Punjab National Bank inks five-year outsourcing deal with Aegis

Source: Aegis

Aegis Limited, a global outsourcing and technology services company, announced today that it signed a 5-year contract with Punjab National Bank (PNB), one of the largest nationalized banks in India with over 6,000 branches and a legacy of over 120 years.

As part of this strategic engagement, Aegis will provide multi-channel Customer Lifecycle Management support for PNBs banking products and services such as deposits operations, core banking processes, lending services, internet banking and account & card related services.

The scope would also include supporting and managing the Pradhan Mantri Jan Dhan Yojna (PMJDY) Contact Centre on behalf of Punjab National Bank. This would be the first Customer Contact Centre institutionalised by a Public Sector Bank for the PMJDY.

Aegis will manage PNB's end-to-end customer lifecycle value chain, including multi-channel customer onboarding and service operations, data management and collections. It will also provide customer relationship management (CRM) platform, customer grievance resolution module and customer intelligence. This engagement will initially have about 500 personnel, which would then be scaled up to 1500 people across Gurgaon and Bhopal.

Sandip Sen, Global CEO, Aegis Limited said, "This partnership with Punjab National Bank is focused around improving operations, enhancing customer experience and bringing in innovation while reducing costs. There has been a paradigm shift in driving financial inclusion in India; therefore the opportunity for Customer Lifecycle Management BPO within the Indian banking and financial sector is large."

Gauri Shankar, Executive Director of Punjab National Bank said, "In today's digitized world, it's imperative to ensure fair, timely and adequate access to Banking and Financial services. The role of enhanced customer experience and technology has also evolved with the recent financial inclusion programs in our country."

Indian banking and financial sector is large and Aegis has, within a short timeframe, built a strong BPO practice focused around Indian Banking and Financial Institutions. The company has won over 12 banking BPO contracts across the country over the last 12 - 18 months. Aegis' strong focus on customer experience, domain expertise and multi-channel delivery has helped its partners to lower customer churn, acquisition costs and increase customer lifetime value (CLTV) in the long term.

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