How did a leading fintech company streamline operations while reducing cost to serve by 30%?
The goal
To move contact center operations to more cost-effective nearshore locations in Europe, reduce operational costs and streamline operations for our client by rebadging, or transferring, both operations and people to Foundever™ with minimal impact to both reputation and service.
The outcome
30%
cost reduction over 2.5 years
20%
improved efficiency
+500
FTEs quickly & successfully transferred within 3.5 months
The challenge
Our client is a global fintech brand that has revolutionized online payments and financial services. Specializing in simplifying the online shopping experience, it provides a range of services that offer convenience and flexibility to its customers. With a global presence and a commitment to innovation, the fintech brand collaborates with merchants worldwide, providing seamless payment solutions and enhancing the overall e-commerce process for both customers and businesses.
In-house contact centers can be expensive to manage and maintain, as they require significant investments in infrastructure, technology and human resources. Therefore, our client wanted to transfer their in-house contact center operations and employees to external management with Foundever, with minimal impact on their brand reputation and level of service and a commitment to cost savings over 30 months. This included staff on two lines of business: customer support (B2C) and seller support (B2B).
The solution
Transfer of employees and operations from locations in Europe, North America and Oceania
Industries
Banking & financial services, Fintech, Disruptors
Channels
Chat, email, voice
Language
English, French, German, Swedish and 14 other languages
The key to the project’s success was clear planning and close collaboration with our client. For the implementation process, we helped our client predict risks and challenges that could impact the achievement of their goals. We applied proven methodologies and used tools to plan, control and monitor to make the project a success.
How it worked
- Strategic shadow operations: We deployed a nimble “shadow” operation for each activity and language, ensuring contingency and risk mitigation, because in this process, preparation is key.
- Effective communications and employee packages: We crafted clear, concise and impactful communication strategies and employee compensation packages that drove desired outcomes.
- Attrition management: During the consultation phase, we worked to seamlessly transition employees to Foundever and closely managed attrition, ensuring stability through every step.
- Smooth and rapid transfer while delivering on performance: At the transfer, the client’s contact center operations and employees became the responsibility of Foundever, complete with office space and home working environments tailored to specific markets.
- Strategic attrition backfill: In the initial 6-12 months, we managed natural attrition with strategic backfill from alternative locations, ensuring business continuity while keeping the talent pipeline flowing.
- Investments in training and coaching for agents: We invested significantly in training and coaching to propel the development of agents’ skills.
- Cost efficiency with productivity enhancements: We continued to drive cost efficiency through targeted productivity improvements such as optimizing processes and streamlining workflows.
- Location strategy: We identified additional cost savings by having service delivery from our multilingual hubs in Europe.
Results
30%
cost reduction over 2.5 years
20%
improved efficiency
+500
FTEs quickly & successfully transferred within 3.5 months
The strategic partnership between Foundever and this global fintech leader showcases the power of innovative collaboration. By transferring contact center operations to nearshore European locations, the client will capture a remarkable 30% reduction in operational costs and a 20% boost in efficiency over 2.5 years. The seamless and rapid rebadging process of over 500 FTEs in just 3.5 months exemplifies efficiency and dedication to excellence. This case stands as a testament to the importance of strategic planning, clear communication, and the seamless integration of technology and human resources in driving success.