Since the 1990s, banks have been improving their efficiency ratios by acquiring or upgrading
technology, cost cutting and consolidation. But now that further improvements are proving
elusive, costs have been trimmed to the minimum and consolidation gains have waned, banks
are under pressure to improve earnings. Outsourcing has thus becomes a way of moving banks’
scarce resources away from trivial operations to value-added services, such as business
strategy and execution, new opportunity identification and pricing, business results and
NeoLotex has been acting as a virtual back office to many banks, NBFCs & Microfinances.
Specialization coupled with greater economy of scale enables NeoLotex to provide services at a
much lower cost that in turn reduces a bank’s operating costs and increases its competitive
advantage. NeoLotex make extensive investments in technology, methodologies and people,
which provide banks with a wider range of capabilities. Freed from devoting their energy to
areas that are not within their expertise, banks can now focus their resources on meeting
Since banking operations are sensitive, the primary barrier to outsourcing in banks is security.
NeoLotex is indeed a credible outsourcing provider who, besides making a good cultural match,
is committed to ongoing technology improvement who can add value to the bank’s operations.
We leverage our experience, expertise, integrity and long-term commitment to the industry.
NeoLotex undertake several functional activities right from data entry, data checking, Account
Opening (Savings Bank account, Current Account and CD(FD&RD)),Customer data
modification, Payments (Reconciliation ,GL Entry posting, Return transaction monitoring, High
value transaction monitoring, NEFT complaint handling (raised through CRM, call center,
branches, other bank ),IFSC code updation of new branches , TDS, CRM, mailing cheque
books, NACH (MMS image verification within NPCI TAT, mirror GL entry posting,
Reconciliation, Aadhar Mapping), and Cards (Dispute management, Monitoring ON-US ATM
replenishment , EOD, Collection & analysis of CBR report, Invoice Analysis)
- Improving operational performance.
- Avoiding capital expenditure; Reducing overheads and operating costs
- Saving manpower and training costs.
- Improving speed, service and efficiency.
- Access to specialized skills.
- Avoiding the cost of ‘chasing technology’.
- Leveraging the provider’s extensive investment in technology and methodologies to reduce the risk of technology obsolescence.
Service Feedback from clients
Dr. Ashok Nagpal
It has been a great experience of working so far with NeoLotex.
The good thing about working with your organisation is the flexibility and adaptability to customer’s requirements. The involvement of entire team including the highest level (you, Renjith, Praveen) from the requirement understanding level to implementation execution level has helped delivered the right requirement and adds greatly to our satisfaction.
To comment further on our file handling process, the tracking of not only the files but the specific documents inside the files as per our requirements is very diligent and gives us a confidence of no errors which has also lead us to move our critical document handling work to your organisation.
We definitely will look first to your services for our any future requirements in related areas and will be happy to recommend your services to others.
NeoLotex developed a bespoke solution for us in quick time and helped streamline our complex reconciliation activity. Along the way, Renjith and his team were ever-willing to make changes to continually improve the process, and impressed us with the intensity of their focus and professionalism. NeoLotex has been an extremely reliable partner in our growth journey.