Background
With the continually fluctuating financial environment, their revenues under intense pressure, and consumer behaviors profoundly changed, banks must up their tempo. Their accounting and controlling departments must transform themselves into nimble business partners, or risk becoming obsolete. Their answer: to turn into the one-stop-shop that can detect underlying customer trends, benchmark performance, and power product innovation.
Challenges
Working alongside the client, Wavestone is tackling three major challenges:
- Integration: data has to be readily available, centralized and harmonized. Tools must be shared across business lines, allowing streamlined analysis and on-demand reporting.
- Responsiveness: move away from an after-the-facts approach to a proactive and predictive attitude.
- People: train the workforce to use analytical methods and modern digital tools.
Responses and Key Success Factors
Using a holistic approach, Wavestone is involved throughout the transformation process of the accounting and controlling departments, from defining novel services, implementing new tools, to improving the way employees work:
- Swift: rapid-iteration method involving key users.
- Inclusive: co-construction approach with all stakeholders (accountants, controllers, IT, and commercial departments).
- Supportive: continuous support and thorough training of staff.
