Tesco Bank
6 min
Tesco’s activity as a key supplier and key service provider through the pandemic increased substantially. Through the dramatic change in the marketplace, their primary focus was to continue to provide critical banking services to all customers. The key driver for this was to ensure a continuation of service through a challenging time. Like many large organisations, Tesco Bank opted to outsource services to optimise efficiency, reduce operational costs and enable internal resources to focus on key elements within the organisation.
The nature of the contract originally involved Paragon being onboarded as a supplier change (with HSBC), which was followed by a full contract transition to Paragon as a direct service provider. Partnering with Paragon enabled reliable management of the service for the customer base.
What our client needed
For Tesco Bank, the priority was a reliable, responsive service that could support an efficient process and enhance the overall customer experience. We delivered a seamless, error-free solution built around a single standardised service model, underpinned by a strong partnership approach and continuous investment in key services and capabilities. The solution also provided excellent value for money, alongside insightful real-time management information and data intelligence, enabling greater visibility and informed decision-making. Crucially, the service was designed to remain agile and responsive, allowing changes in requirements or service delivery to be implemented quickly and effectively.
What we gave them
Through strategic collaboration and close end-to-end communication between Tesco and Paragon, we implemented our Lockbox service across Tesco Bank products. With more than 45 years’ experience delivering UK and international Lockbox services to leading banks and financial institutions, we brought proven expertise, operational resilience and a trusted service model to the partnership.
The solution includes the receipt of cheques and remittances, opening and validation, scanning and data capture, and the secure provision of required data to the client. Associated cheques are then transferred to the nominated clearing provider for processing. Following a smooth transition and implementation, we have continued to deliver a robust, reliable and responsive service for Tesco Bank, maintaining consistently high standards with no incidents or service issues over the last three years.
What was the impact
- Seamless service from deposit to the point of clearing
- Over 75,000 cheques processed
- Optimum service delivery through challenging times and exceeding service levels
- Collaborative partnership with Tesco Bank has open and clear communication, with real-time processing information
- Tesco Bank have had no escalations over the term of the partnership and provide regular positive feedback
- Client visibility with detailed reports and status updates on cheque processing
- ADIR solution to provide visibility on images for cheques and remittances 24/7