UBS AG, the Swiss global financial services company, renewed its Finance Operations services contract with HCL Technologies (HCL), a leading global IT services company, announced HCL. HCL will continue to deliver key Finance Operations services to UBS AG, supporting cost transparency and continuous improvements to the operating model of its finance department for the next three and half years.
HCL has been working with UBS AG since 2012, providing integrated process and technology management in an end-to-end global shared services model. Processes being handled by HCL include the completion of financial reports for multiple regulators; in addition to data management, operational and general accounting functions are delivered, managed via HCL’s Enterprise Function-as-a-Service (EFaaS) model. As an important partner, HCL will further invest in developing Proof of Concepts (POC) for robotics use cases to deliver efficiency gains through the automation of mutually selected business processes within UBS AG’s Finance department.
Todd Tuckner, Group Controller and Chief Accounting Officer, UBS AG, said: “Our continued engagement with HCL is important in supporting our drive to continuously improve our finance function by delivering efficient, effective and well-controlled products and services to our stakeholders. By streamlining regulatory reporting tasks and exploring new ways to further optimize and potentially automate manual processes, HCL understands and helps us to deliver on our strategic priorities.”
Rahul Singh, President and Global Head – Financial Services, HCL Technologies, said: “The financial services industry is amongst the most heavily regulated in the world, with auditing and reporting requirements that create a major drain on resources. As a result, it is vital that financial services firms can streamline their business processes and improve productivity through automation. With our unique combination of deep domain knowledge and technical expertise, we are thrilled to support UBS AG, as it continues to strive towards achieving greater efficiency gains.”
HCL has deep domain expertise & several years of experience in delivering business process services, with core expertise in process design, simplification & harmonization, digitalization & automation, and agile transition & transformation.
