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Customer Stories
Ecosystem
Work Graph
Company
Transforming Customer Onboarding for a Global Investment Bank with Scout by reducing operational cost by 30%
Transforming Customer Onboarding for a Global Investment Bank with Scout by reducing operational cost by 30%
The Challenge
Industry
Investment Banking
Location
US
Attempted Solution before Scout
Extensive efforts included interviews and analysis of thousands of customer interactions and the creation of
200
dashboards
The bank assembled a team of senior associates and their consulting partners to find a sustainable solution. Despite extensive efforts, including interviews and analysis of thousands of customer interactions and the creation of 200 dashboards, the solutions fell short.
Enter
The Head of the Global Market Division introduced Scout to provide data-based, near real-time insights into the core business questions. Scout’s AI model could be quickly put into action because it didn’t need complicated integration with current systems.
The AI analyzed the ‘Cost to Serve’ by breaking down the total team effort spent on each client through applications, emails, and documents.
It was able to measure this across three metrics:
Scout's AI Model
could be quickly put into action because it didn't need complicated integration with current systems.
Responsiveness
the speed at which the client receives a response.
Seamless experience
assessed by the number of interactions needed per case.
Variations
identified client-specific variations or ways in which clients were serviced.
Responsiveness
the speed at which the
client receives a response.
Seamless experience
assessed by the number of
interactions needed per case.
Variations
identified client-specific
variations or ways in which
clients were serviced.
Scout’s AI to “find and fix”
Step 1: Find
Based on this analysis, within two weeks, Scout’s AI model provided the following insights:
- Specific hotspots were highlighted like heavy dependence on Outlook and Excel.
- Highlighted the opportunity for email and process automation which will bring in close to 10% efficiency through toil reduction.
- Automating the data flow between the external website, spreadsheets and outlook could increase efficiency by another 17%.
Step 2: Fix
Quick Fixes
Standardization of Data Inputs
The management team enforced standardization of inputs across the following teams to generate data and enable new metrics across Customer onboarding, Equity essential services/ Trade (Buy & Sell), Security settlement, and Prime Brokerage. This fix -
-
Reduced the total effort spent in servicing clients
by the Global Market Operations teams and reduced the
cost to serve per client. -
The teams were able to focus on high-impact
activities, align workforces and provide an improved
experience to clients seamlessly.
Standardization of Reporting
Developed specific reports from Scout data to gain a single view of effort and touchpoints per client service request. These reports mapped the effort spent per client per different lifecycle stages, the number of follow-ups per client and the total effort spent.
Deep Fixes
Scout also provided detailed insights into the cost of unintegrated underwriting systems & applications and, also the disconnection debt in the organisation.
With these insights, the management team kicked off a concerted transformation initiative to eliminate, automate, and transition low-impact workloads that yield less value to clients and bank and enable workload prioritization.
The customer journey view in Salesforce CRM was enhanced by integrating with Scout platform data. This ensured that all roles, such as Client Relationship managers, Functional leads, and Leadership, had a single source of truth and visibility into various metrics and could monitor the impact of actions and interventions.
It is important to note that in all of these recommendations, privacy was of the utmost importance – and no employee data was shared. Empathy was at the core of all recommendations and the focus was on addressing and improving the core issues i.e.
- Getting teams to work together across functions
- Fixing disconnected systems
- Simplifying and optimizing work processes
Business outcomes
In summary, Scout’s intervention led to significant improvements:
40%
Improvement in Turnaround Times:
For customer service and requests.
30%
Reduction in Operational Costs: Streamlining
and eliminating inefficiencies.
15%
Enhanced Revenue from Operations: Attributed
to increased trade volumes from large customers.
Elimination of Low-Impact Workloads:
Enabling prioritization of high-value tasks.
How Scout Lit up the “Dark Side of the Moon”
The AI then provides data-based recommendations for the necessary interventions to address these challenges, paving the way for improved outcomes.
We call this lighting up the ‘dark side of the moon’.
See Scout in action.
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