The ChallengeDefining a network strategy for the future
The management committee wished to leverage the bank’s strong brand image, reputation for exceptional customer experience, and community orientation to evolve its physical and digital network delivery. To achieve this goal, the bank must overcome various obstacles, particularly with respect to its third-party technology providers.
A collaborative, fact-based approach
To develop a network evolution strategy, the bank worked with a team from West Monroe Partners that combined extensive experience in retail banking operations, network design, and customer experience with deep technology expertise. The project team collaborated with bank executives and stakeholders in various parts of the business to perform a baseline assessment of current branch, phone center, ATM, online, and mobile network environments. This process included interviews with network stakeholders and observations of bank operations. The assessment also incorporated customer segmentation data and the consulting team’s knowledge of evolving customer preferences and peer/best-in-class multi-channel networks. From this, the bank could see gaps between its strategy and business and technology plans and those of peers and best-in class competitors.
The project team then led bank stakeholders through a collaborative process of conceiving and building consensus for a multi-year network vision that incorporates the institution’s brand, core values, strategy, and business plan commitments. This vision, in turn, guided development of a highly detailed network strategy that organized 26 strategies affecting people, process, and technology and 29 supporting initiatives into a sequenced roadmap. The bank prioritized these initiatives based on cost effectiveness and relative strengths, weaknesses, opportunities, and threats in its competitive landscape. The prioritized strategies with supporting initiatives were focused on investing in people and process to overcome the inherent deficiencies with the bank’s third party technology providers.
Clarity for moving forward
This highly fact-based approach provided the management committee and board of directors with clarity and insight they needed to make decisions and prioritize investments in the bank’s future physical and digital network capabilities. The level of detail addressed in both the assessment and planning process enabled bank executives to understand costs, benefits, potential obstacles, key interdependencies, and implications for change management – allowing them to move forward with confidence.