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In This Issue
Establishing a Successful Enterprise Project Management Office
Planning for a Successful Post-Merger Integration
Managing Your Customer Experience |
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Welcome to our Q4 2011 issue of On Financial Services.
As 2011 draws to a close, we continue to focus on how to help you improve your company in light of current challenges in the financial services and economic environment. In this issue, we examine the benefit of establishing a successful Enterprise Project Management Office (EPMO) to include optimizing your human and financial resources.
We also examine how financial institutions can be more successful in their post-merger integration results through the use of a clearly defined target operating model, a well-thought-out systems integration approach and well developed governance guidelines.
In our third article, we take an in-depth look at how the financial services industry can create a more positive perception by focusing on customer experience management.
We hope these articles are both informative and useful. If you are interested in discussing these or any other financial services topics of interest in more detail, we would welcome the opportunity for a dialogue.
Best wishes for a wonderful holiday season and a healthy and prosperous 2012!
Best Regards,
Jim Neckopulos
Senior Vice President, Financial Services Industry Team |
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Establishing a Successful Enterprise Project Management Office
By H.B. Dewberry and Randy Hostetler
The banking industry is experiencing significant challenges, change, and transformation. On top of an already-difficult economic environment the past three years, new regulations and regulatory impacts – e.g., the provisions of Dodd-Frank and the impact of the Durbin amendment in reducing interchange fee income —as well consumer frustration with, and anger at, banks are adding to banks' struggles to generate profits. As a result, banks [or Financial Services Institutions (FSIs) more broadly] will need to optimize deployment of their human and financial resources to address this new environment. Creative thinking will be required to identify initiatives that can replace historical revenue sources while being both compliant with the new regulatory considerations and meeting customer expectations.
To read the full article, click here.
Planning for a Successful Post-Merger Integration
By Scott von Ploennies
The banking industry continues to undergo massive restructuring as a result of the financial crisis, with bank mergers and acquisitions (M&A) playing a key role in that transformation. In 2010, there were 183 unassisted mergers of commercial banks and 13 unassisted mergers of savings institutions. Regardless of the rationale for bank M&A activity, the ability to execute on technology integration is a critical success factor for achieving merger objectives. This article provides insights around three key areas that can help drive a successful integration:
- Strong governance delivered through an experienced PMO
- A clearly defined Target Operating Model
- A clear and well-thought-out systems integration approach
To read the full article, click here.
Managing Your Customer Experience
By John Hansen
To say that financial services providers of all stripes – especially commercial and investment banks – are out of favor with the general public these days is an understatement. Among other things, the "robo-signing" of mortgage documents, reduced availability of free checking accounts, impending monthly charges for using debit cards, and the return of what are perceived to be excessive executive compensation have all contributed to negative public perceptions of these institutions.
While banks may not be able to control all of the items that influence attitudes that the general public have about their institution, they can influence how their own customers and target prospects perceive them. This article will address how banks can positively impact these perceptions by proactively defining and managing their customers' experience.
To read the full article, click here. |
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Hitachi Consulting is a recognized leader in delivering proven business and IT strategies and solutions. From business strategy development through application deployment, we leverage decades of business process, vertical industry, and technology experience to understand each company's unique needs and to achieve sustainable ROI.
Our national Financial Services Industry Team is the result of significant investments the firm has made in this space over the past few years. In August 2005, we acquired Dove Consulting, a Boston-based strategy and organization consulting firm specializing in payments strategy and research. In March 2008, we acquired JMN Associates, a leading provider of consulting services to the financial services, real estate and insurance industries based in San Francisco. Together, our team brings valuable expertise and practical, proven solutions to clients in the areas of business and technology strategy, process improvement, market research, project management, and industry and regulatory compliance.
Visit us at: http://www.hitachiconsulting.com, or send feedback to: onfinancialservices@hitachiconsulting.com.
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© Copyright 2011 Hitachi Consulting. Contents in this newsletter may be reprinted with proper attribution to Hitachi Consulting.
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