Despite a highly regulated marketplace, financial institutions – especially banks, are undergoing significant change. Pressure from shareholders to continue strong returns, the uncertainty of new entrants and the impact of digitisation are all challenging the business model. This heady mixture, coupled with a still under-performing economy, means a major focus on new approaches to business and many resulting changes for leaders, managers and employees.

Thornton Mack supports the financial services sector to align its people and systems to enhance efficiency, deliver value to clients and differentiate seemingly homogeneous service offerings. Major banks and accounting firms have used our services to:

Case Study

Reviewing change management services

An internal change management service delivery group was established within a leading financial organisation with responsibility for providing change management for an extensive risk transformation program across the enterprise. Following mixed client feedback in relation to the value and quality of services provided, the executive requested a review of the services, capability and performance levels of the group.

ACTION

Following an initial briefing from the executive, review assessment criteria and tools were designed for a ‘health check’ of the effectiveness of change support provided by the group. This included a guide and questionnaire, and change capability assessment.  Existing frameworks and methodologies, and their application, were reviewed. Key projects were evaluated to determine the quality of program design and any gaps, as rated against assessment criteria. The execution of the change program and the effectiveness of existing interventions were assessed, and interviews with project sponsors, change owners, project managers and key business stakeholders were conducted. These informed review findings, providing necessary insight on satisfaction levels and perceived value, and individual change knowledge, skill and experience of change practitioners.

Progress review meetings and discussions on interim findings were held with the executive throughout the assignment to provide opportunity for variation and further inquiry based on those findings.

END RESULT

Over forty actionable recommendations for improvement were provided to the executive, supported by comprehensive rationale and quantitative and qualitative data. Key findings and recommendations were prioritised to assist in timely action to drive performance and value, develop and strengthen change capability within the group, enhance client engagement and satisfaction with services, and advance the quality of change program outcomes.

One key finding demonstrated that a key project was at risk due to the change solution design and delivery not meeting project and client requirements, and the executive requested further specialist change guidance and coaching for an Executive Change Manager.