UBS AG renews financial services contract with HCL Tech

NEW DELHI: Swiss financial services company UBS AG has renewed its finance operations services contract with HCL Technologies for another three and a half years. The country's fourth largest software services firm will continue to support cost transparency and drive continuous improvements to the operating model of UBS' finance department.

Two have been working together since 2012. Processes being handled by HCL include completion of financial reports for multiple regulators; data management, operational and general accounting functions. The financial details of the transaction have not been disclosed.

Rahul Singh, president and global head – financial services, HCL Technologies, said that 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,” he added.

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: “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.”