Transforming a leading Irish & UK Bank
Case Study

Transforming a leading Irish & UK Bank

A leading Irish & UK bank needed to transform its’ Retail and Business Banking businesses by improving their cost:income ratio, optimising the branch network and centralising  operational functions and processes .

A leading Irish & UK bank needed to transform its’ Retail and Business Banking businesses by improving their cost:income ratio, optimising the branch network and centralising  operational functions and processes.

 

THE CHALLENGE

A leading Irish & UK bank needed to transform its’ Retail and Business Banking businesses by improving their cost:income ratio, optimising the branch network and centralising  operational functions and processes.

HOW WE HELPED

  • Set-up appropriate governance arrangements and ensured stakeholder engagement;
  • Developed design principles and a ‘blueprint’ with clear business and customer outcomes;
  • Designed a target operating model featuring key businesses, functions, products and customer interactions;
  • Set-up key workstreams (e.g. Operations, IT, customer communications), defined the plan, appointed key resources and agreed £3m+ budget for the project;
  • Managed multiple teams to perform workstream activities (e.g. IT portfolio, migration of operational processes) and deliver products against desired outcomes;
  • Integrated Post Office as a new banking and transaction service for customers (c. 450+ outlets);
  • Assessed risks and determined mitigations including regulatory compliance with the Access to Banking Standard;
  • Tracked benefits (e.g. FTEs, cost:income ratio etc) against project deliverables and outcomes.

RESULTS

  • Improved customer segmentation and proposition for respective Retail and Business Banking customers resulting in improved interactions and sales;
  • Enhanced customer service offering by implementing Post Office branch support (access to 450+ outlets);
  • All customers contacted and guided to new services which saw an increase in transaction volumes;
  • Achieved cost savings through reduced branch network and reduced FTE requirement in new target operating model;
  • Achieved regulatory compliance with Access to Banking Standard and Treating Customers Fairly obligations.

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