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Firstsource- The Advance of RPA and AI in Banking

Vendor Analysis

by Andy Efstathiou

published on Jan 04, 2019

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Report Overview:

This NelsonHall assessment analyzes Firstsource’s offerings and capabilities in RPA and AI in Banking. Firstsource is one of a number of RPA and AI services companies analyzed in NelsonHall’s comprehensive industry analysis programs. 

Who is this Report for:

NelsonHall’s The Advance of RPA and AI in Banking Vendor Assessment for Firstsource is a comprehensive assessment of Firstsource’s RPA and AI in Banking offerings and capabilities designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for RPA and AI in Banking 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 RPA and AI in Banking 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:

Firstsource was founded in 2001 by ICICI bank to provide operations services. Firstsource started its banking BPS business in 2002, and its operations commenced in 2003. The first client was a tier one banking client in the U.K. which required support for credit card operations. From its inception, Firstsource was delivering automation services for its banking clients.

In 2016 Firstsource began its RPA practice by delivering automation and RPA services for a U.K. headquartered tier one bank. The client’s factoring and commercial lending businesses needed to increase operating efficiency. Firstsource delivered an engagement with two key technical components:

  • Rearchitecting workflows: mapping processes, reengineering, and automating with RPA
  • RPA: designing, and deploying BOTS

By project completion, the project achieved:

  • Processes automated: 57% (attended and non-attended) the remaining processes are judgment-based and manual
  • 150 BOTS running.

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