The client is one of the 25 largest banks in the United States. It provides diversified financial services across the globe.
“One customer, one experience”
The client’s international and domestic treasury functions currently operate as separate internal teams; however, more and more of its domestic customers require international services. Having separate teams affects new and existing customers’ product onboarding experiences, as these customers must deal with multiple bank contacts in different departments.
The bank wanted a better approach for onboarding international customers—a new model that establishes consistent internal and customer-facing processes, support and training, systems and tools, and performance management across the international and domestic teams. By adopting a new approach, the bank wants
- Increase onboarding speed and, thus, accelerate revenue realization
- Create a seamless experience for international customers as they move from sales to set-up to ongoing service
- Reduce redundancy between teams
- Develop an international product implementation experience that is consistent with domestic experience
- Ensure coordination between teams as process changes occur
- Distinguish itself from competitors on the basis of customer service
For assistance, the bank turned to West Monroe Partners, which offered strong organizational knowledge based on its experience with previous projects at the bank, as well as expertise in treasury products.
First-hand accounts drive improvements
As a basis for making improvements, West Monroe Partners first took steps to understand how domestic and
international enrollment teams operated.
The project team reviewed processes, procedures, and documents and conducted multiple interviews with
the bank’s domestic and international teams—carefully noting challenges in current processes and “wish lists” for
the future. During these interviews, West Monroe also asked bank employees to share frustrations as expressed by customers, as well as feedback received from customers with respect to potential improvements. These first-hand accounts from customer-facing members of the sales, implementation, and service teams became the primary inputs into West Monroe’s recommendations for the new international onboarding model.
West Monroe Partners created a comprehensive “go-forward” plan that highlighted areas of focus and recommendations for change and presented the plan to a group of executive leaders.
Based on its work with West Monroe Partners, the bank now:
- Recognizes key challenges and issues in its current enrollment/ implementation processes
- Has identified the ideal future model for both customers and internal teams
- Has a road map for creating a new international model that acknowledges that most international customers are also domestic customers