Consulting B1 Article - Digital Backbone

Tackling 10 Digital Transformation Challenges Tackling

Overview

The mortgage unit of a major North American bank sought to grow market share and increase customer satisfaction – and reduce costs at the same time. To help implement this ambitious “positive jaws” strategy, ISG analyzed the unit’s loan application processing and account servicing operations.

Business Need

Baseline existing performance, identify operational constraints to business objectives, define actions to drive immediate benefits, and chart a path towards long-term transformation

ISG Solution

The ISG analysis identified productivity and quality improvements and significant cost reductions within the scope of operations. Recommendations focused on the streamlining of business processes through the implementation of enhanced document management and workflow systems. Embedded self-help capabilities were cited as a way to reduce high volumes. More importantly, the analysis delivered the financial transparency needed to define the operational changes needed to support the bank’s business objectives. The engagement followed the established ISG methodology of structured data collection and analysis — in this instance applying the ISG retail banking model application processing and account servicing modules. A reference group consisting of global banks provided a comparative context of world-class performers.

Overview

The mortgage unit of a major North American bank sought to grow market share and increase customer satisfaction – and reduce costs at the same time. To help implement this ambitious “positive jaws” strategy, ISG analyzed the unit’s loan application processing and account servicing operations.

Business Need

Baseline existing performance, identify operational constraints to business objectives,define actions to drive immediate benefits, and chart a path towards long-term transformation

Actionable financial cost transparency is essential to reconciling a board’s top-down corporate objectives with a bottom-up understanding of true costs and the practical implications of different courses of action.

ISG Solution

The ISG analysis identified productivity and quality improvements and significant cost reductions within the scope of operations. Recommendations focused on the streamlining of business processes through the implementation of enhanced document management and workflow systems. Embedded self-help capabilities were cited as a way to reduce high volumes. More importantly, the analysis delivered the financial transparency needed to define the operational changes needed to support the bank’s business objectives. The engagement followed the established ISG methodology of structured data collection and analysis — in this instance applying the ISG retail banking model application processing and account servicing modules. A reference group consisting of global banks provided a comparative context of world-class performers.

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