Attaining operational efficiency through customer realignment
We supported our client's efforts to optimize its workforce and realign many of its customers to a streamlined operating mode, helping it to reduce expenses and achieve sustainable savings.
The Situation
As part of a global restructuring initiative, a leading commercial bank took aggressive measures to reduce costs. Three core activities drove the effort: workforce reduction, customer segmentation, and the transition of select accounts from one banking division to another. The client's challenge was to implement the realignment within an accelerated time frame, with minimal disruption to the business.
The Satori Solution
Our first step was to draft a project plan that provided an end-to-end view of each of the initiative's major work streams, clearly articulating the project's critical path and key dependencies, as well as the role and responsibilities of each member of the transition team. Next, we outlined the rules that would govern each phase of the transition effort, identified potential risks to the project's success, and constructed mechanisms to guard against these risks. We also worked to counteract the detrimental effects of workforce reduction on employee morale by engaging our client's HR team in issuing timely, relevant, and comprehensive communications. Finally, to ensure that the transition of accounts went smoothly, we oversaw ongoing employee training, systems preparation, and operational support.
The Results
The final transition saw a move of approximately 13,000 customer accounts with little disruption to the customer experience. The project generated an estimated $8 million in annual savings for our client, and the success of the effort stands as a model for other restructuring initiatives.
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