Mphasis Business Process Services in Banking, Financial Services & Insurance

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Overview

Mphasis has over 9,500 specialized resources focused on delivering business process services to select Banking and Financial service segments, enabled by industry consultants, subject matter experts and transformation projects.

Our Line of Business cater to the following services, for all segments of Banking - for Retail banking, Payments, Customer Lending (Mortgage, Cards & other Lending products), Small Business and Commercial Banking, Asset & Wealth Management:

·Industry Back office

·Compliance Services

·Customer Experience Operations

Our Business Process Services for Banking

Mphasis service offerings for Banking operations include:

Payment Operations

Mphasis works with some of the leading payment providers in North America, Europe and Asia; providing end to end experience across both customer as well as merchant acquisition and servicing.

We have over 1,500 FTEs delivering both voice and non-voice services. Our Transformation credentials includes automation / robotics solution to automate payment operations.

Lending Operations

Mphasis has over 3,000 Lending analysts of which 1000+ certified Underwriters across retail and commercial product lines; and a dedicated analytic research team providing tools to improve loan quality. Our capabilities include $1+ trillion loans processed, 1,500+ loan reviews daily for our Banking clients. We provide solution around financial spreading and covenant monitoring; and have Risk Analytics Platform to identify manufacturing Risk.

Contact Center Operations

Mphasis has over 5,000 FTEs delivering services from offshore (India) & nearshore delivery centers (in US and Europe). We provide Operations support for the full customer life cycle: Sales Support, Servicing, Collections, Complaints and Disputes, Frauds etc. One of the notable experiences include Large scale Contact Center transformation including initiatives like self- service, multi-channel integration, chatbots, analytics for better insights and call strategy etc.

Key Features

Mphasis Technology solutions enabling Business Operations

We provide Business Operations services powered by Mphasis Intelligent Automation Framework. Our RPA-Led Technology with people, bots, Intelligence layer involves process automation and transformation in the following areas:

•Customer / Partner Servicing

•Customer On-boarding

•Command Center, Fraud, Compliance

•Disputes / Exception Resolution

•Investigations

•Brining DevOps for process automation

  • Mphasis views Transformation as a top tech enabler of business competitiveness. We use cognitive powered automation to help our clients innovate, grow and compete successfully. Our differentiators – award winning cognitive solutions from NextLabs, unique approach (Design thinking), new gen tech know how (partnerships) and deep domain expertise (F&A, Telecom, Insurance, Real estate, HR and Banking domains)
  • We are platform agnostic with trained/certified resources across UiPath, BP, AA, Softomotive, Pega etc. with execution experience spanning across BPS, Apps and Infra operations
  • Our capabilities/partnership cover a wide range of NextGen technologies – Intelligent BPM, RPA, OCR/ICR, Cognitive AI, Data Analytics etc
  • We have our own suite IPs, assets and accelerators – DeepInsights, Dr. Bot, optimize.ai, Xtract, rapid assessment tool, infragraph, cognitive twin etc
  • We apply automation in conjunction with other efficiency levers such as process re-engineering, Digital and delivery models/ops efficiency
  • Our NEXT digital transformation aims to deliver - Business value, experience value, financial value, operational value and Innovation value

Mphasis IP-based solution, Tools and Platforms

Mphasis has developed a number of IP-based solutions, platforms and tools for Business Process services:

• LoanFXTM: Loanfx is a Digital Point of Sale used for next generation self-service capabilities that drastically reduces internal workflows and mortgage processing costs. With direct integrations to financial income/assets and other services (like title) that are usually done manually, the system is able to make decisions and drive workflows to reduce cycle time and costs for origination.

• LuminateTM: Luminate is a fully automated mortgage document processing platform which uses ADR, OCR and RPA technology thereby enhancing customer experience and improvement in cycle times, all while maintaining risk management and compliance in document management.

Through our QC expertise and knowledge, Mphasis Digital Risk is one of the largest vendor service providers to the mortgage industry and uniquely qualified as the high-confidence provider of choice for mortgage services, based on extensive experience in managing large scale, complex projects.

• QCynergyTM: QCynergy is a one-stop interactive portal that synergizes Due Diligence and Post-Close Quality Control performance. QCynergy clients are able to deliver their data and files, receive findings and reports, perform rebuttals, and obtain historical data on deal performance all in one platform.

• AmplifyTM / LUSY 3.0 : Amplify is a technology wrapper for boosting lender performance, offers a one-stop shop solution that “wraps” all operational tasks being performed in a loan operating system (LOS), reduces cycle time, improves customer delight, enhances process quality, monitors performance, and creates additional levels of compliance and accountability as well as User Focus on SLA metrics.

• iVue : iVue is a pipeline management tool for boosting Loan Fulfillment performance. It fundamentally iterates through thousands of client provided data points and transforms static data into actionable data, layered with valuable management and intelligence.

The proprietary application built by our team of in-house experts, focusses on reducing cycle times for our client, while ultimately enhancing loan quality.

Key Benefits

To get the best out of outsourcing, Mphasis has helped clients right-shoring the services, in terms of outsourcing simple and not-so-important processes to other countries (nearshore/offshore), while retaining the complex processes locally. This has led to ensure service quality, increased efficiency, productivity and customer relationship also being cost-effective for simple and non-core business processes.

Mphasis has also helped clients by making up-front capital investments in business and technology transformation making it easier to plan and execute initiatives that address long-term technology obsolescence and support the rapid pace of adoption required to support technology-driven innovation.

By leveraging the Zero cost transformation approach, clients have seen significant and sustained cost savings across business and IT while ensuring ongoing innovation, with the total net cost of IT being shifted to a more sustainable lower cost level.

Mphasis Operations CSAT is currently trending at 4.59 on 5, and Strategic CSAT is trending at 4.27 on 5. Our Net Promoter score is trending at 79%.

CSAT is measured on a scale of 1 to 5, 1 being the lowest (Very Dissatisfied) and 5 being the highest (Very Satisfied).

1) We survey operational and strategic customers of the client organization. Operational customers are surveyed once a quarter and strategic customers, once every six (6) months

a) Operational customers: Customers involved in day-to-day operational activities

b) Strategic customers: Customer’s executive team (senior / top management)

2) CSAT questions vary for operational and strategic customers

3) An independent team governs and owns the entire CSAT process. Results and Voice of Customer are analyzed, and a report shared with the delivery team. Action plans are then created to bridge gaps highlighted by the customer.

HfS has ranked Mphasis #2 in the coveted Voice of Customer category.

Product/Service details

SOLUTION OR SERVICE TYPE
Advanced Data and Analytics Software (beyond BI), Advanced Threat Protection, Anti-Fraud Systems, Anti-Money Laundering Suites, Architecture Design Services, Artificial Intelligence (AI) Platforms, Assumed Reinsurance Management Systems, Billing and Payments as a Service, Billing Systems - Individual / Group Life / Annuity / Health / Pension Insurance, Billing Systems - P&C / General Insurance, Blockchain, Business Intelligence & Reporting Systems, Business Process Outsourcing Services, Campaign Management, Ceded Reinsurance Management Systems, Claims Management Software - P&C / General Insurance, Claims Management Systems - Life Insurance / Annuities, Cloud / SaaS Operations & Management Services, Computer Vision/Optical Character Recognition (OCR), Consumer Mobile Apps, Core Banking Systems, Customer Collaboration Tools, Customer Communications Management (CCM) Systems, Customer Identity & Authentication Solutions, Customer Relationship Management (CRM ) Systems, Custom Software Development Services, Cyber Security Services, Data Analysis and Consulting Services, Data Loss Prevention, Data Platforms/Data Aggregators, Digital Adoption Platforms, Digital Agent, Digital Consulting Services, Digital Insurer, Digital MGA, Digital / Social Media Marketing, Domain Consulting Services, Drone Sourced Data, eApplication Systems, eContracting Technologies, eDelivery Systems, Employer / Employee Insurance Benefit Portal, Endpoint Protection, Enterprise Content Management (ECM), Enterprise Risk Management Systems (ERM), eSignatures Software, Governance, Risk and Compliance Systems (GRC), Health Claims and Case Management Systems (Medical, LTC, Disability), Illustration Systems - Life / Annuity / Pension Insurance, Infrastructure Operations & Management Services, Innovation Consulting and Partnering, Insurance Agent / Broker Platforms, Insurance Agent / Broker Portal, Insurance Comparative Rating Platforms, Insurance Data Sets/Products, Insurance Digital Platforms, Insurance Distribution / Broker Management Systems, Insurance Fraud Detection and Risk Analytics Systems, Insurance Pricing Optimization Systems, Insurance Stand-alone Rating Systems, Internet of Things (IOT) Data and Devices, IT Infrastructure and Application Outsourcing, Know Your Customer Systems (KYC), Lead Management, Low code / No Code Platforms, Managing General Agent (MGA) Administration Systems, Master Data Management (MDM) Systems, Medical Bill Review Systems, Microinsurance, Mobile Payments, Network Security, New Business and Underwriting Systems - Life / Annuity Insurance, Operational Data Stores / Data Warehouses, Package Implementation / System Integration Services, Policy Administration and Servicing (PAS) Systems - Health / Major Medical, Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pension Closed Block, Policy Administration and Servicing (PAS) Systems - Individual / Group Life / Annuity / Pensions, Policy Administration and Servicing (PAS) Systems - P&C / General Insurance, Predictive Analytics / Modeling, Real-Time Decision Engine (Insurance), Regulatory Reporting Services, Retail Loan Origination Systems, Robotic Process Automation, Robotic Process Automation Implementation Services, Sharing / Gig Economy, Social Media Management Platforms, Social Media Monitoring - Company View, Social Media Monitoring Tools - Customer View, Strategic Consulting Services, System Maintenance Services, Systems and Data Migration Services, System Testing Services, Telematics/Usage Based Insurance (UBI), Underwriter Workstations - P&C / General Insurance, Unstructured Data Analysis Tools, Video Platform, Virtual Reality (VR)/Augmented Reality (AR), Watchlist Screening Systems, Workflow/BPM Systems