Case Studies
Strategic Banking Modernisation
INTRODUCTION
Our banking client harboured substantial and ambitious strategic expansion objectives that necessitated a comprehensive overhaul of both technological infrastructure and business capability. The pivotal step towards facilitating the impressive growth trajectory of this high-performing Bank was the replacement of a legacy estate spanning over 50 years, fraught with numerous custom developments.
IT'S ALL GONE PETE TONG
The investment needed to realise the strategic business objectives represented the largest allocation of funds ever sanctioned in the bank's history (400+ people). Whilst the relationship between the executive team and strategic implementation (SI) partners remained robust throughout the program's advancement, a notable decline in culture was observed across the diverse delivery teams. Issues concerning ownership, requirements, design, and overarching purpose emerged, leading to escalating levels of cultural discord, delays, and a costly impasse. The growing disparity between executive visions and delivery realities persisted without resolution.
COURSE CORRECT
Swift action was taken to restructure teams and redefine governance responsibilities at the leadership level. Crucially, barriers to communication and collaboration among third-party partners were successfully dismantled. The establishment of workstreams encompassing design and operational models, IT facilitators, and digital channel design enabled the program to identify and address the underlying tangible issues necessitating targeted recovery efforts. An extensive governance reform was initiated, aimed at bridging the gap between the executive leadership and delivery teams.
EVERYBODY'S SHUFFLING
Within weeks of the Profylr team's arrival, the discussions among delivery teams, sponsors and executive leadership underwent a significant shift. Focus swiftly turned to addressing key capability and tangible design gaps, which now took precedence alongside the development of a coherent program plan. Moreover, the extent of cost overruns came to light, facilitating transparent discussions. It became apparent that the underlying business case and cost models had not factored in the iterative learning process necessary for innovation and problem-solving. With sleeves rolled up, the teams worked tirelessly to deliver tangible outcomes.
Regulator 'Busts a Move' into the Future
INTRODUCTION
Recent global economic shifts, coupled with significant advancements in technology, have compelled regulators and industry stakeholders to reassess their operational frameworks. Our regulatory client acknowledged that their existing method no longer effectively supported their mission of promoting financial stability for the public. Failure to redesign for the future, could lead to a loss of confidence among both markets and households.
HOW TO SHAPE INDUSTRY LEVEL CHANGE?
Our client presented us with the exciting challenge of orchestrating wholesale transformation. They had the opportunity to engage a team of highly educated individuals, despite their disenfranchisement, and harness their academic expertise to drive positive change. Additionally, there was a chance to cultivate a service-driven culture within the organisation. These challenges serve as pivotal moments for our client to demonstrate leadership and innovation in navigating towards a brighter future – how would they organise themselves to do this?
SHAPING THE FUTURE
Profylr introduced a dynamic strategic framework that served as the cornerstone for our delivery plan. This comprehensive plan acknowledged the necessity of not only redesigning business executive functions and underlying technological infrastructure but also fostering service design and cultural shifts. It was a multifaceted endeavor, perhaps one of the most intricate transformations, considering its far-reaching external implications. Collaboratively crafted and endorsed by our forward-thinking regulatory client, the Framework and Plan stand as a testament to our shared commitment to innovation and progress.
LET'S ROCK 'N' ROLL
Today, the impact of the Profylr engagement is evident as teams enthusiastically implement strategies within the framework. Moreover, a set of recommendations to propel the program forward have been embraced, marking the official commencement of the initiative. This success story reflects the client's remarkable ambition, compassion, and openness to embracing innovative perspectives. It exemplifies a partnership characterized by shared vision and proactive collaboration, setting a shining example for others to follow.
A Digital Journey Arises
INTRODUCTION
Our Banking client was enhancing their digital presence by establishing new digital channels to improve customer experience and achieve operational efficiencies.
THE DEVIL IS IN THE DETAIL
The client's ambitious transformation plan was experiencing continued delays which was exacerbated by the lack of an overarching outcome driven design and clear requirements.
LET'S DO THIS
A design blueprint was created which provided a comprehensive framework detailing the key components, processes and outcomes required to achieve success. The creation of the blueprint enabled the client to visualise the best possible user experience for both customer and employees and would form the foundation to document clear detailed requirements.
WE ALL WALKED 500 MILES
Given the continued delays and challenges, the process of gathering the requirements had to be expedited. By engaging the key stakeholders, including the Corporate Services functions, circa 800 high level user stories and acceptance criteria were documented for the digital channel and signed off in just 3 weeks.
Payment Services Directive 2
INTRODUCTION
Our client requested help in mitigating the operational impacts of large scale regulatory change. PSD2 brought about a significant shift to the payment landscape in financial services. The introduction of Strong Customer Authentication and Secure Communications through APIs meant both customers and colleagues had to be well educated on the new impacts arising from the regulations.
WHERE IT BEGAN
PSD2 regulations were both complex and vast. The operational impacts had to be clearly understood to ensure minimal disruption - let the requirements gathering and impact assessments begin!
CONTENDERS - READY!
A comprehensive business readiness plan was created across the organisation. This included a well structured timely customer communication plan, bespoke internal training material and resource planning to accommodate the highly anticipated customer calls that would potentially fuel the contact centres.
AND BREATHE..WE MADE IT
The customer, and therefore by default, colleague impact was minimal. Having a clear customer communication plan was vital to the success of the programme and as a result customer calls and complaints were kept to a minimum. Colleagues were able to serve customers efficiently and effectively due to the comprehensive internal training plan that was executed and it was a clear display of the benefits of taking colleagues with you on the transformation journey.
