Wealth Management Platform Selection
Advising a top-three UK retail bank on selecting a wealth management platform.
The Pickle
Our client, a top-three UK retail bank with over 30m banking customers, conducted a strategic review of its in-house wealth advice and retail investments service and platform.
The client concluded that there was a need for a replacement of its underlying platform technology and associated operating model.
The client had a problem because, due to its size and the complexity of its operations, it needed specialist resources and know-how to carry out the review.
We were hired to participate in the evaluation and selection process of the new platform, and its deployment.
Our Move
Measuring
We engaged with the shortlisted suppliers and measured their request for proposal (RFP) responses based on the client’s criteria.
We also provided our own informal metrics in order to tease out the lowest level of detail from RFP data to assist with the client’s discretionary decision-making.
By understanding our client’s wider strategic relationships, we were able to point out to the client where significant commercial savings could be sought through negotiation.
Documenting
We drafted core proposition and project documents in support of the client’s new and changing requirements for the platform.
We made sure to blend the client’s ‘current state’ needs with its ‘future state’ ambitions.
And we mapped these back to the original RFP and responses
Deciding
Following the extensive RFP and selection process, we assisted the client in identifying a final shortlist of two viable and competitively-prices suppliers.
We made sure the client had the right information to negotiate an advantageous price and service offer from the final two.
The Result
In the end, the client decided, for internal cost reasons, to pause the new platform selection and deployment.
This was to allow a CEO-led major strategic acquisition to be executed.
Despite this, however, our work saved the client many millions in basis points (bps) costs through active measurement, clear documentation and better decision-making.