The Challenge
High Costs and Service Issues due to Lack of Talent and Efficient Systems
Our client is one of Bermuda’s premier banking institutions with over eight decades of history
Bermuda’s small market made it difficult to attract and retain high-quality talent. The bank relied on resources from its parent bank in Jamaica, but this led to service quality issues and sub-optimal customer NPS, hindering its efficiency and growth.
The bank also struggled with a high cost-to-income ratio, and were aiming to reduce it to below 70. They needed to accelerate their digital transformation journey and expedite critical business outcomes.
They also needed to implement multiple high-impact initiatives, including upgrading their core banking platform, creating a data lake, and transitioning finance data warehousing and reporting to PowerBI.
The Outcome
Designing and Implementing a Comprehensive Digital Transformation Strategy
Sutherland partnered with the bank on a multi-year transformation journey andimplemented a strategic approach to address their challenges.
Initially, Sutherland leveraged its digital consulting capabilities to identify opportunities and develop a roadmap for transformation and creating a managed services model. This included transforming multiple processes including finance & accounting, commercial underwriting, KYC screening, chargeback management, consumer lending underwriting, lending risk management, loan and CASA onboarding, transaction alert handling, and investment operations.
Our digital engineering services implemented enhanced infosec support, data and analytics services, IT strategy, governance, risk and compliance, cloud security, IT service delivery, and business analysis. We also helped the client optimize resource allocation with a phased transition to Sutherland’s BFS and digital engineering services..
A new managed services model was also deployed to improve operational excellence, incorporating process optimization with Lean and Six Sigma methodologies.
To enhance the bank’s Financial Crime & Compliance (FCC) program, Sutherland implemented their AML solution and deployed intelligent automation across lending and deposits back-office operations with Sutherland FinTelligent. An innovative TCO model with committed outcomes ensured cost-effectiveness and sustainability.
Roles Transitioned
Reduction in TCO
Projects Underway
Planning Started
Unlock Digital Performance with Our Digital Engineering Services
Services
Digital Consulting
Industry
Banking and Financial Services
