Financial services process, controls and operating model transformation

Client context

A bank was reviewing its payments and billing processes to support continued growth and strengthen operational control. The processes relied heavily on manual intervention, involved multiple teams and lacked consistent ownership and oversight.

Our approach

We mapped the end-to-end workflows, assessed process controls and identified opportunities to simplify activities, clarify accountability and improve control effectiveness. We developed immediate remediation actions alongside longer-term process and digital enhancements.

The outcome

• Improved understanding of end-to-end processes
• Identified inefficiencies, control gaps and ownership issues
• Developed prioritised short and longer-term recommendations
• Supported implementation planning and digital enablement

Client context

A UK private bank was modernising its client onboarding operating model. Ownership, governance and controls were fragmented across Front Office, Operations, Risk and Compliance, creating inefficiencies and increasing operational risk.

Our approach

We mapped the onboarding journey, redesigned the future-state operating model and embedded governance and controls directly into the workflow. Working alongside technology providers, we translated the design into business requirements, user stories and implementation-ready specifications.

The outcome

• Reduced reliance on manual processes
• Improved governance and control effectiveness
• Clarified ownership and accountability
• Created a sustainable foundation for growth and digital transformation

Client context

A UK challenger bank was reviewing its regulatory governance and risk management processes as the organisation continued to grow.

Our approach

We assessed governance, management information, ownership and control activities. We identified opportunities to simplify processes, strengthen accountability, improve oversight and make better use of digital tools and automation.

The outcome

• Enhanced governance arrangements
• Improved ownership and accountability
• Strengthened management oversight
• Developed a prioritised roadmap supporting future growth

Financial services process transformation involves reviewing and redesigning critical business processes to improve efficiency, strengthen governance, reduce operational risk and support growth. For banks, building societies, insurers and investment firms, this can include customer and client onboarding, payments, lending, underwriting and claims, trading operations, finance, regulatory reporting, risk management and management information processes

Common indicators include increasing reliance on spreadsheets, manual controls and workarounds, growing operational complexity, repeated audit findings, unclear process ownership, difficulty scaling without increasing headcount, delays in reporting and decision-making, and inefficient customer or client journeys.

Examples include customer and client onboarding, lending and credit processes, underwriting and claims, payments operations, treasury processes, trade lifecycle management, client asset processes, finance and reconciliation activities, regulatory reporting, management information production, and risk and control activities

A control-by-design operating model embeds governance, accountability and controls directly into business processes. Rather than relying on multiple reviews or manual checks after an activity has taken place, controls are integrated into the workflow itself, helping to improve both efficiency and effectiveness.

AI can help banks, building societies, insurers and investment firms automate manual activities, improve workflow efficiency, enhance management information, identify potential control weaknesses and support decision-making. Effective AI adoption should consider the underlying process, controls, governance and appropriate human oversight alongside the technology.