Covalen leveraged fraud and risk prevention tools to protect vulnerable customers—delivering approx. a one-third reduction in improper payments.
The client is a global bank providing consumers, corporations, governments, and institutions with a broad range of financial services and products.
In 2010, the bank signed a contract with the government of an EU country to administer their pension programme to citizens residing outside the country. This demanded significant scaling of resources with language fluency, and the capacity to support a customer base of more than 350,000 pension payments — and deliver to global banking customers.
Challenges & Opportunities
Due to the scope of the contract, the bank opted to outsource the pension payments scheme, and focus on strategy and core functions.
By partnering with a proven and reliable outsourcing company, they could reap substantial benefits, such as:
- End-to-end process/ tool implementations and relationship management
- Optimised CRM, customer experience & automated technologies
- Country-specific regulatory governance and compliance
- Flexibility to scale resources up or down to meet business requirements
- Fast, accurate, in-depth data analysis and insights
Covalen's Approach
- Covalen partnered with the client to administer pension payments, handle related queries, and ensure pension payments are received by the country's citizens globally.
- Covalen designed outsource delivery frameworks to increase quality and productivity, and reduce risks, while optimising the customer experience.
- Knowledge and expertise in navigating the complex landscape of regulatory compliance is underpinned by CBI regulations and ISO9001:2015 accreditation for the provision of outsourced Customer Support.
As an audited service-provider, Covalen is listed in the client’s vendor framework agreement.
From 2012 to 2018, Covalen was awarded additional projects to the Service Level Agreement.
These include trade sales, corporate client onboarding, electronic banking support, and supply chain finance.
The successful client partnership continues today—emphasised by Covalen’s agile and flexible approach to meeting client needs, and exceptional service design and delivery.
Covalen’s Dublin Operation in 2018
- 350,000 global banking customers serviced under the Customer Support Programme
- Customer payments to 140 countries in 6 languages
- 1000+ calls and emails handled per day
- Zero customer complaints
- Consistently exceeded Customer Satisfaction (CSAT) targets
- Created a secure and regulated environment to leverage client systems
Key Outcomes
- Leveraged fraud and risk prevention tools delivering approx. a one-third reduction in the number of improper payments
- Redesigned processes to transfer customer engagement to lower-cost channels (email, self-service IVR and web-portal).
- Delivered significant cost reductions via automated ‘self-service’ that absorbed 30% of queries
- Achieved a 70% reduction in operating costs
