Problem / Challenge
Our client, a Singapore-headquartered crypto-financial services company has been aggressively expanding to other regions since being founded in 2015. In line with this, the company has been experiencing increased interest and conversion for their full range of digital asset services spanning investing, financing, trading, and spending.
Due to the high volume of customer requests, backlogs in account verifications quickly accumulated, slowing down the progress of the firm’s expansion to Europe. They wanted to get back on track as soon as possible in order to meet their target of penetrating the European market within six to twelve months.
Eastvantage held consultation meetings with the client to determine the immediate requirements. Scope of work and timelines were agreed upon. Further, operational metrics that will systemize workforce management and measure productivity and efficiency were set. Reporting dashboards for performance monitoring were also established. Immediately after, recruitment for team members based on client’s preferred profiles was set in motion and a team of Know Your Customer (KYC) Specialists was built and onboarded as full time employees of Eastvantage and stationed in a new office.
After three weeks from the client’s signing on with Eastvantage, an initial team of KYC Specialists was already working on the backlogs of account verifications. In just over a month, the requirement of 50 KYC Specialists was completed and operations was in full swing. An experienced and dedicated Eastvantage Business Partner was assigned to oversee the quality of the service delivery and monitor team performance. The account Business Development Executive and the Eastvantage Head of Operations are also on standby for coordination needs between Eastvantage and the client.
Aside from providing the workspace, equipment, and IT connectivity and support, Eastvantage, as the team members’ legal employer, also takes charge of all the basic employer functions like support for HR, payroll, and is responsible for the overall team and operations management.
By leveraging Eastvantage Managed Services which is built to cater to highly compliant industries, the client was able to set up their Philippine support operations in a short span of time at less cost and at minimal disruption to their business operations.
Further, with the help of Eastvantage expertise gained from previous experience in delivering services to international BFSI clients and legal process providers, set metrics ensure robust performance and processes. The team has been consistently surpassing targets as follows:
- 48 hours processing time vs. standard of 72 hours
- 108 accounts handled per day vs. standard of minimum 80 per day
Because of the high productivity of the Philippine KYC team, a total of 11,490 backlogs in customer identity verification were closed in just one month. The rest of the backlogs plus new cases with a combined total of 66,577 were resolved in the next month. Thus, by partnering with Eastvantage, the client is now able to make progress with their Europe expansion plans five months earlier than their original timeline.
As the client is extremely pleased with the results delivered by the KYC team, they have decided to outsource their Customer Support function to Eastvantage as well. A team of 30 Customer Support Specialists was built and the CRM operations went live just three months after the KYC operations started.
With the cryptocurrency market’s compound annual growth rate (CAGR) forecast of 11.8% in the next six years, the partnership between the client and Eastvantage is seen to develop further.