FINANCIAL SERVICES

PROCESSING TIMES HALVED FOR BANKING BACK OFFICE

By September 19, 2019 March 11th, 2020 No Comments

PROCESSING TIMES HALVED FOR BANKING BACK OFFICE

Reducing the time from initial client meeting to achieving funds under management for the wealth management division of the largest retail banking groups in the UK.

PROCESSING TIMES HALVED FOR BANKING BACK OFFICE

Reducing the time from initial client meeting to achieving funds under management for the wealth management division of the largest retail banking groups in the UK.

Deliverable —

Process optimisation for banking services

Client —

Large retail bank

Industry —

Financial Services

Deliverable —

Process optimisation for banking services

Client —

Large retail bank

Industry —

Financial Services

1 — ISSUE
2SOLUTION
3RESULT

1  ISSUE

Back office processing problems were blowing out the client on-boarding time for their wealth management division beyond 90 days. This delay was not only driving new business to competitors, but was creating quality issues within the system.

2  Solution

We assessed the client’s systems and identified a lack of focus on the customer which negatively impacted a customer’s overall experience. We implemented cultural change to become more client-focussed, streamlined business processes to remove quality control checks that acted as a bottleneck, and developed built-in quality assurance throughout the process.

3  RESULT

With a renewed focus on customer value and an organisational re-design, we delivered a 50% reduction in back office processing time for their private banking and wealth management customers. By shifting the culture from reactive to proactive problem solving, quality escapes were reduced by 80%.

CONTACT US TO DISCUSS HOW OUR EXPERTISE DEVELOPS SOLUTIONS TO IMPROVE YOUR BUSINESS.