Reducing operational costs and improving efficiency for a global retail bank

Background

A Global Retail Bank faced challenges in managing, analysing, and processing data for their PPI remediation projects. The process relied heavily on manual input using Excel spreadsheets, taking case handlers an average of 2.5 hours per case, with an annual cost exceeding £8M. To address these issues, the bank sought an automated solution and explored proposals from several ‘Big 4’ firms. Eventually, the bank decided to develop an internal solution but faced difficulties finding local talent with the right skills and experienced high attrition rates.

How we helped

Davies collaborated with the Head of Remediation Management Information to understand the required skills and build role profiles for a project team capable of creating an automated calculator. The calculator would reduce reliance on manual input and mitigate the risk of inaccuracies. Davies sourced the best candidates in terms of background, technical experience, and location, assembling a team of up to 20 specialist contractors, including Database Architects, Developers, and Technical BAs.

Results

The bank used the calculator as a template for multiple remediation projects, including PPI, credit cards, store cards, and mortgages, saving over £40M in operational costs across 2 years. Davies built an extensive network of technical specialists in a challenging geographical area and fulfilled over 30 positions.

As a result, Davies became the sole recruitment partner for the Technical MI function. The average contract tenure increased to 1.5 years, and the associates have been retained to work on other critical projects within the bank on remediation and financial crime projects to support their data and technology needs.