Banking process & customer support

OVERVIEW 
A global bank needed to strengthen controls around pension payments and ensure customers could access timely support relating to payment queries. Covalen delivered a Business Process Service including Customer Support that helped reduce improper pension payments by one-third across 160 countries.

BACKGROUND 
The bank is a global financial institution serving consumers, businesses, governments, and institutions worldwide. Through an agreement with a European government, it administered pension payments for citizens living overseas. The bank also managed partial pension payments for eligible citizens and foreign nationals living within the country.

THE CHALLENGE 
It was necessary to scale up multilingual resources with the capacity to support 340,000 weekly pension payments to global banking customers, handle related queries and ensure pension payments are received by the country’s citizens globally.

Under this government agreement, the bank needed to reduce the volume of fraudulent and improper pension payments and drive significant improvements in pension customer support.

As banks remain vulnerable to identity fraud, they face immense pressure to provide reliable and satisfying customer experiences.

THE SOLUTION 

The bank opted to outsource the pension payments scheme. By partnering with a trusted Business Process Services (BPS) provider with expertise in payments and customer support, the bank could refocus on its core banking activities. It could also be confident that pension customers would receive a high-quality service.

Equally, the approved vendor would need to demonstrate a solid understanding of the legislative and regulatory framework surrounding the project. Governance and regulatory controls must safeguard pensions, with accurate systems and data records to prevent improper or incorrect payments. 

Selected as the bank’s partner, Covalen’s expertise in regulatory compliance is underpinned by CBI regulations and ISO9001 accreditation for the provision of outsourced Customer Support. 

Covalen designed and delivered a global solution for banking customer support, releasing payments to the customer base of more than 340,000 pensioners across 160 countries in 6 languages: English, Italian, Spanish, French, German, and Portuguese.

Covalen is responsible for handling payment-related queries and ensuring payments are received by the country’s citizens abroad.

Driving technology enablement, Covalen redesigned processes to transfer customer engagement to lower-cost channels; email, self-service IVR and web-portal absorbing 30% of customer calls resulting in service cost reductions to the client.

Implementing strict security measures, Covalen effectively monitors and manages compliance, data protection, and information security, using specific fraud and risk prevention tools.

KEY OUTCOMES 

Today, Covalen continues to support the bank through an expanded range of services, demonstrating the strength and longevity of the partnership.

To explore how Covalen can help your organisation strengthen customer operations, manage risk, and deliver better outcomes. Contact our experts today.