Outsourcing legacy accounts saves bank £151m

06 January 2013

Equiniti Group runs a digital archive service for closed book accounts for major banking brands

A major international bank had been divesting and winding down a number of its non-core UK businesses as part of a global business review.

However, it was mandated by law to maintain and provide limited services for a number of client accounts. It required a partner to deliver a low risk, low cost model that would provide data management and operational fulfilment services for a minimum of six years.

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By outsourcing to Equiniti, the bank was able to achieve its objective of significantly reducing the cost of providing its residual accounts services, due to the ability to reduce headcount and decommission the IT infrastructure and systems formerly used to support the service.

 

Key benefits achieved

  • Reduced cost by outsourcing the management and running of BAU services and shut down of costly datacentre, systems and support
  • Reduced risk
  • Single centralised system from 12 different systems for all information stored
  • Improved access to information - available any time from any location
  • Improved processes including system-driven workflows
  • Flexibility to meet changing organisational requirements
  • Continued process review to identify better ways of working without increasing risk

Download the case-study on how outsourcing legacy accounts services saved £151.2m over 6 years for a major retail bank.