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March 21st, 2024

The Challenges of Changing Addresses

Moving house is hailed as one of life’s most stressful events, and for good reason. As if the physical process itself isn’t emotionally and physically taxing enough,  changing address can also loom large and cause its own unique brand of stress!

I experienced this first-hand recently when I attempted to change the address of a child trust fund account.  After more than two hours on a call, being passed back and forth between departments I still had to go to my local branch to complete.

Concluding that maybe not all banks are as efficient and effective as others.  This reminded me of our operational improvement work with our client a Specialist Savings and Lending Bank identifying areas within their ‘back office’ functions where Lean approaches presented clear opportunities for performance improvement.

We delivered a series of six targeted Rapid Improvement Events to prove the concept and deliver business benefits across Payment Services, Savings, Business Finance, Structured Finance, and Property Lending Divisions. Our approach drove out wasteful and non-value-adding activity from processes, identified improvements and solutions, and allowed participants to plan the actions required for implementation.

Measurable benefits

  1. Rapid Improvement Events delivered over a short period that resulted in ‘Year on Year’ operational savings of more than £450k within key operational areas.
  2. Initial reduction of customer lead time of at least 18 days in some key customer service processes.
  3. Over 150 team members trained in Lean tools and techniques embedding a culture of Continuous Improvement – immeasurable!

Bourton Group LLP has been making Financial Services businesses better for more than 20 years.

Examples of that work is:

Major UK Building Society

National Savings & Investments – Lean Transformation

Ken PowellKen is Managing Partner, and an experienced Consultant with a successful background in operational improvement and change management within a variety of sectors including Professional Business Services, Manufacturing, Construction, Rail, Local Government Services and Health Services.

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