Enabling digital-first change across Financial Services

Our customer, an FCA regulated mutual society, identified several strategic, organisational, and technology challenges that needed to be addressed via a programme of managed change activity. Previous similar transformation programmes had failed to deliver on their investment, they were looking for continued specialist support from inception to completion.

This programme was an end-to-end transformation of customer facing interactions and the supporting back-office technology and processes, enabling the society to take a more agile approach to deliver new products into the market and create process efficiencies across the technology platforms and customer service operations. Importantly, by retaining the flexibility and trusted status they have in the market, the new digital experience for the customer will ensure retention of existing members and increase market share.

Our customer understood that this was an essential full business transformation for them.

Project One was engaged to shape the business transformation programme. We worked with the leadership team to mature the case for change, develop the business case and design the Target Operating Model (TOM) and digital capability.

The TOM included utilising market leading software to automate previously manual tasks. The customer wanted to become a Digital First Organisation and so the TOM is clear that customers experience online is as important as the products in their decision whether to buy. We were able to make this real for the customer and provide practical advice on how to achieve it. The TOM allowed them to pursue their growth strategy, bring new products to market quicker and improve their bottom line.

We baselined the business and mobilised the change programme. A key element of Project One thought leadership was the development of the business and process redesign methodology specifically for this organisation. This set out how the process and business redesign could work alongside a separate IT Delivery Partner.

Our consultants were instrumental in designing and managing the Programme through a phased approach and utilising an agile delivery model. We collaborated closely with Executive sponsors, always ensuring clear and transparent communication, supported by diligent adherence to internal change governance. As our team are highly experienced, they were able to cover additional areas e.g., change management and procurement, reducing the need to bring in additional niche resource. We also committed to mentor and develop the internal resource for example in process redesign.

Projected benefits and outcomes included increased market share and reduced operating costs, enabling more income to be returned to members through their claims. An enhanced, customer friendly, digital environment offered opportunities for easier interaction with customers, and drive improved new customer acquisition opportunities and improve retention and customer loyalty.

Integrated modern technology platform eliminated multiple internal pain points and driving operating efficiency.

A motivated, highly skilled, agile workforce with ambition to grow professionally and a mentality of continuous improvement will be a legacy from this programme.

Project One value add:

• Ability to be able to cut through the noise and really get to the heart of the problem, quickly assimilate it, and produce recommendations
• Co designed a new Target Operating Model which allowed them to deliver their strategy which they are fully aligned behind
• Supported the customer in shaping a Transformation Programme and used our experience to help them avoid common pitfalls e.g., having clarity of scope and roles and responsibilities
• Our team are very experienced and were able to cover vacancies in the Programme Team or preventing the need for additional hires
• Introduced the concept of Transition States to provide clarity on benefits realisation throughout the Programme lifecycle
• Analysed the IT delivery plans and determined what business change activity needed to occur when
• Worked with the business areas to agree the activities and embed into an end-to-end lifecycle.