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.