FINANCIAL SERVICES
Mendhurst specialises in making strategic change successful in the financial services industry. We have an expert understanding of the challenges that must be met to gain leadership and capture efficiencies within this highly competitive sector. We have planned and managed successful projects throughout the value chain, from product design to front-line service. We bring that in-depth industry knowledge to projects, together with a flair for quickly turning strategic ideas into operational reality. Our extensive work in central banking gives Mendhurst clients deep knowledge of how to respond sustainably to the future strategic environment for financial services.
Mendhurst’s financial services clients span banking, life insurance, general insurance, personal investment services, product distribution, investor administration and funds management. The descriptions below outline a range of our projects:
Planned and facilitated strategy workshops to help financial service providers review their value propositions, adjust to market and regulatory change and take new opportunities.
Outcome: fresh thinking and specific strategic initiatives
Managed a comprehensive project to release new personal savings and investment products: innovative product design, comprehensive launch plan, support system specification and tendering, establishment of greenfield investor servicing unit, customer migration plan
Outcome: market-leading product designed and launched in record time, competitive leadership gained for an extended period
Planned and project-managed rapid, comprehensive restructuring for a major insurer's head office of 250 staff: business and function analysis, process review, structure re-design, competency-based job design, new human resource strategies, new staff contracts, senior management selection
Outcome: one-third net staff reduction, modernised roles, value-adding business processes, management renewal
Developed fresh distribution strategies and concepts for a large financial services provider through revamp of agency concepts and design of new remuneration/reward systems
Outcome: clear change plan, modern contractual relationships, customer-driven incentives
Piloted and delivered New Zealand-wide a "re-build the vision and people" programme for all levels of management and staff at a restructuring and downsizing retail bank
Outcome: renewed staff commitment, more effective management-staff dialogue
Led a cross-functional internal team planning business development, process re-engineering, and job changes for a funds manager seeking competitive differentiation
Outcome: market re-positioning driven from competitive advantage, new initiatives and culture, committed staff, business growth
Conducted an independent review of business processes, information systems and stalled information technology developments for a large insurer
Outcome: quick efficiency gains, longer-term action plan, better project sponsorship and management
Reviewed marketing and sales function and activities for a large financial services administrator
Outcome: clear strategic direction, new service development and delivery structure, improved prospect targeting, better business acquisition processes
Managed a cross-functional project to adapt a large insurer's general and life insurance products for direct telephone distribution
Outcome: immediate direct product availability plus broader product simplification
Designed a transition path to new reward systems for an agency distribution force
Outcome: practical implementation timetable, balance between continuity and change
Facilitated provider-distributor negotiations on new business and product distribution arrangements to respond to market and regulatory change
Outcome: improved strategic alignment, framework for greater mutual independence, stronger incentives for market penetration
Extended front-line sales capability and commitment for a major bank through training in customer-driven selling techniques and business problem-solving
Outcome: independently verified sales increases, improved skills and motivation
Outlined future "e-business" directions for financial services administration. Articulated strategic paths and identified development projects for evaluation.
Outcome: focused projects combining short-term payback with longer-term strategic value
Project-managed a new imaging and workflow system to administer investor portfolios: business process re-engineering, technical development, resource coordination, installation, training, testing
Outcome: successful implementation and integration of a complex leading-edge technology
Design of a programme to "roll out" a new strategic plan to staff throughout a large bank
Outcome: identification of processes and behavioural changes needed to successfully deploy the strategy
Designed and delivered customer service training and mystery shopping for an NZ sharebroking company
Outcome: practical tools and frameworks for traditional and e-business processes, independent quality checks , improved and unified service delivery
Other services performed for a range of clients include:
Market and competitor positioning reviews to assess process/technology directions and develop appropriate change strategies
Outcome: clearer understanding of current situation, future requirements, change needs
Design and delivery of interactive skill training for a wide range of managers and technical staff
Outcome: improved time management, teambuilding, business writing and presentation
Presentation of regulatory and industry challenges and alternative strategic responses for participants in the Financial Planners & Insurance Advisers annual New Zealand conference
Outcome: practical strategic change paths for a range of industry participants
To protect commercial interests, we do not publish client lists. Confidential referees
can be made available to prospective clients.
