Multinational Wealth Management

MULTINATIONAL WEALTH MANAGEMENT

"I don't know how we managed before Reveal. I need Reveal in order to be confident that we can deliver the quality of service that is required."

Challenge

  • A major global wealth management institution was looking to maximize operational efficiency by augmenting their process improvement program with a robust operations management system and toolkit.
  • The bank operates under a number of brands, each with various legacy systems and processes which contribute to operational complexity.
  • The customer had commenced a process re-engineering program but found it difficult to collect timely ongoing data and to validate that identified benefits were being realized and sustained.
  • There was insufficient operations management expertise among line managers to maximize benefits.
  • Business areas were operating in isolation, with little ability to leverage resources in a timely manner.

Solution

  • Deployed Reveal in a number of phases over 18 months across various lines of business.
  • Identified and measured key business metrics to baseline performance and enable trends to be monitored over time.
  • Up-skilled line managers in key areas of operations management, such as staff engagement, manager-to-manager communication and proactive planning.
  • Deployed a suite of dashboard reports to support and enhance regular management conversations and to showcase headcount, performance and cost trends.
  • Introduced long range forecasting to strategically link front-line sales volume predictions to headcount, cross-skilling and process re-engineering decisions.
  • Provided monthly performance reports for executives to track key operational metrics and enable fact-based conversations and decisions.
  • Enabled the identification of process improvement opportunities by considering the effort/cost, frequency, inefficiency and complexity of each service.

Result

  • Productivity uplift of 16% in 3 months and 28% in 6 months.
  • Invested in targeted staff training and best-practices to increase cross-skilling levels and reduce Key Person Dependency risks.
  • Reduced overtime by 85%.
  • Reduced cost per service by 25%.
  • Reduced backlog levels by 50%.
  • After 12 months, processed 30% greater daily volumes with less staff and overtime than when Reveal was initially implemented.
  • Improved employee engagement scores by introducing daily huddles and fact-based performance discussions.
  • Moved staff between functions to avoid new hires, enabling significant savings.

KEY STATS

28% uplift
employee productivity

25% decrease
effort per service

10% reduction
workforce FTE

increased
employee engagement


75 managers


2 locations