The Challenge

The key challenge facing the new leadership team was to build the capability to launch the business within a 12-month timeframe.

With minimal experience in significant digital transformation, the leadership were required to develop an appealing proposition and solution that embraced technology, people and processes, and obtain initial oversight and approval from the FCA. This involved:

• Conducting in-depth market research and formulating a strategic plan for building the bank’s capabilities and proposition, plus tracking execution to meet key KPIs
• Rapidly creating an engaging and digitally flexible design and a target digital platform, for origination, mobile services, risk management, payment processing through to data analytics – against which all others would eventually be measured.

The Engagement

Jas Virdee, Orbbis Partner, joined the embryonic leadership team, charged with formulating and implementing the digital strategy from the initial design phase through to successful delivery.

Due to his vast experience in leading digital transformation, Jas was quickly able to provide leadership to the board and operational teams, providing constant clarity as to the future direction whilst ensuring that pace and business alignment were maintained – including:

• Formulating a detailed TOM and digital strategy.
• Rapidly mobilising a highly experienced interim team, in parallel with hiring the permanent team, creating a digital transformation capability that could adapt and rapidly deliver.
• Leveraging the capabilities of leading outsourcing suppliers providing digital solutions to the financial services sector.
• Establishing robust programme governance, effectively managing both internal and external parties.

The Outcome

The mortgage bank launched on the planned date and within the budget set out. Jas ensured that the business had in place the capabilities (policies, processes, technologies and people) to ensure continued success.

Jas also played a critical role in managing the FCA and ensuring that there were no obstacles. Due to his proactive participation, the bank was able to obtain a license with minimal questions.

The resulting digital platform enables:

• Leading website technologies that allow consumers to self-manage mortgage calculations with minimal intervention.
• Digital onboarding: consumers simply provide details via a mobile device, information required for vetting purposes and financial status to set up their account.
• Consumers to work with intermediaries, through mobile devices, managing quickly through query and approval phases.
• The ability to fund accounts through a benefit gateway seamlessly within the digital app.

Orbbis deliver management consultancy through industry experts.  Using the expertise and insights that our Orbbis Partners have built up, we create high-value, cost effective solutions to drive sustainable change and transformation across all business lines.

If you would like to find out more you can get in touch here.