This bank had a poorly designed and performing tool that captured data in electronic forms. The tool was essential in meeting governance obligations. The concept of the tool was that a series of templates contained instructions for the completion of a data capture form, the tool then interpreted the end user's input and directed to further input where required, ensuring that governance obligations were met to reduce risk.
The tool was used in their PPI review process by approximately 4000 users. It was used 24x7 on and off-shore so was critical to the success of the review process. The tool was performing poorly and was no longer supported by the original solution provider, although it had become business critical for the bank and therefore exposed them to potential regulatory breaches and associated fines if claims were not processed accurately and within expected service levels. We were asked to help as we had a reputation for solving complex problems within tight timescales and the bank knew we were used to dealing with highly confidential regulatory customer systems.
We on-boarded this solution and started on an initial programme of stabilisation. Our proactive suggestions immediately delivered £500K worth of annual savings. We worked using a phased approach to make changes to minimise the impact on business operations. We demonstrated that FCA regulatory changes could be deployed in a small number of weeks. By taking this iterative approach, we were also able to achieve the early release of value. We continued to participate in regular reviews looking for opportunities to make further improvements. One such opportunity came through analysis and re-engineering of the end-to-end business process. We implemented the identified technology-driven process streamlining and the impact was staggering.