Outsourcing helps deliver robust, scalable & cost-effective back office for U.S. brokerage house

Outsourcing helps deliver robust, scalable & cost-effective back office for U.S

. brokerage house

The client, who is a premier financial products and services company, offers a broad spectrum of services for its customers in the North American market.

The Clients Challenge

The client realized that, to provide services effectively, it would have to build a robust back office to fully support its financial advisors and agents, which is scalable and cost-effective.

Further, this back office would require a design which is a comprehensive repository for the client's full range of products and services. Operational excellence assumed significant importance in the client's business model and it set a mandate to provide excellence in its services'.

The WNS Solution

Today, WNS supports the client across all functions of portfolio management and related financial products starting with the opening of an account for customers all the way through management of the portfolio. In short, WNS delivers services across the entire lifecycle of an advisor.

WNS supports financial products throughout their lifecycle from indexing to new account set up (for insurance products, brokerage accounts, specialized managed portfolios), to client administration (updating new issues, monitoring the movement of money, updating various new financial features that are added to products), through to compensation for the advisors (which is a commission earned on each policy sold). Most of the products are long term as annuities comprise a major part of the business and the related administration of the client portfolio is handled offshore, by a dedicated WNS team.

WNS also provides support on new products as they are added to the client's portfolio. As an example, if the client has a mutual fund account and requires a debit or credit card on the account, the WNS team then applies the necessary rules, ensuring that the customer gets the new product or service.

WNS has a dedicated recovery team to tackle financial planning and service recovery. This involves sending notifications and advisories to customers.

Key features of the WNS solution include:

Since commencement of the partnership, WNS billed the client on a Unit Transaction Pricing (UTP) model, for a substantial portion of the scope. This has not only allowed for greater client flexibility as volumes changed, but also, has required meticulous planning between both client and provider teams.

WNS scaled up resources significantly from the first year of operations, taking on 31 processes ranging from low to high complexity, right from the beginning of the engagement.

The client and WNS worked closely and effectively together to migrate the work offshore. WNS deployed a train the trainer' model to make sure that all staff were capable of delivering the processes.

WNS initially created a pool of domain experts who could provide advice on the salient characteristics of the client's products, supported in the initial scope. Today, given the power of this capability, the client has transitioned all transactions offshore to WNS staff.

The WNS team obtained FINRA certifications to support certain products.

WNS and the client collaborated on process improvement initiatives to ensure that cycle time for processing was reduced while customer experience was improved.

Benefits delivered by WNS include

The WNS process improvement program has yielded dramatic results with regard to quality of delivery and reduction in the cycle time. The client measures quality on a scale of 1 to 1000. As an example, in the area of annuities, in 2006, the error rate was 19 per 1000 transactions. This was reduced substantially in 2008 to 4.5 a 70 percent median reduction in 2 years. WNS instituted measures to ensure that its staff did not make errors, in contrast to correcting errors after they were made. WNS also staffed the team with a higher than average ratio of quality staff to processing staff.

With effective management of shifts, and substantial re-engineering of workflow, WNS was able to deliver a significant improvement in turnaround time from 3 days to one day.

WNS cross-trained resources as part of a business continuity strategy to ensure that delivery is not impacted. If one WNS center were to go out of service for any reason, a center located in another geographical location would be able to serve the client seamlessly.

WNS devised a unique performance incentive plan for its associates which ensured that quality expectations are met at all times while delivering higher revenues. The plan is designed in a manner that payouts happen only if quality targets are met at the individual level. There is also is a provision to earn a bonus if the associate achieves higher productivity numbers in comparison to preset targets. The additional payout is made on a per case basis and has increased productivity across the board. In addition to the regular payout plan, WNS also provides incentives for tenure based on pre-defined tiers, which have played a major role in talent retention.

About WNS

WNS is a leading global business process outsourcing company. Deep industry and business process knowledge, a partnership approach, comprehensive service offering and a proven track record enables WNS to deliver business value to the world's leading companies. WNS is passionate about building a market leading company valued by our clients, employees, business partners, investors and communities.

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