To consolidate its position on the local market, a national bank acquired 5 banking institutions in 3 years.
The bank’s management anticipated overall profit increase subject to cost reduction per customer. To achieve this goal the bank started to rationalise their core applications, reducing IT cost but with limited savings to the business.
FORFIRM proposed harmonization of the processes between the different companies.
After thorough process mapping exercise, an action plan was devised to bring all the subsidiaries onto a single operating model.
The TO BE go-live introduced the governance of change management and permitted a more integrated workflow between companies.
The next step was to work with the Management team to identify the optimal organisation structure to redistribute process ownership, minimise duplication of tasks and benefit from different areas of specialisation.
The bank restructured into a more effective and agile organization, with delineated, standard processes and a streamlined, efficient organisational structure..
The IT system consolidation was been implemented on time permitted by eliminating exceptions in the workflow.
In conclusion, the cost reductions estimated in the business plan were achieved.