The Client: A mid-sized regional bank with branches across California, Washington and Oregon.
The Challenge: Due to changing economics, the company wanted a renewed focus on its consumer retail business but had fallen behind competitors in revenue growth, customer experiences and new customer segment acquisitions.
Key Opportunities: Improve effectiveness with customers, Generate new revenue streams
Our Approach/Findings:
We transformed the retail business to focus entirely on digital channels, digital technologies and customer-driven outcomes:
- Built customer-centric digital strategy and execution plans for retail products and services focused around digital capabilities, mobile applications, web channels and in-branch technologies
- Quick launch of pilot agile teams and expansion to 20 teams in 24 months
- Implemented agile methods across retail organization, tying financial and customer outcomes to digital objectives
- Brought differentiating tech development in-house, leveraging 3rd party partners and technology for non-core areas
Achievements:
- Launched three pilot agile teams in 4 weeks, with 6 more launched within 4 months
- Resulted in an increase in web traffic of 20% and 60% in mobile app usage in first six months post release
- Increased YoY total deposits by 10% and total loans by 15%
