Coeus helps financial services client with digital transformation
Coeus Consulting has delivered a digital transformation project at a client in the financial services industry. The consultancy helped design a new digital transformation strategy and supported the roadmap.
Of the UK’s annual estimated consulting spend, the financial services sector accounts for the largest portion. For years, one of the leading reasons firms tapped consulting firms in the sector was for digital transformation. Prior to the Covid-19 crisis, more than one-quarter of financial services had engaged consultants on the grounds of digital transformation – something which has only accelerated since lockdown further illustrated the importance of digital infrastructure, as employees took to working from home.
In late 2020, one such large financial services organisation was undergoing significant change. To fully realise its major digital transition, the client had three major challenges to overcome a series of hurdles, including; significant process duplication, complexity; unacceptable risk and excess cost of support; and a need to streamline business capabilities to their relevant product lines.
For help navigating these challenges on its digital journey, the organisation turned to Coeus Consulting.
An independent IT advisory, Coeus works to empower technology, business and procurement leaders to deliver strategic change to the business. Through 2020 Coeus Consulting took on a raft of further transformation projects, including helping a client in the banking sector find a digital partner to modernise the bank’s core platform to adapt for the challenger bank market, and helping a prestigious London university to up its digital game, in response to social distancing measures in Britain.
In this case, Coeus' approach and industry-standard techniques were used to help the financial services firm create a capability map of its business, which was then developed through a series of collaborative workshops. In addition, as stated on the firm’s website, a current and target state architecture was developed in partnership with the Business and Technology teams and a future state cost and benefit model that looked at skills, technology, licensing and potential customer benefits.
In the end, Coeus developed a full roadmap to begin a £10 million transformation at the client, which it calculates will deliver around £49 million in value over the next five years. Having successfully guided the client in simplifying the operating landscape, Coeus stated that the client’s outcomes of the project already include improved customer self-service and processes; simplified governance and compliance; and a simplified technology landscape.
At the same time, the client is enjoying a reduced cost-to-serve across its business and IT infrastructure, as well as a reduced cost of the delivery of change.
