Deposit accepting companies in India in the financial services and manufacturing sectors, have successfully outsourced their entire retail deposit back office to SBS, and have benefited from our decades of expertise
Country: India
Industry: Financial Services
Situation
Several large companies accept retail deposits from the public. SBS clients in this area include a $ 1 Billion automotive finance company, a $ 250 Million mortgage finance company, and two $200 Million+ automotive component manufacturers.
Challenge
Retail deposits are not a “core” activity for these businesses, but at the same time, operational delivery and quality is highly critical since the company’s brand and reputation are at stake.
SBS Solution
- Developed end to end IT solution for managing fixed deposits
- Created “Best in class” deposit processing capabilities tailored to Indian regulatory requirements including:
- Receiving and handling physical documents
- Acceptance and renewals of deposits
- Updating / amending depositor’s details
- Payment of interest warrants including tax deduction
- Generation of MIS reports
Impact
SBS managed to achieve a turnaround time of < 15 minutes for all key processes, which includes 700,000 end customers with about 100,000 service requests per year.
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