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.