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Financial Services Project

We were asked by a longstanding financial services client to restructure its centrally based operations business unit, which supports all the business’s front-office functions (branches, internet banking, ATMs, etc).

The aim of the project was to create a step change in the efficiency and effectiveness of the bank’s back-office structure, processes and culture.

The project involved three main work streams: (1) new operating model and organization structure; (2) people behaviour and mindset changes; and (3) process redesign to enhance processing efficiency and effectiveness (i.e., to reduce costs while improving customer service and satisfaction).

Click on the image to read some more personal perspectives on the project.

This was a rewarding project where BCG was able to work closely with the client at all levels of the organization, questioning the status quo, defining the desired end state, convincing people how to do things differently, and implementing the 'new way' to capture concrete benefits.

I (and all the team members) found it challenging to debate my thoughts and recommendation with senior management. I also found it fulfilling to build relationships and trust with the working team as they gained confidence in their ability to carry the work forward after BCG had finished the project.

Phanaphat Pitiporn, Project Leader in the Bangkok office

Having worked in the front offices of a few financial institutions before joining BCG, I had always wondered why operations teams took so long to complete tasks or provide information. This case improved my understanding of what they do and showed how better coordination between the front and back offices can really deliver results.

This project also showed me the importance of organization structure and culture. Getting the right structure and reporting lines was critical in implementing redesigned processes. Organizational change also helped to streamline decision-making and minimize duplication. To encourage operations people to go the extra mile and partner with their front-office colleagues, we helped to bring about culture change. In future, front-office staff will better appreciate the capabilities in the back office, and operations staff will understand front-office plans and be better positioned to support them.

This project showed me how BCG can bring together diverse topics (in this case, financial services, process redesign, culture change and organization) to produce the best results for our clients. Personally, I learnt a lot and developed strong connections with our client teams. Outside work, the BCG team and client teams had great times together with a New Year party, dinners and even karaoke!

Vorathat Siriphand, Consultant in the Bangkok office

This case taught me that the simplest things can sometimes have the greatest impact. One of my initiatives involved the optimization of the bank’s document management system by designing a more efficient process to transfer documents from one place to another. By improving this process, we enhanced customer satisfaction and had a significant impact on credit operations, which is the heart of the client’s business.

Nat Mintarkhin , Associate in the Bangkok office