Founded in 1921, HomeStreet Bank offers consumer and commercial banking, mortgage lending and loans for residential construction, commercial real estate financing, investment and insurance products and services in the Pacific Northwest, California and Hawaii.
Moving from people-driven to process-driven operations
Like many healthy banks, HomeStreet Bank is in an aggressive growth mode— both expanding its existing operations and acquiring other institutions and branches. As its operations become larger and more complex, bank leaders recognized the need to mature vital systems and processes—allowing the bank to rely less on particular people and more on processes to operate effectively. Integrating acquisitions, however, has consumed internal resources needed to advance important initiatives; thus, the bank looked outside for assistance.
Initially, HomeStreet asked West Monroe Partners to conduct a business intelligence assessment to help improve reporting. The bank chose West Monroe Partners based on its business intelligence and reporting expertise, as well as its strong reputation for serving mid-market banks on the West Coast and beyond.
Knowledgeable integration support
The initial project proved extremely valuable to the bank and demonstrated West Monroe’s insight, capabilities, and professionalism. As a result, other bank executives began to tap West Monroe’s experience, and in the 18 months since, West Monroe Partners has supported a number of vital initiatives, including merger integration for three acquisitions. West Monroe Partners provided an experienced team to run the integration management office and improve the bank’s integration management processes—reducing disruption to the business and allowing HomeStreet’s staff to focus on operations.
Effective, efficient project management
West Monroe Partners also has provided traditional project management support for several projects vital to HomeStreet’s business strategy. These include:
- Converting document management processes to the OnBase tool and migrating loan documents
- Developing and implementing new loan products and origination processes using LoanQuest
- Developing a product governance process
- Developing and introducing several new products
- Implementing new loan reporting capabilities
West Monroe established and continues to run a project management office that coordinates a combination of HomeStreet, vendor, and its own technical resources to meet the bank’s goals and objectives.
Shaping the bank of the future
HomeStreet’s CIO, says West Monroe Partners has helped the bank position itself better for the future. "With the guidance of West Monroe Partners, we have taken important steps toward developing operations reflective of our growth and the bank we aspire to be in the years ahead," he noted.
HomeStreet continues to tap West Monroe’s experience to define its future, strengthen customer relationships, and advance the strategies vital to its future growth and competitiveness.