EQUINITI CASE STUDY
An International Retail Bank
Consult. Design. Deliver.
Our client, an international retail bank, is deploying the MMX Enterprise Complaints Management platform in over 26 countries to create a global system that delivers locally tailored customer care.
The solution has been configured to support the local language, regional regulatory compliance, law, and nuances of each market.
The bank sought to replace many disparate customer management platforms with a single global complaint management solution (CMS) that could be adapted to create a cyclical self-learning form of complaint resolution for each market.
As one of the largest banking and financial services organisations in the world, our client has over 7,500 offices in 80 countries and more than 50 subsidiaries.
The company wished to embark upon an ambitious transformation project that would see it replace its existing complaints management systems with a single adaptive solution that would span all its Retail Banking and Wealth Management (RBWM), Commercial Banking and Private Banking Divisions, as well as multiple brands.
In the RBWM side of the business alone, the total volume of complaints is estimated to be between 1.1-1.2 million per annum and the replacement system would be accessible to approximately 60,000 frontline users and 2,500 dedicated complaint handlers.
The global complaint management solution needed to be centrally managed but with the option to tailor it to regional requirements. These included workflow processes in the local language/s, regional and global compliance regulations, and rule sets for different customer subsets. The solution needed to encompass the entire complaint management cycle, from logging complaints through to escalation and resolution, as well as providing the necessary Management Information (MI) to monitor complaint trends and provide continuous improvement and deliver global oversight.
The bank selected Equiniti based on its experience in delivering scalable solutions in the financial sector, the flexibility of the MMX Enterprise Complaints Management solution and the company’s agile project management approach.
Starting in October 2018, phase one of the project saw an ambitious 18 month plan involving the decommissioning of existing solutions and the deployment of MMX to branch networks in numerous territories.
Rollout to the first two countries was achieved in just six weeks with a further five, including their biggest market, following in quick succession. Phase two began in early 2020 and will see the project extended to another nine countries operating across multiple time zones and in many different languages.
It was crucial that the MMX solution be adapted to the nuances of each market. This not only involved taking into consideration linguistic and legal issues but also the bank’s business model within that country.
Based on a standardised central platform and with a configurable local layer, the MMX Enterprise Complaints Management solution could easily be adapted to meet the needs of each market and its local languages. In China, as staff are bi-lingual, the MMX solution was customised to provide both English and Chinese.
Compliance regulations can also vary markedly from country to country. In the UK, for example, there is a wide range of regulatory considerations from vulnerable customers to super complaints such as PPI. There can also be fluctuations in how regulations are applied. Some countries have similar requirements with specific regulatory timelines which are stringently enforced but in other markets compliance is negotiated, requiring the solution to be flexible enough to accommodate changes in demand.
Automation and AI
A key feature of the MMX Enterprise Complaints Management solution is its ability to automate parts of the complaint handling process, streamlining workflow and increasing efficiency. In this case, the bank chose to use machine learning algorithms to detect and determine the validity of complaints. They also chose to automate their quality assurance (QA) process, enabling specific complaints to be escalated and subjected to root cause analysis to rectify and learn from issues.
Our client’s complaints management process is hugely complex, accessed by hundreds or thousands of people in each market, and the global team have noticed real results. A primary objective was to reduce the likelihood of a regulatory breach and, where MMX has been deployed, compliance issues have already been significantly reduced. User acceptance is high, with many remarking on the speed and capability of the application.
By replacing legacy systems and automating workflow, the bank has gained considerable cost and efficiency savings, with productivity estimated to have increased between 30-40%. Impressively, just from the rollout of Phase 1, the benefits associated with the entire project have already been realised.
• A centralised standard system that delivers oversight to the global team, improving control
• Rapidly configurable and deployed in just six weeks in some regions
• Automated identification of customer complaints and QA leading to better customer outcomes
• Proof of regulatory compliance leading to a significant drop in compliance issues
• Productivity boosted by 30-40% through the automation of manual processes leading to demonstrable and rapid ROI
• A continually learning form of compliance management that can be used to improve operations
• Rollout maintained on-time and to budget