Our private bank client faced a common but no less challenging problem. Due to multiple changes in ownership, the bank used over 80 systems in their day to day running of their operations over different jurisdictions. An upgrade to the banking systems used was a priority.
Having selected a preferred provider for outsourcing services covering custody, middle and back office, the bank invited our wealth management specialists to help deliver the new operating model and ensure that both service provider and client were fully engaged.
Our wealth management people are among the finest in the market. Their experience is built exclusively in the financial services sector and they understand the nuances and competitive landscape of a private bank embarking upon such a change.
But experience is only half the story. A fundamental upgrade of a bank’s operating model requires a multitude of delivery capabilities as well as vast experience and advice. From programme management to business readiness delivery, operating model capture to full application permissions framework, our team were critical in delivering across a wide set of demands.
We successfully documented the new private bank’s operating model and with our industry experience and specialist delivery capabilities placed at their disposal, we ensured a more efficient and effective change.
Our overall effort ensured that both the client and their service provider could work in partnership. Both were delivering capabilities new to them and our team were able to support this navigation.
Our pre-eminence in the outsourcing market and its associated activities meant that we could ensure the structure and considerations of the programme were logical and effective, and caused minimal disruption to the client’s day to day activities.
Note: This case study was first published by Catalyst prior to the Sionic merger