ISA Product & Service Model Design.
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At A Glance:
Why evolve were needed:
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Siloed Operational Teams
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Standardisation of Servicing Standards
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Regulatory Compliance
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Change Management Strategies
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Key Benefits:
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Improved Regulatory Compliance
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Enhanced & Measured Customer Experience
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Scalability & Adaptability
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Improved Operational Efficiency
The Situation.
Our client sought to explore launching an ISA and GIA on a new Simplified Digital Wealth Platform alongside their existing product lineup, but were faced with several challenges:
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Operational teams were siloed across different products, leading to inefficiencies.
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Lack of standardisation in Servicing Standards across products resulted in an inconsistent experience for Advisers, Clients, and Employees.
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Their current product set was considered lower risk for Money Laundering, and they lacked in-house expertise to ensure compliance.
Within this project scope, our role was to design the Operating Model, with a particular emphasis on Financial Crime controls and Servicing elements.
Our Approach.
We began by assisting our client in defining their Service Standards:
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Facilitated a series of workshop to determine what gold standard would look like across all products.
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Consolidated outcomes into 3 pillars of excellence that aligned with the perspectives of all product leads and relevant ‘heads of’.
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Developed actionable points for each pillar to enable the implementation and measurement of standards.
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We established a future state business process catalogue and a mechanism for cross-product process design:
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Developed a centralised Process Master List to enable visibility of process owners and common processes.
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Collaborated with existing siloed business areas to identify shared business processes
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Introduced a framework for business process design and approval to effectively manage the influx of new and amended business processes across the organisation on an ongoing basis.
Finally, we concluded by designing the new ISA/GIA products:
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Designed future state business processes for the ISA & GIA products, ensuring alignment with other products and the 3 pillars of service excellence. We focused on the reuse of existing processes wherever feasible.
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Reviewed proposed user journeys from the technology and design teams to ensure regulatory compliance and operational efficiencies.
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Introduced new Financial Crime controls integrated into the processes we designed, and implemented as new policies.
* Building blocks used for this project within our SP.ACE framework, can be found highlighted.
The Outcome.
The client had a new governance model in place for Business Process Design and management which was implemented across a wider programme of work and embedded into BAU activity.
As a team, we (re)designed and managed over 60 business processes through the framework, with an additional 50+ existing processes assessed for improvement.
Additionally, the client also had the foundation of a new Service Standard which was gradually rolled out across the business and included in annual objectives.
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