Challenge
Challenger bank evolves operating model for independence
A challenger bank had evolved from being a lender to now primarily offering managed current accounts for a fixed monthly fee. This was an innovative product to the UK market, but was based on legacy RBS technology. The core banking platform had to be replaced, a project of critical importance, and as part of this the operating model required a review and renewal. The engagement was to achieve this and complement the technical migration planning.
what we achieved and outcomes
Challenger bank evolves operating model for independence
Achievements
· Defined strategy using trusted framework and based on needs of rapid evolution
· Planned migration, training and engagement for employees
· Defined new organisation structure suitable to eliminate manual processing and legacy roles
outcomes
· 15% reduction in back office functions
· Organisation redesigned for simpler customer journey
· £2m additional efficiencies identified
Cost Reduction
15%
Efficiencies
2M
revenue gain
5M
Our View
The quick and efficient guidance on operating model best practice helped make the core banking platform migration a success
Vectris client team
Get In Touch
01865 699060
welcome@customer-engagement.co.uk