The client’s problem
A cooperative of Scandinavian retail banks faced radically changing end-user digitalisation behaviour, increased operational efficiency requirements and competitors launching major digitalisation programmes. Additionally, the individual banks needed the ability to pursue their own strategy paths while embracing the digitalisation journey. This forced the cooperative into rethinking how to digitalise the banking businesses over the next years.
The cooperative and Oleto Associates formed a joint team to engage in an intense five-month dynamic and iterative process to design and initiate the future innovative transformation digitalisation programme. The project was structured into five separate, but highly interdependent tracks. The first track determined the current digitalisation level of the individual bank members’ processes, including benchmarking with key competitors. It then defined a vision for how the banks wanted to use digitalisation to strengthen their competitive position, including expected end-user product/service requirements and the banks’ requirements to their future customer and operations processes. The second track developed complex business cases incl. identifying potential benefits, investment cost and O&M cost for each bank and the digital solutions in the transformation programme. The third track determined the scope, technical principles and overall requirements of the solutions, such as infrastructure and application needs. The fourth track designed the programme structure and process, including alignment of the investment portfolio and prioritised implementation plan. The fifth track designed the optimal governance and cooperation model including the sub-supplier selection criteria and evaluation process.
Retail banks aligned around an innovative and competitive digital vision, a comprehensive digitalisation transformation programme including a prioritised implementation road map for all determined digital solutions, as well as significant competency development of client employees participating in the project.