By Paul van Der Haar, Consultant.
Keeping up with developments: it is a common bottleneck for banks. Often, they are working according to certain methods that are difficult to abandon. If they want to stay relevant and afloat in the long term, however, they must keep pace with the times. And although banks are increasingly aware of the need to innovate, the beneficial results of innovation are not always as clear as they should be. For example, did you know that innovation often leads to cost savings?
Most banks innovate for their clients. To keep them satisfied and ensure that they won’t opt for a competitor, they need to facilitate processes and offer up-to-date solutions. But as they tackle this all-important innovation task, banks often conclude that their way of working is very fragmented, and their methods are no longer feasible. Usually, external parties are hired to cast a fresh perspective on such issues. Proferus, for example, is often asked to develop and implement a new Target Operating Model (TOM), consisting of the following components: services, processes, people, organization, technology, and management data. Because of our experience and expertise, we are able to do this efficiently and detect opportunities for improvement along the way!
New opportunities arise
Whereas the direct reason for innovation is often to focus on the customer’s needs, other benefits tend to arise. Once banks start to combine the various parts of their processes and examine their methods, they usually come to the conclusion that there are much smarter and simpler ways to work. New techniques are implemented and automation turns out to have a very welcome additional advantage: cost reduction as a result of increased efficiency. The latter is enabled by STP as well as process and/or product optimization. Consequently, a bank’s employees can be deployed in a more strategic, durable, and effective way. This allows for the emergence of previously hidden opportunities: new products can be developed, customer demands can be mapped more clearly, and customer retention gets a boost.
Proferus’ consultants take all the above aspects into account and can create a powerful TOM for you. Interested in our cutting-edge innovation solutions and expert consultancy? Don’t hesitate to contact us. We will be happy to discuss your opportunities.