Background
Pressure on margins, the development of client expectations and regulatory constraints have rapidly changed the equilibrium of retail banks. Based on a wide-ranging review, our client sought to identify concrete, quantifiable areas of progress that would allow it to launch short- and medium-term projects in order to consolidate its margins in a sustainable manner and increase the quality of service received by its clients.
Challenges
Wavestone helped the client overcome three major challenges:
- To identify within three months the work areas and quantify the progress margins based on successful experiences at other, comparable retail banks;
- To share the results and the priority actions and projects with the Management Committee and the inner circle of managers;
- To lead for 12 months the first changes in order to introduce all the players to the dynamics of change.
Key success factors
Wavestone’s support has in particular allowed the client:
- To use benchmark systems facilitating comparison of the bank using several performance metrics: sales, process, digital maturity, satisfaction, operational expenses to find out the performances achieved by similar banks in order to define the progress margins achieved;
- To involve the inner circle of management from the diagnostics onwards in order to facilitate sharing out the areas of progress and the leaps to be achieved in performance;
- To lead the project implementation in an agile manner in order to show rapid results, to have a support plan for innovative change so as to involve as many parties as possible.
