Capco’s Strategy team helped Top 5 US Bank run their operations more efficiently and recognize cost savings well over $2M per year and over $13M in the next 5 years.
When a bank’s front-line personnel spend more time doing administrative tasks than making sales, the problem lies deeper than not meeting performance targets.
It’s a problem in efficiency.
A top US Bank faced this problem when they brought our Strategy team onboard. Their hope was to significantly improve operational efficiency, however, its capital budget for the next several years had already been allocated. Knowing the problem and the goal right off that bat, we conducted a series of interviews with field personnel in different sectors, as well as support organizations to identify pain points and opportunities for growth.
Once we established the underlying issues, we analyzed the existing Banking Services organization and imaging process to re-engineer a more strategic structure to meet our client’s needs. We developed a business case model to measure resource impact and created a roadmap to roll out quick changes.
To transform the bank into a more efficient organization, we proposed the following recommendations:
- Changes to taxonomies
- Free up additional resources
- Remove unnecessary operational overhead from field operations
- Banking Services organization to focus on meaningful performance goals
Our reorganization recommendations and our ask to the client to re-think their business model identified initial cost savings well over $2M per year and over $13M in the next 5 years. All achievable in less than 9 months with significant improvements in customer service, with minimal capital expenditures.