Transforming European Bank’s Retail and Business Banking
A leading European Bank needed to transform its Retail and Business Banking businesses by improving their cost: income ratio, optimizing the branch network and centralizing operational functions and processes.
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A leading European bank needed to transform its’ Retail and Business Banking businesses by improving their cost: income ratio, optimizing the branch network and centralizing 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 work streams (e.g. Operations, IT, customer communications), defined the plan, appointed key resources and agreed over $3.4 million 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 (access to over 450 outlets);
- Assessed risks and determined mitigation including regulatory compliance with the Access to Banking Standard;
- Tracked benefits (e.g. FTEs, cost:income ratio etc) against project deliverable and outcomes.
- 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 over 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.