MAC Consulting has a seven-year track record working with local and international financial services institutions across the banking suite, from retail banks, insurance providers, and corporate and business banking, through to investment and wealth management institutions.
The financial services sector is undergoing significant transformation. Spurred by digitization, a change in customer behavior, and the entrance of new players in the market/FinTech business, organisations are also experiencing regulatory change and challenge. Finally, pressure on revenue streams and the resulting cost focus, has put innovation and organisational efficiency in the spotlight.
At MAC our approach is to partner with clients, in order to co-create solutions that address key challenges within this sector. The goal is to evolve strategies, as well as business and operating models, to deliver customer centricity, enhanced human capital capability (linked to new ways of working), and improved operational excellence.
We assist our clients in better understanding their customers. A better understanding, in turn, supports improved service offerings, that meet the needs of the customer, are priced correctly for the segment, are serviced through the appropriate channel and relationship management model, and that effectively manage risk and return. In short, businesses need to shift from product centricity hampered by SILOs, to customer centricity, where collaboration ensures positive customer experience and share of wallet.
New entrants and digitization
In response to the emergence of specialist players who offer alternative products and coverage in the front and middle office, we assist our clients in redefining their operating model, value proposition, channels, core processes, and customer relationship model, to identify opportunities for competitive advantage.
Across the financial services sector regulatory demands and improvement in risk management are on the increase. Financial services businesses need to identify opportunities to rapidly respond, and embed these changes, while managing the cost to do business and the impact on customer satisfaction.
Financial services institutions are also under pressure to drive operational efficiencies that improve business performance. LEAN, AGILE and other improvement approaches can be utilized to drive improvement and reduce waste or inefficiencies across the system. At MAC we assist our clients to do this, without negatively impacting customer experience.
Operating model adjustments
Reviewing the current operating model is key to ensuring that each segment is delivering appropriate returns. Such a review covers channels to serve, segmentation of customer groups, reduction in the cost to serve, and an improvement in the ability to service customer segments.
Expanding into emerging markets, and providing broader offerings to these markets, is key to growth. Critical, too, is ensuring the skills and capabilities of the team, enabling them to shape operations and cascade multinational strategies with local relevance.
MAC Consulting has worked extensively across multiple leading financial services businesses, in the front-, middle- and back office functions. Our experience spans the five key levers in the organisational transformation process that ultimately shapes culture: leadership, strategy, operating model, measurement, and capability. Our projects are either designed holistically and cover all aspects of the model, or deep-dive into a single area, depending on the needs of the client.
At MAC we leverage our cross industry- and multi-client experience to, in collaboration with clients, solve challenges and shape bespoke solutions. The result is sustainable, substantive and measurable results, that address the challenges faced by the financial services industry.