Acting on Customer Feedback with a New IT Architecture
The Challenge
A multinational bank with a presence in over 70 countries identified a trend in its feedback from customers who were frustrated they had no visibility on the status of their on-boarding. To make matters worse, they were being asked for the same information twice, and across different touchpoints. And their impatience increased as time went on before the process was complete.
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The Approach
The client realized customer concerns could not be dealt with in isolation. It required a more long-term, systematic solution and therefore asked BCG Platinion to design an IT architecture that would provide end-to-end tracking for corporate on-boarding. BCG Platinion began by analyzing the various on-boarding processes that differed across three markets. Based on our insight and revelations on the level of fragmentation, we worked with business users to test different solutions in multiple workshops. Our approach helped the client gain clarity on how a tracker will bring value to the business, how it will expedite decision making and how it will be implemented. The client was then able to launch and manage a new tracking platform, which we could optimize throughout the digital transformation.
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Looking Into the Future
Providing visibility for customers, and business users, was the first step in alleviating key pain points. This led to customer satisfaction rising sharply simply because customers felt the bank was in control and on track with their application. Enhanced visibility has also allowed the bank to troubleshoot problems before they even become problems. And this has a domino effect across the entire organization with a platform that is continually being optimised.
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More to Explore
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In 2021, the EU Commission presented the Fit for 55 proposal. This ambitious, comprehensive set of climate policies has been compiled to ensure that a 55% reduction in greenhouse gas emissions is achieved by 2030. The EU successfully reached agreements on the proposal’s key policies, including the goal that only zero-emission cars will be sold from 2035 onwards. Meeting the 55% GHG reduction target will be a crucial milestone on the journey to achieving Net Zero by 2050, and organisations are eager to maintain momentum. Recognising the challenging nature of these targets, a multinational utility company that offers B2B and public charging services faced a key question. The organisation wanted to understand whether its proprietary B2B charging platform would be able to scale to handle the anticipated increase in B2C charging customers.
Teaming Up For Disaster Mitigation
Everybody is feeling the impact of climate change on the environment – for instance, in the form of dramatic natural disasters in areas that were previously rarely affected. As such, a catastrophic natural disaster in the heart of a Europe has severe consequences, including loss of lives and livelihood. BCG and BCG Platinion were immediately on hand to enhance resilience in a European region hit by the worst catastrophe in its recent history. The team worked with passion and deliberation to develop a sustainable and resilient concept to better deal with similar situations in the future.
The Core & Beyond - A Tailor-Made Transformation
Replacing or keeping the legacy Core Banking System (CBS) is one of the most fundamental decisions for a financial institution to make. This strategic bet should be carefully evaluated, with three key aspects in mind: a clear view on the entire IT platform (wider than legacy CBS and its constraints), a strategic vision set within a specific time horizon, and the return on investment. For organizations with a burning platform, CBS replacement may be a necessity, but in many cases the real investment potential is located elsewhere – in areas such as data platforms, integration layers, portals, or process engines. This alternative approach leads to numerous non-trivial questions: Where does the value come from? Is legacy the real issue? Which areas to reinforce and in which order?
