Client Situation
Our client is one of the largest commercial banks in Kuwait, with assets of over USD 20 billion. Founded in 1960, the bank serves over 500,000 customers and has a branch network across 50 locations with more than 300 ATMs. The bank provides best-in-class consumer & commercial banking services for its retail, corporate and institutional clients. In view of changing digital landscape in Kuwait, the bank engaged Cedar to design its Target Operating Model.
Cedar’s Approach
In this program, Cedar was mandated to design Target Operating Model, along with the key customer-facing processes, organization & branch format designs to elevate the bank into the digital bank of choice for customers in Kuwait.
- Cedar assessed the current state of bank across three areas: Customer interaction, operating structure & process overview.
- Conducted 15 executive level, one-on-one interviews & focused group discussions to understand key strategic issues and undertook an internal analysis across three focus areas.
- Determined the potential areas of efficiency improvement, customer experience enhancement & centralization opportunities.
- Determined new organization roles & branch format designs to be introduced in alignment with Target Operating Model
- Designed high-level implementation plan and mapped dependencies with ongoing & planned digital transformation initiatives in the bank
Outcome
The program resulted in the target operating model design aligned with changing digital landscape.
- Enhancements in customer interaction model for branches & digital channels.
- Lean operating structure with the introduction of new roles & merger of earlier roles based on changes in the operating model.
- Introduced new elements in branches to enhance the customer experience for retail & corporate customers with reduced TAT.
- Enhanced control & governance enabled via process automation through system enhancements.
- Realignment of resources resulting in potential financial savings for the bank.