation functions. These include:
For well over a decade, we've partnered with numerous financial institutions to grow their remediation abilities and make a significant impact by delivering:
Our work: Case study
Genpact's experience makes us a trusted executive partner for regulatory remediation programs at several large banks.
Custom remediation adds insights and scale for a US bank
We acted as architects and managers for a client remediation program for a large bank, using our proprietary digital case management solution Genpact Cora. We also designed and executed inbound and outbound mail rooms and delivered end-to-end compliance. Operational insights delivered via dashboards, as well as adaptive workforce planning, enabled quality customer service on demand.
We've helped large financial institutions execute and scale their remediation efforts through our end-to-end solutions. The cost of getting it wrong is high. You can trust us to reduce risk and accelerate quality outcomes.