A mid-tier building society, a longstanding community pillar, recognised the necessity of modernising its operations in the face of a digital transformation sweeping through the financial services landscape. The institution’s manual administration model needed to be revamped to meet evolving customer expectations and industry standards.
Woodhurst was engaged to facilitate a comprehensive digital transformation. Our primary goal was to streamline operations, enhance customer experiences, and equip the building society for sustained growth in an increasingly digital era.
Action / Approach
- Process Optimisation and Customer-Centricity: We meticulously mapped and optimised 60 existing processes, identifying areas for improvement. Simultaneously, we documented 17 distinct customer journeys, ensuring a deep understanding of the end-to-end user experience.
- User-Centred Requirements: Generating 650 user stories allowed us to capture detailed requirements, ensuring that the digital solutions aligned with the specific needs of the building society’s diverse customer base.
- Personalisation through Personas: By creating 19 customer personas, we honed in on the unique preferences and expectations of different customer segments, enabling targeted strategies.
- Strategic Vendor Selection: We conducted a rigorous vendor selection process, identifying a long list of 35 potential vendors. A comprehensive scoring methodology was employed to shortlist 10 vendors for the Request for Proposal (RFP) phase, ensuring a tailored fit to the building society’s needs.
- Collaborative Implementation: Embracing agile methodology, we commenced the implementation phase, fostering collaboration and continuous feedback loops between stakeholders and vendors.
- Multifaceted Transformation: The resulting transformation covered a spectrum of improvements, including Straight Through Processing, Customer Self-Service, Omni-channel capabilities, CRM integration, and enhanced communication channels.
The transformation efforts led by Woodhurst resulted in a comprehensive enhancement of the building society’s operations. Through strategic interventions, the society’s operations were streamlined and optimised, resulting in heightened overall efficiency. The customer experience was significantly elevated through the implementation of personalised journeys and the introduction of improved digital interactions. Moreover, these changes solidified the institution’s readiness for the digital age, equipping it to compete effectively in the dynamic financial landscape. Tangible progress was made towards the ambitious goal of doubling total assets and membership by 2030, a testament to the alignment of strategies with the building society’s overarching growth objectives. As a result of Woodhurst’s expert guidance and strategic initiatives, a robust foundation was laid for a highly competitive and future-oriented building society, poised for sustained success in the ever-evolving realm of financial services.