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Case Study: 70% reduction in operating costs for global bank

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​The client is a global bank providing consumers, corporations, governments, and institutions with a broad range of financial services and products.

In 2010, the bank signed a contract with the government of an EU country to administer their pension programme to citizens residing outside the country. This demanded significant scaling of resources with Italian language skills, and the capacity to support a customer base of more than 350,000 pension payments to global banking customers.

Challenges & Opportunities

Due to the scope of the contract, the bank opted to outsource the pension payments scheme, and focus on strategy and core functions. By partnering with a proven and reliable outsourcing company, they could reap substantial benefits.

  • End-to-end process/tool implementations and relationship management

  • Optimised CRM, customer experience & automated technologies

  • Country-specific regulatory governance and compliance

  • Flexibility to scale resources up or down to meet business requirements

  • Fast, accurate, in-depth data analysis and insights


Covalen designed outsource delivery frameworks to increase quality and productivity, and reduce risks, while optimising the customer experience. Knowledge and expertise in navigating the complex landscape of regulatory compliance is underpinned by CBI regulations and ISO9001 accreditation for the provision of outsourced Customer Support.

Covalen partnered with the client to administer pension payments, handle related queries, and ensure pension payments are received by Italian citizens globally. Covalen is regularly audited and are a listed vendor on client’s framework agreement.


  • Leveraged fraud and risk prevention tools delivering approx. a one-third reduction in the number of improper payments

  • Redesigned processes to transfer customer engagement to lower-cost channels (email, self-service IVR and web-portal)

  • Delivered significant cost reductions via automated ‘self-service’ that absorbed 30% of queries

  • Achieved a 70% reduction in operating costs

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