VSI Nearshore Outsourcing

Esteban Reyes, CEO VSI Nearshore Outsourcing

En los últimos 7 años VSI se ha convertido en el proveedor independiente líder en servicios de KPO y ITO para el sector financiero de los EEUU. Actualmente VSI procesa mas de 3 millones de transacciones de servicios de valor agregado anualmente. Los bancos mas grandes del mundo confían en VSI, ya que VSI les permite alcanzar ahorros hasta de un 50%, sin sacrificar calidad, control, o la fluidez de la comunicación entre equipos.

Business Transformation

VSI successfully outsourced all back office functions and technology, including software development, software maintenance, bilingual client support, processing and analytics for a Fortune 1,000 financial technology company and leading national provider of income, identity and employment verification services.




    Challenge: The client, a rapidly growing company with U.S. operations faced the increasingly difficult challenge of finding sufficiently motivated and skilled employees at a reasonable cost. In addition, high turnover and low motivation in client support and order processing was turning customers off. A solution was needed to simultaneously lower operating expenses across a broad set of functions while improving service delivery and client satisfaction.

    Solution: VSI studied the client's operation to determine how operating costs could be reduced by leveraging technology and nearshore labor cost advantages. Rather than just outsourcing people, our goal was to innovate and optimize the client's workflows and processes. The resulting roadmap was thorough and carefully thought out so as not to jeopardize the mission-critical nature of the services our client performs for hundreds of financial institutions.

    First, our technology team developed a web-based, paperless workflow application that automated client ordering, order processing, product delivery and KPI monitoring. After testing and implementing this solution, we were able to leverage our access to well-educated, bilingual and highly motivated human talent to provide client services, processing and quality control for the new, leaner organization.

     

    Results: The entire process took less than a year from start to finish. Our client began seeing costs and client satisfaction improve within 3 months. We reduced operating expenses by $5 million over two years and improved annual operating costs by 40 percent. Today, the application we developed currently processes 80,000 orders per month, more than tripling the previously available capacity. Improved operating efficiency enables our client to maintain healthy margins while successfully competing on price with less productive rivals. Most importantly, our client is free to focus on being the industry innovator and thought leader. We continue to enhance their value proposition through innovative technology development and business process improvement.

     

    Innovative Technology Development

      VSI recently assisted a national provider of mortgage default services with the development of a complex software application to dynamically aggregate critical real estate information.

       

      Challenge: When mortgages default and the parties involved have to go to court, significant information regarding property ownership, value and condition and is required as evidence. The client excelled at analyzing the information, but its staff was spending a lot of time retrieving data from various databases, not to mention physically inspecting properties, in order to create an accurate picture for the lender and the court. The company was looking for ways it could automatically aggregate public and non-public data, streamline the overall process, and differentiate its services from the competition.

       

      Solution: VSI's nearshore location, methodical and collaborative approach to software development, and cost competitiveness encouraged the company to implement a test project outsourcing development of an application that automatically aggregated the required data from multiple sources. Positive management response led to outsourcing the full application development project to VSI.

       

      The company established an aggressive timeline of six months for the project. Midway through development, after VSI had delivered nearly 80 percent of code, the client's management modified its requirements due to rapidly changing mortgage regulations. As a result, VSI was asked to rewrite a great deal of the application without impacting the original timeline.

       

      VSI, regarding its relationship with the customer as a partnership, went into high gear and worked around the clock to implement the new requirements while meeting the original deadline. "What was important to us," said Esteban Reyes, VSI's managing partner, "was the outcome of the project...that we delivered a high-quality product and met the customer's needs."

       

      Since we successfully delivered this project on time and on budget, despite the mid-course requirements changes, our relationship with the client has grown two-hundred-fold. We have proudly become an integral part of their software development team.

    Business Process Improvement

      One of the largest title production companies in the U.S. turned to VSI to outsource the scheduling of mortgage closings so that its staff could more effectively deal with core business functions and increase its productivity.

       

      Challenge: The client, a centralized provider of property valuation, closing, escrow and title insurance to the mortgage industry, is responsible for working with the lender, buyer and seller to schedule thousands of closings across the nation on a daily basis. The process required agents to spend many hours on the phone; hours that could have been better spent analyzing and processing critical loan documentation.

       

      Solution: VSI offered an attractive option through its outsourcing center in Colombia. Our staff speaks excellent English, which is critical for communicating complex information to the parties in the transaction. Our proximity and time zone (U.S. central time) enabled real-time conversations, face-to-face visibility, easier oversight and process control.

       

      For the initial pilot project, VSI trained its staff in three weeks, much faster than the anticipated six to eight weeks of training. Beginning with a sample of lower volume states, VSI quickly proved itself, smoothly and rapidly implementing key processes and demonstrating our ability to communicate clearly and effectively.

       

      Results: VSI exceeded the client's expectations, executing the scheduling process 50 percent faster than the company's internal staff while lowering costs by 40 percent. One year later, VSI has ramped up operations and currently schedules mortgage closings for the company across the U.S. The client is so satisfied with the program that it is expanding its relationship with VSI to include more critical pieces of its process, including reviewing loan documentation for compliance.

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