Simplifying a major Australian consumer bank
A structurally simpler bank, already taking shape.
A major Australian bank set out to simplify its consumer bank in a $2B+ program: consolidating platforms, simplifying customer journeys, reducing the cost to serve, and migrating around 6 million active customers and 7 million accounts from three regional brands. Transformativ led the program for the consumer bank. We launched the Transformation Execution Office, aligned more than 100 leaders behind one plan, delivered the plan and business case the board approved and the migration and cutover strategy, and delivered the program's first initiatives, including 22 electronic verification systems consolidated into one. Savings of $300M+ a year are forecast.
electronic verification systems consolidated
now offer multiple offset accounts on home loans
to align 100+ leaders behind 24 initiatives across five business lines
a year in forecast savings
systems to be decommissioned
product variants, a 77% reduction
reduction in origination pathways
customer apps
In migration scope: around 6 million active customers and 7 million accounts, across three regional brands, from a base of 10.5 million customers.
One of Australia's largest simplification programs
Years of growth, across more than one brand, had left the bank with more than 180 legacy systems, duplicated products and fragmented customer journeys, all carrying a high fixed cost base. The program's aim is to bring customers of three regional brands onto one set of products, channels and systems, simplify how customers are served, and bring down the cost to serve, across a customer base of 10.5 million.
A $2B+ program that needed one line of sight
With more than 180 legacy systems, dozens of initiatives and multiple vendors, the program's biggest risk was fragmentation. Without a single view of sequence, dependencies and value, the $300M+ in forecast savings could have been lost in the gaps between initiatives, business lines and suppliers. And with around 6 million active customers and 7 million accounts to move off legacy platforms, the migration and cutover approach had to be right before any of it began.
What Transformativ did
Launched the Transformation Execution Office
A single office running the program as one: the sequence of work, decision rights, and a real-time view of progress and value. More than 100 leaders across five business lines were aligned behind one plan within eight weeks.
Delivered the plan and business case
Twenty-four initiatives brought into one sequenced roadmap, and the plan and business case taken to the board and approved: the consolidation roadmap, the product simplification targets and the $300M+ savings case.
Delivered the migration and cutover strategy
How customers, accounts and products move off legacy platforms: the migration approach, the sequence of cutovers and the readiness gates each one has to pass, designed so each customer's core products move together, once.
Delivered the first initiatives
The program's first wave went live. Twenty-two electronic verification systems now run as one. Multiple offset accounts on home loans, once a feature of only one of the bank's brands, are now offered to customers of both.
A simpler bank, already taking shape
The first initiatives are live: 22 electronic verification systems now run as one, and customers of both brands can have multiple offset accounts on their home loans. Behind them sit an approved plan and business case and a migration and cutover strategy to carry the rest out. The plan decommissions around 80 systems, cuts product variants by 77% from 193 to 45, reduces origination pathways by more than 90%, and consolidates four customer apps into one, setting the foundation for $300M+ a year in savings.
Know where your program stands before the next dollar goes in.
Five minutes. A scored baseline against twenty years of programs.
Savings are forecast. Figures under "The approved plan" are targets; the program is in delivery. Customer and account figures are approximate.