The century’s black swan event, Pandemic, continues to force deep changes in the banking industry – Governments have swung in with targeted interventions, customer preferences have been altered to favor digital channels, and technology is enabling businesses desperate for continuity and also powering game changers that seek advantages in the new next.
In all of the gloom and doom development, here is an encouraging story. It comes from Maveric, a two-decade seasoned banking sector technology services consulting and integration partner.
Within Maveric, the ‘Accelerate Next’ philosophy permeates deep into its brand promise, customer strategy, and operational rhythms.
Accelerate next is constructed of and evidenced when three vital enterprise-wide strengths coalesce: Conscious contextualization, Comprehensive competencies, and Core commitment.
This piece will elicit one of three mentioned pillars – Core Commitment.
But first the context:
One of Maveric’s customers – A Tier 1 global bank catering to consumer banking, with the largest credit cards customer base in the US, and a strong presence in the Mortgage Industry, collaborated with Maveric during the Pandemic. In addition to their current programs, because of COVID 19, all US banks were inundated with multiple COVID related programs which includes stimulus package rollouts, small business investments support etc.
The ‘new situation’ mandated for multiple programs to be launched, causing enormous workload for technology teams in Consumer Banking.
Clearly the stakes for the Bank was its brand image and customer’s business survival.
From a Maveric POV the challenges were new and numerous: From not being able to work from office, next to nil time face time for interactions, knowledge transfer or joining orientations. The logistics challenge aggravated further due to the Virus’s high exposure risk. This meant that work from home was fast becoming the norm. As the programs count steadily soared, the headcount for the project’s delivery remained unchanged.
In summary, despite the growing exigent situation, the need to continuous deliver programs with desired quality (without additional funding), meant re-wiring for the new normal.
Maveric Solution measures:
- Focussed BCP initiatives (48 hours and workforce transited to Work-from-Home)
- Stepping up Stakeholder Governance (Program wise leadership calls for reporting on delivery updates, employee well-being, productivity metrics)
- Depth of Management attention for Stakeholder engagement (Consistent connects across Strategic, Tactical, Operational)
- One on One connect with customer key stakeholders (Maveric’s sponsor director started weekly touch points with the client director for risk assessments and proactive resolutions)
- Program and Progress Reporting (Real time dashboard reporting institutionalized along with a daily risk mitigation plan)
As one of the three levers of ‘Accelerate Next’, the Maveric Intervention exemplified ‘Core Commitment’; a partnership attribute that comes from high flexibility and stamina, and demonstrated through a culture of ownership and empowerment.
For more details, refer to the full case study.