In the face of extraordinary changes in competition, channel preferences, customer expectations, and regulatory environment, banks and credit unions must find new ways to increase revenue and differentiate themselves in a crowded market.
Successful institutions have stayed ahead of a fast-moving marketplace by: shifting their operations from product-centric to customer-centric, delivering easy and personalized customer experiences; improving efficiencies and competitiveness by capitalizing on mergers and acquisitions; streamlining operations to improve speed to market; and establishing successful revenue growth strategies in areas such as non-interest income and payments.
With experience that spans large global institutions to regional and local banks and credit unions, we can help you modernize your strategy.
New bank channels, services, and capabilities are critical to growth and success—but reaping the benefits can require transformation at all levels of an organization. How does your bank need to evolve – strategically, operationally and technologically - to achieve future business goals?
Intense competition, rapid growth into new markets, and a shifting regulatory environment are putting pressure on institutions to increase commercial lending throughput and reduce the time to funding – at the same time they must enhance portfolio control and enhance their digital capabilities while continuing to provide the same relationship based customer experience that their customers demand. Do you have a winning formula?
In a world without business intelligence, banks invest tremendous effort to compile and distribute data. What could your bank accomplish if it consistently could deliver the right information to the right people at the right time and in the right format?
Today’s consumers have high expectations of their banking institution. Meeting those expectations and delivering a differentiated customer experience that maximizes relationship value requires making a big leap from product-centric to customer-centric operations. Does your bank deliver a truly differentiated customer experience?
Realizing potential value from a merger or acquisition requires navigating a complex set of information and challenges—and then piecing that together into a comprehensive, achievable plan that minimizes risks and targets opportunities. Does your institution have the experience and expertise necessary to deliver a successful merger or acquisition?
As emerging digital channels and shifting consumer behaviors increase complexity across the payments landscape, companies must ensure they have the right payment products, partners, and technology in place. Does your organization have the experience and the resources to achieve your payments goals?
SunTrust, a top 20 national bank, transformed their treasury management operations from the inside out, yielding new efficiencies and an improved client and teammate experience.
August 17, 2018
Untapped opportunity to boost revenue and provide a differentiated client experience
SunTrust leadership saw a significant opportunity in the treasury management business to connect processes, update to cutting edge technology, and provide a much higher quality client experience. The bank’s goal was to bring this business line to the caliber of other high-performing units at SunTrust.
Improving client experience starts with a vision and a better operating model to deliver on it
SunTrust partnered with West Monroe to redesign their treasury management onboarding and servicing operations with the goal of providing an easier experience for their clients and obtaining a competitive advantage in the industry. West Monroe took a client-centric approach to optimizing SunTrust’s current operating model and enhancing their supporting technologies. To support the new operating model, SunTrust selected the nCino Treasury Management solution. Among other benefits, the nCino solution was selected due to its ability to power a digitally connected experience for clients and teammates alike, with fewer redundancies, greater transparency, and improved user experience.
Confirming the client experience vision and developing a new operating model
West Monroe mapped out the current state client journey and current operating model. Working with SunTrust, the team then developed an optimized client experience path and supporting operational redesign. Finally, to bring the experience to life, West Monroe used these recommendations to inform the initial requirements for the nCino technology platform, verifying that the solution was enabling a more efficient operational and client delivery redesign.
A new model powered by nCino
Prior to implementing nCino, the West Monroe team worked with SunTrust to help redefine roles and communicate the new approach to treasury services. Working in a collaborative committee comprised of SunTrust, West Monroe, and nCino representatives, the group helped SunTrust business teams get trained on leading practices in client experience strategy, organizational change and project management, as well as technical knowledge of the nCino treasury management product and the Force.com platform. Working sideby-side with SunTrust and nCino throughout the design and build phases of the project, the West Monroe team was able to calibrate the solution to the bank’s needs and meet goals set by the treasury services team.
A new vision for treasury services and a refreshed client experience
The West Monroe team helped SunTrust clearly define the ideal treasury client experience and the optimal future-state operating model that would bring this new and differentiated experience to life. West Monroe’s inside-out approach improved operating process and enabled a shift in creating a widespread client-centric mindset among SunTrust teammates.
“Working with West Monroe has really been a one team approach.”
- Roxann Moore Head of Treasury Operations, SunTrust Bank
The debate over whether traditional banks, facing stiff competition from Fintech disruptors, should adopt new digital lending practices to survive and prosper has long since settled—they not only should, but they must.
The foundation on which your financial institution endures, grows, and innovates.
August 3, 2018
A managed services provider focused on the financial services industry
If high performance is the ultimate measure of a financial institution, then why would an organization leave the responsibility for running its core IT systems and operations to burdened internal IT and generalist outsourcers?