Global investment bank strengthens its position with SPS

 

Business Process Management Cases for the Banking Industry

By outsourcing 42 different types of bespoke business applications; this leading investment bank has been able to significantly expand to a full range of cutting-edge solutions to ensure efficiency and compliance.
 
SPS and the bank have created a scalable and futureproof environment, processing 10.5 million documents in 2019.

The Challenge

As a major player in the financial sector, this global investment bank keeps a close eye on its competitors. But in today’s climate, keeping tabs on progress in the banking industry is more difficult than ever. Newfound digital capability has disrupted the market, with many new digital-only competitors rising to prominence seemingly overnight. The rise of digitalization of banking services has also ushered in the age of regulation - banks now must consider numerous levels of compliance, with GDPR and MiFID II as just two examples of regulation carrying potentially damaging fines if breached.
 
Following Swiss Post Solutions’ (SPS) UK and Ireland takeover of this bank’s existing partner Pitney Bowes Management Services in 2013, the bank found itself with a brand new partner. It set about putting SPS and its capabilities to the test, to decide whether it would be the right partner to support the bank for the future.

The Solution

Over the last seven years, SPS has stood up to the test. Across various tenders SPS has introduced a wide variety of banking outsourcing services designed to keep the bank ahead of its more agile competitors. SPS now provides:
  • Core mailroom services
  • Back office solutions
  • Courier services
  • Transactional printing
In addition, SPS has also adopted some transactional print services at its newly redeveloped Digital Transformation Centre, already creating approximately 750,000 cheques on behalf of the bank. Overall, SPS handles 42 different business applications; all bespoke services tailored to the bank’s specific needs and many with their own dedicated Account Manager to ensure visibility.
 
To ensure both parties are up to date with the latest information, SPS introduced quarterly business reviews including C-level representation, cementing the importance of the bank’s success to SPS
 
 

From supplier, to partner, to valued advisor in just five years

Since taking over the mailroom in 2013, SPS has grown to become an important part of the bank. SPS now manages operations beyond the UK, adding other locations across Europe and Asia to its service. As a result, SPS processed over 10.5 million images and distributed 2.7 million documents for the bank in 2019 alone.
 
The efficiency and return on investment provided by SPS’ management of the bank’s core services has made an appreciable difference, as well as its experience with handing business critical customer information. The bank now sees SPS as more than an important supplier, but as a trusted advisor on future operations and compliance – SPS worked closely with the bank during the rush for GDPR compliance in 2017 and 2018.
 
With the bank investing heavily in renewing its UK facilities recently, SPS is expected to be an important advisor in the coming years. SPS’ commitment to digital innovation provides options to overhaul manual processes at the bank’s redeveloped locations.
 
Meeting the bank’s initial challenge head-on, SPS has exceeded all expectations, and moved from supplier, to partner, to valued advisor in just five years. With digital banking progress showing no sign of slowing, SPS has proved itself to be a valued part of this bank’s competitive push, and cemented itself as the partner of the choice for the coming digital revolution.
 
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