Business Process Model – Improved Service Delivery, Reduced Risks – UK Bank
Creating a new business process model for better service delivery – UK Bank
The bank has it’s presence in many continents and is UK’s no. 1 bank in terms of assets and offerings. However they were struggling to understand their own people, process and technological capability, because of which most of the business processes were being outsourced to a third party firm. This was true for most part and businesses for the bank.
With an intent to improve the services, we dived and helped the organization understand and achieve the best of their own workforce and businesses processes. We helped the bank create a new target operating model with an intent to optimize their own business offerings and in source their business operations to the bank’s own service centers.
The advantages were many:
a) Better Service Delivery Model
b) Scalable Sales and Service center
c) Improved Revenue stream and savings due to outsourcing
d) Better regulatory compliances as no third party data handling
e) Consistent Customer Experience due to “in control” factors
f) Robust Data handling and exceptions handling procedures.
We did a current business process and systems assessment which helped us realize that there were teams across the service delivery centers of the bank that were under utilized or non utilized which if trained and transitioned can easily handle the business being outsourced. With the focus on optimized service delivery and consistent knowledge transfer we proposed the bank a complete road map for the transition and better utilization business process model.
Re structured the complete offshore business operations to align to new business needs and help them realize cost benefits to the tune of $100,000 annually. There were more in control risk factors as being a financial data handling process and hence gave the bank more confidence in the way data was being handled.