Front Office Optimisation

Banks are continuously seeking to develop and optimise revenue, from new and existing sources. Orbium can support these initiatives by analysing and improving the way the front office operates, in particular by holistically reviewing the products, services and pricing offered, along with the sales and distribution processes, people and systems.

Orbium and business optimisation

An offering enabling banks to pivot the front office to focus on value adding propositions and capabilities in order to compete effectively.

Growth is often difficult to achieve because:

  • Relationship managers have less time for clients as they increasingly struggle to deal not only with regulations and compliance but also with administrative tasks due to fragmented systems and data silos.
  • Lower productivity is inherently introduced through non-compete periods, institutionalised customers and limited support provided to help new relationship managers settle in.
  • Competition from industry disruptors and the downward pressure on prices as services are becoming more commoditised.

For many organisations, a legacy IT often lies at the heart of the problem. Complex, disparate and inflexible, it makes it hard to be efficient and develop the new products and services their customers want.

Taking both a tactical and strategic view, Orbium aligns the front-office capabilities with the needs of today’s wealth management sector.

Tactical options include: rebalancing advisor workloads by shifting non-customer-facing processes and activities to the middle office. This can increase advisor-customer time by 10 per cent and increase AUM with the same number of RMs. Pricing management through benchmarking and associated sales scripts can also ensure that products and services are delivered at the right price.

Strategic options include: designing and implementing new front-office solutions and reviewing existing propositions. Leading organisations are moving towards hybrid digital/ human front-office customer journeys that simultaneously provide improved efficiency and personalised service. Customer engagement has led to much more focused propositions, such as expanded real advisory services or combined investment and wealth management services targeting entrepreneurs.