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Uplifting the Savings Process for a Building Society

Industry

Building Society

Capability

N/A

The Challenge

  • A medium sized building society was limited by its use of legacy technology, hampering their ability to serve the customer effectively.
  • There was opaqueness around the savings process and what was possible within the society, both with a long-term vision as well as what is available with their current capabilities.
  • The savings process deviated from industry standards in terms of governance, risk, and the use of manual processes involving paper, which lead to high customer dropout rates through ID&V and slow response times.

How Woodhurst Helped

  • Current State Assessment and Identification of Painpoints: Providing an in-depth understanding of existing processes, uncovering pain points and inefficiencies amongst current processes.
  • Defining and Prioritising Quick Wins to Deliver Benefits Quickly: Prioritised change initiatives by their ease of implementation and impact to the society, to deliver benefits in the short term.
  • Building the Target State to Drive Strategic Improvements: Balancing the wants of the society with the art of the possible, defining the north star for how processes should look in the society and creating strategic guidance on future initiatives.
  • Assessing Current State Data and Demonstrating The Art of the Possible: Identified the ability for enhanced data structures to accelerate and improve data driven decision making.

The Outcome

  • A detailed view of savings the current state savings processes, enabling the discovery of opportunities that solve savings pain points.

  • Target state processes aligned to the society target vision, with guidance on strategic activities to uplift the savings departments.

  • Proof of concept dashboard and MI requirements to pave the way for a wider data uplift.

“I trust Woodhurst. The advice we have received to shape our Target Vision and Operating Model has been exceptional. The right combination of capabilities and sector expertise to help us navigate our modernisation. A pleasure to work with – I would highly recommend working with them.”

CEO OF BUILDING SOCIETY

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