Information redesign banks client £270,000 in cost savings
See how we helped Close Brothers automate and streamline their processes
About the Client
Founded in 1887, Close Brothers is a is a leading UK merchant banking group with 3,700 employees and 54 offices. Their services include lending, deposit taking, wealth management, and securities trading.
The Challenge
Putting a stamp on savings
Being a merchant banker, Close Brothers naturally has to deal with vast amounts of documentation and communications. In all, they needed to manage 247 letters, over 40 letterheads, and create a staggering 6 million letters per year.
To keep up in this highly competitive sector, they needed to find ways to optimize their processes and lower costs. As a result, three key areas emerged.
Firstly, they needed to have a centralized composition system to streamline document management. Secondly, they had to improve their mailing practices so they got the best tariffs. And thirdly, they had to automate workflows to reduce manual intervention and costs.
The Solution
A comprehensive solution from audit to design to post
Go Inspire helped transform how Close Brothers handled their documents.
At the foundation, we embedded a fully automated transactional workflow. We brought on our partners, Quadient, who ensured that every piece of communication’s composition met the highest of standards. We then ensured that all the designs had an immediate impact by using Visual Attention Service (VAS) technology. This uses advanced analytics to predict how web, print, and environmental designs capture a person’s attention with 92% accuracy.
On top of this, our audit of collateral and call center data gave us insights into how to refine our strategy. And finally, we examined every single possible avenue on how we could generate savings on postage.
The Results
Figures that come with interest
Close Brothers saw improvements across the board. As well as more than a quarter of a million pounds saved every year through better operational efficiency, there were a host of other benefits.
Inbound calls to the contact center were reduced by 9%, there was a 7% decrease in letter and processing costs associated with sending out new credit agreements, and a massive 30% was saved in overall postage costs.
The Challenge
Explore how maximum efficiency and cost savings could be delivered through:
Implementing centralized document composition
Accessing the best postage tariffs
Streamlining processes through increased automation
The Solution
Xerox® Customer Engagement Services, powered by Go Inspire, a Xerox Company:
Orchestrating a fully automated transactional workflow, ensuring secure and efficient communications
Industry-leading document composition underpinned by Quadient’s expertise
Visual Attention Service (VAS): A precision tool for customer engagement
The Results
An impressive annual cost-saving of £270,000 derived from information redesign
A 7% reduction in letter and processing costs associated with new credit agreements
More than 30% in postage savings, a testament to the efficiency of the new system
Xerox® Global Document Services
Discover integrated business solutions from Xerox to redesign your work environments and optimize your business workflows.
Related Articles
Banking Process Case Study
See how one of Brazil’s largest banks used Xerox® Accounts Payable Services to streamline processes, automate payments and create a more sustainable solution by eliminating paper forms.
From days to minutes – how Xerox services shortened the credit granting process
See how a major player in retail financing used Xerox's automation to increase efficiency and prevent fraud.
Banking Digital Transformation Infographic
Banks, insurers, and other financial services firms need to adjust to new customer expectations. Learn more about the state of digital transformation and the future of the banking and insurance industries.
We helped an insurance giant save £6,000 per month
See how Xerox assisted one of the world's largest insurance brokerage significantly lower their printing and postage costs.
