Intelligent Operational Management Pays off

Intelligent Operational Management Pays off At Co-operative Financial Services Payments Services

eg solutions delivered exactly what it promised following a project with Co-operative Financial Services (CFS) - a cost benefit saving of over 20%. In addition to helping Payment Services achieve this, eg solutions also improved its capability to manage the end-to-end customer experience and maintain high customer service levels.

One of the UK’s leading financial services providers

Co-operative Financial Services (CFS) is one of the UK’s major financial

services organisations, comprising of some of the best-known names in the market - the Co-operative Bank, Co-operative Insurance Services (CIS) and smile.

eg solutions had recently undertaken a successful implementation at CIS which led the company to award eg solutions a major project within its Payment Services division. At the time the Payment Services division employed 240 staff, primarily undertaking processing, reconciliation and administration of customer transactions.

Payment Services was selected as the pilot for an eventual implementation throughout the Bank because it provided the greatest opportunity for eg solutions to demonstrate its capability to support a number of diverse business processes, spread over a large geographical area.

Payment Services itself is split across a number of different locations including offices in the North East, North West and South East England. Each of the sites have differentiated staffing profiles, some have higher staff turnover and therefore tended to have lower skills levels, whilst others have little or no churn which also tended to have personnel with higher skills and experience levels.

The Payments Services division used disparate processes, ranging in complexity and manual involvement. This, together with a range of short cycle tasks, such as handling bank clearing items, through to complex, long cycle transactions, e.g. bank securities, added to the overall process complexity.