Case: Transition to Self-Clearing BPO Model
IM2 performed a strategic analysis to explore moving a Private Bank and Wealth Management business to a self-clearing BPO model
The Client’s business was exploring an outsourced self-clearing BPO solution to achieve scale, increase efficiencies and revenue capture, as well as enhance its strategic position in the market. The current platform was highly fragmented with inefficient systems, business processes, and policies. Customer-facing staff performed administrative tasks and there were some instances of unsatisfactory customer service levels. Meanwhile, the Client’s competitors were investing heavily into their platforms, spreading costs, and leveraging vendor capabilities which placed the business at a disadvantage.
IM2
Performed a current state assessment of the business’s existing operating model and technology platform, identifying business workflows and all interdependent processes, systems, shared services, and platforms
Evaluated existing functionality, challenges, and issues with current vendor platform with an eye towards identifying gaps
Supported the Client’s vendor RFP process, evaluated vendor proposals, and challenged proposed vender solutions
Identified, analyzed, and recommended new legal entity models, capital requirements, and regulatory processes to establish the new business
Developed the future state operating model and technology architecture
Identified key business and IT changes, enhancements, and builds required to implement the new model
Delivered a high-level implementation roadmap outlining timeline, key activities, business decisions, risks, resource needs, and costs to deliver the change
Crafted the business case of the economics, pros and cons of the solution, and provided recommendations