Equiniti was selected by a large retail bank to provide outsourced services for remediation of 500,000 unsecured debts across multiple brands. The bank had conducted a proactive review and identified a potential breach, which could have been detrimental to customers. We delivered this project as a fully managed service and was ready to remediate the first cases within 3 months of agreeing to proceed. This included the set-up of a physical location, bespoke case handling solution (MMX) and full end-to-end capabilities including printing and payments.
Equiniti worked collaboratively with the retail bank to:
- Identify the population and defined a strategy to deal with each category
- Provide a comprehensive management structure
- Introduce a robust case-handling system to drive automation
- Share remediation best practice – from concept to delivery
- Adhere to stringent physical and information security standards
Our activities:
- Checked a representative sample of cases
- Handled customer queries and exceptions
- Issued final offer letters and made payments
- Implemented the service quickly
Our results:
500,000
policies across multiple brands
85% reduction
in handling time (automated vs manual)
18 case categories
complex project requiring different workflows
£14m
of cost savings passed through to client
12 month
project duration
65%
of cases automated
Optimising delivery
By adopting a phased approach, we were able to start remediating customers just three months after the project began.
