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Andy Efstathiou

Andy is the Banking Sourcing Research Director at NelsonHall where he has global responsibility for Retail and Commercial Banking BPS, Capital Markets BPS, and RPA, AI, and FinTech services in Banking, including consulting, design & deploy, and operations support.

HCL - Retail Banking BPS

Vendor Analysis

by Andy Efstathiou

published on Jun 08, 2016

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Report Overview:

This NelsonHall vendor assessment analyzes HCL’s offerings and capabilities in retail banking BPS.

Who is this Report for:

NelsonHall’s retail banking BPS vendor assessment for HCL is a comprehensive assessment of HCL’s retail banking BPS offerings and capabilities designed for: 

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Retail Banking BPS RFPs 
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers 
  • Financial analysts and investors specializing in the support services sector. 

Scope of this Report:

The report provides a comprehensive and objective analysis of HCL’s retail banking BPS offerings, capabilities, and market and financial strength, including: 

  • Identification of the company’s strategy, emphases and new developments 
  • Analysis of the company’s strengths, weaknesses and outlook
  • Revenue estimates
  • Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
  • Analysis of the company’s offerings and key service components
  • Analysis of the company’s delivery organization including the location of delivery locations.

 

Key Findings & Highlights:

This NelsonHall assessment analyzes HCL’s offerings and capabilities in retail banking services. HCL is one of a number of retail banking services companies analyzed in NelsonHall’s comprehensive industry analysis programs.  

HCL’s retail banking BPS service was a small business focused on card collections. HCL was delivering these services to support large clients which were primarily IT services clients. HCL used the capabilities it had acquired in collections for telecoms clients to deliver the card collection services.   

In 2010, HCL hired a former Citibank executive to run its BPS business; he rapidly expanded HCL’s retail banking services, leveraging his banking experience and HCL’s delivery capabilities to enter multiple RB BPS processes.  

The first major retail banking BPS contract which HCL acquired in 2010 was with a leading bank in Europe. This client provides account opening, account maintenance and payments services; due to declining volumes and increasing cost pressures in the business, the bank turned to HCL for help reducing cost and increasing processing efficiency.  

HCL addressed the issues by implementing:

  • A multi-shore strategy: a mailroom in the U.K., a contact center in Belfast, Ireland, and back-office processing in Chennai
  • Consolidation of multiple processing systems into one system that communicated across the entire processing lifecycle 
  • Increased automation of manual processes 
  • Data capture process restructure, to reduce processing error rates. 

 HCL retail banking BPS delivers service from eight delivery centers in: 

  • Chennai
  • Noida
  • Kilkenny 
  • Belfast
  • Armagh 
  • Romford
  • Cary, N.C.
  • Guadalajara.

HCL is currently looking to expand its retail banking delivery capabilities, with delivery centers located in the U.S. and Philippines. 

Originally HCL’s RB BPS delivery was entirely from offshore; today it uses  a mix of offshore and onshore delivery capabilities.

HCL’s primary targets for retail banking BPS are:

  • Regional and super regional banks based in the U.S., U.K., and Australia
  • Regional industry service vendors based in the U.S. and Europe.

In future, HCL will continue to target regional banks in its current and new markets. 

Besides the larger banks HCL is also targeting super regional banks that want to outsource processing, either wholly or in part, in support of one/multiple bank product line.  

HCL engages with clients requiring both BPS and IT services to achieve changes in operations to improve operating efficiency.  

HCL is committed to growing its presence in: 

  • U.S. and U.K. large and regional banks 
  • Mortgages
  • Collections 
  • AML/KYC.

HCL uses client-owned industry standard industry platforms, as well as proprietary process management technology, proprietary tools, and its robotics solution, as differentiators in enhancing process efficiency. 

Table of contents:

Table of contents:

  • Background
  • Revenue Summary
  • Key Offerings
  • Delivery Capability and Partnerships
  • Delivery
  • Pricing and Contracts
  • Platforms
  • Changes to Operations
  • Target Markets
  • Strategy
  • Strengths and Challenges
  • Strengths
  • Challenges
  • Outlook

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