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The finance and banking industry standards are continuously evolving, as customer bases are growing immensely, and their needs dynamically change. The leading bank in Egypt embarked on a transformative journey and partnered with RAYA CX to scale its Human Resources Outsourcing (HRO Solutions) operations and enhance its Business Process Outsourcing (BPO) capabilities to better serve its 19 million customers.
This collaboration aimed to address major challenges, including recruitment demands, high attrition rates, low customer satisfaction scores (CSAT), and the need for improved transparency and communication.
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The bank needed to meet large-scale hiring requirements efficiently while adhering to stringent Service Level Agreements (SLAs). High turnover rates in the banking and call center sectors negatively impacted customer satisfaction. Poor customer experiences were affecting the overall company performance and brand image, and there was a demand for a more transparent and communicative relationship with RAYA CX.
To address these challenges, RAYA CX implemented three key methodologies: Root Cause Analysis (RCA) to systematically identify underlying issues, the Five Whys Technique to determine root causes, and SMART Action Plans to develop Specific, Measurable, Achievable, Relevant, and Time-bound actions.
The HRO solutions included a Hiring Barriers Plan and an Attrition Rate Plan. The Hiring Barriers Plan involved conducting historical analysis and forecasting future hiring needs, collaborating with the client for calibration selection to ensure business quality, preparing a pipeline of competent candidates, and accelerating the hiring process. The Attrition Rate Plan included implementing ECHO Surveys and exit interviews to gather employee feedback, analyzing results to identify dissatisfaction causes, developing plans to improve retention rates, and presenting findings and proposed actions to the client to create a better work environment.
The impact of these initiatives was significant. Operational efficiency was enhanced, reducing onboarding times by 40% and increasing overall productivity by 25%, generating additional revenue for RAYA CX. The team size grew from 80 to 1,680 employees over a decade, indicating strong client trust. Attrition rates were significantly reduced due to improved workload distribution and career path progression. RAYA CX’s competence in BPO and call center operations led to the award of new business lines, including collections and tele-sales. Employee satisfaction rose by 10% over two years, resulting in a more stable and productive workforce. Client satisfaction improved from a score of 4 to a perfect 5 in Q3 and Q4 of 2023.
Through strategic planning and effective implementation, RAYA CX significantly enhanced the HRO solutions and BPO operations of Egypt’s leading bank. This partnership not only resolved immediate challenges but also set the foundation for sustained growth and improved customer experiences, solidifying the bank’s position as a market leader.