Background
Our client was part of a Financial and Risk unit, which sells data and news primarily to financial customers. The parent company is an $11.2 billion global organisation.
Problem
Our client had set up a brand-new service within its Financial and Risk unit. It offers Know Your Customer (KYC) as a service and provides end-to-end client identity, verification, screening and monitoring for client onboarding. The main problem was that as the business grew sales, the back-office operations had to grow in tandem to be able to handle the increased throughput and this was impacting overall profitability.
Solution
After very brief introductions to the executive team in London, we headed off to Poland to start our fact find of the existing operations. Our review ended up taking us across the entire service, from bringing new clients on board, through to how the operations handled clients’ portfolios and how they managed their outputs. We presented our detailed findings to the executive team; these were that there were seven key issues making it difficult to increase throughput without increasing operational costs. We shared our analysis and made detailed recommendations on what could be done to mitigate the seven issues and also suggested a more strategic plan of ‘Simplify and Perform’ which summarised key actions to take under the sub-headings of People, Process and Technology. We were also able to devise an Operations Maturity Model’ which gave a strategic view on how the operations should grow over the longer term.
Outcomes
We were able to conduct our review with minimal impact to resources, thus allowing the focus on sales to continue whilst enabling the operations teams to focus on delivering to existing clients. Our Operations Maturity Model was adopted by the incoming COO.
