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.
Process optimisation for banking services
Large retail bank
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.
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.
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%.