Financial Services

CMS have worked closely with clients in life and pensions covering both open book and closed book processing. Clients include life and pensions Companies carrying out “in house” processing and Third-Party Administrators to whom business processing has been outsourced.

The implementation of our workforce management software (OPX) in these environments has driven huge client benefits including:

  1. the enablement of optimal staffing ensuring the right skills are in place and performance management and people development are aligned
  2. similarly enabling robust capacity plans to be put in place
  3. reduction in error rates, processing delays and in complaint volumes all contributing to significantly improved Customer Outcomes (eg: reduced failure demand, improved NPI scores)
  4. the capacity for improved Quality Assurance results
  5. improved productivity and consequent reduction in operating costs

Banking & Building Societies

Our experience at CMS of working with the UK Banking and Building Society sector has given us insight into the current operational challenges faced by businesses and how OPX workforce management software can deliver significant benefit.

The operational business context across the sector is characterised by common themes:

  • Emerging strategies for hybrid/homeworking with workplace rotation and flexibility
  • Complex IT operational infrastructure with a mix of legacy and new technology
  • Acceleration of multiple digital transformation/restructuring initiatives running in parallel and at different stages of development
  • Constraints on both budget and people resource to support new initiatives
  • Strategic objective to improve customer experience and reduce complaints
  • Inflationary and competitive pressure to reduce the operational cost base
  • Strong desire for innovative digital solutions to operational challenges
  • High volumes of lending, saving and current account processing
  • Highly regulated business activity with focus on operational risk management

OPX improves the quality and reduces the cost and risks of operations giving better customer outcomes at lower cost. OPX has been used over recent years to enable and develop hybrid working for clients. This includes using branch network staff for back and front office tasks to increase utilisation at quiet times of f2f customer contact.

Please refer to our white paper ‘Homeworking in Financial Services Operations – The top 15 problems and solutions’.

We have also developed specific ‘out of the box’ OPX modules. These support specific operational pressure points such as new business onboarding and complaints. Bespoke solutions for your business can be developed quickly.

Key points for potential new users of OPX are that it is:

  • Designed to fit any core technology architecture and digital transformation path for both back and front office. It will reduce costs while improving quality and resilience
  • Easily implemented by businesses with complex IT architecture
  • Fast to pilot and roll-out as only requires very light touch IT integration. Typical pilot roadmap aims to be up and running in less than a month
  • Owned and developed post implementation by operational users requiring low or no IT involvement
  • Innovative and flexible while also proven tried and tested with reference sites
  • Short payback period for ‘business use case construction’

At a practical operational management level the benefits of OPX include:

  • Enabling optimal staffing to ensure the right skills are in place with aligned performance management and people development
  • Improved and shorter end-to-end customer journeys
  • Higher levels of staff satisfaction
  • Robust capacity planning and reactive re-planning
  • Faster training and shorter time to productive use of new staff
  • Reduced error rates, processing delays and complaint volumes for better Customer Outcome metrics
  • Improved Quality Assurance results

Want to see more?

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