Vendor Analysis
published on Feb 26, 2021
Report Overview:
This NelsonHall assessment analyzes Conneqt's offerings and capabilities in Intelligent Automation Services in Banking
Who is this Report for:
NelsonHall’s Intelligent Automation Services in Banking Vendor Assessment for Conneqt is a comprehensive assessment of Conneqt’s Intelligent Automation in Banking offerings and capabilities designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of intelligent automation processes and identifying vendor suitability for intelligent automation services 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 intelligent automation services 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:
Conneqt began delivering operational support services to financial institutions in 2007, with Tata Motor Finance's contract to deliver collection services. In 2012, its collections activities expanded with a contract from HDFC Bank for collection BPS. In 2015 to improve the efficiency of its collections activities and manage a geographically widespread workforce across India, it began implementing field force automation tools. Collections in India are fragmented, with most vendors providing services in only one state. Over time, it has expanded its digital services to cover both collections and other processes (See Key Offerings).
Three key acquisitions to date have impacted Conneqt’s approach to intelligent automation in the BFS industry. They are:
- e-NXT Financials (2014): acquired a Tata captive operations subsidiary. This provided the BPS base upon which to build its operational delivery capabilities and client base
- Quess (2017): Quess acquired 51% ownership of Conneqt. Quess provides a client base for upsell opportunities (See Strategy) and the corporate resources of a large company
- Allsec Technologies (2019): Conneqt acquired a 61% stake in Allsec for its HR and Customer Lifecycle Management (CLM) operational services. (See Key Offerings, customer services in-a-box)