FINANCIAL SERVICES CASE STUDIES
Project:
Lead the offshore development of a large financial services firm's operations to help reduce the cost of systems and operations
Business Result:
Built a 3000 employee organization supporting over 30 business units yielding $275 million in annual cost savings
Project:
Return a large unit of a financial services firm to profitability
Business Result:
Streamlined 492 disparate legacy systems to 186 fully aligned systems employing six sigma methodologies to increase margins from 7% to 21%
Project:
Develop and implement a digital strategy and platform for a large global bank and its customers
Business Results:
A 40% increase in new account conversions, a 30% reduction in paperwork and its associated costs and a multi million dollar savings in credit losses
Project:
Document all business practices and processes to indentify areas of duplication and opportunities for process improvement
Business Results:
A 20% reduction in headcount expense resulting from the elimination of duplicate processes
Project:
Simplify the human resources organization, reduce costs and develop leaders more effectively
Business Results:
Reduced expenses by $30 million through a 20% headcount reduction and the elimination of two layers of management. Implemented an accelerated leadership development program and 80% of graduates were ultimately promoted to more senior or broader roles
Project:
For a large insurance organization, re-engineer the purchasing practices to realize significant expense reductions
Business Results:
Realized average savings of 29% across commodities examined representing over $150M in annual profit improvement
Project:
Develop and implement a facilities master plan to release space and create savings
Business Results:
Released over $600K square feet of space through strategy and redesign resulting in over $280M in annual savings
Project:
Re-engineer back office processes for one of the nation's top 20 annuity companies
Business Results:
Increased throughput in excess of 50% and reduced first pass errors over 80%
Project:
Convert books and records to comply with the International Financial Reporting Standards
Business Results:
Conversion complete and staff retrained with no incremental fixed costs
Project:
Reduce technology costs by building offshore capabilities
Business Results:
$30M in annualized saving by offshoring
Project:
Consolidate many European operating centers into a more manageable number and consolidate all US centers into a single operations hub
Business Results:
Using 6 Sigma methodology, consolidated all European centers into 6 and all US centers into a single hub realizing savings of over 65% annual
Project:
For an asset management frim, consolidate duplicate practices between distribution channels and product lines and build some economies of scale
Business Results:
Overall firm marketing costs were reduced by 40% using a shared services model. In addition, production costs and time to market was reduced by 20% by developing simplified templates, automating the production process and leveraging vendor resources
Project:
Create a single integrated business supporting the trust, asset management, private banking, financial planning and brokerage units
Business Results:
An umbrella brand was successfully integrated establishing increased levels of credibility with commercial bankers which translated to a substantial increase in referral business. In addition, more than 10,000 smaller accounts were moved to a single service center creating significant cost savings with higher levels of service and increased cross selling opportunities