Transforming a banking client's mortgage platform: a case study
Following acquisitions and divestments the bank was operating five separate legacy systems for their mortgage and savings books. This represented...
18 Oct 2023
Time to read:
Challenge
Our client is one of the largest long-term savings and retirement businesses in the UK. They had an existing, long-term relationship with a supplier which was up for renewal.
They needed to ensure that a contract renewal was both contractually sound and the pricing represented value for money and would allow them service flexibility.
Approach
- We gained an understanding of stakeholder requirements. One of the key items was that the contract could scale across other group brands.
- Our team of sourcing and technology experts reviewed the existing agreements to understand the solutions being offered.
- Additionally, we assessed the contract schedules and MSA against best practice and recommended changes to core terms.
- We prepared the client for the negotiations.
Outcome
- We identified the areas for negotiated and ensured that our client renegotiated from a position of clarity and strength.
- The benchmark of services led to significant savings (c20%) compared to the original contract.
- A market competitive contract was agreed between the parties for a further 5-year term, without the need for a lengthy and costly process.
Start a conversation
Get in touch with our principal consultants to learn more about what we can do for your organisation.
Similar customer stories
Independent benchmarking helps extend client contracts competitively
Our client has a complex inhouse datacentre solution with a market leading provider. The solution needs transformation including the leveraging of...
Client success in outsourcing regulatory compliance
The PRA issued new regulation pertaining to the risk management of third parties and outsourcing. Our client (a Financial Services institution)...
Start a conversation
Get in touch with our principal consultants to learn more about what we can do for your organisation.
Do Interconnected SME Ecosystems Drive Future Business Success?
Getting the most out of your cloud investment
Supporting our client in forging a new strategic IT partnership
Business at the Speed of Light: Part 1 – Revolution
Re-evaluating Procurement Success: Looking Beyond Cost Savings
Related resources
Beyond boundaries: Multi-disciplinary teams driving AI-powered procurement
Procurement alongside AI Procurement in the financial services sector isn’t just about securing savings or supplier performance anymore. In...
Transforming a banking client's mortgage platform: a case study
Industry Financial Services Geography UK Challenge Following acquisitions and divestments the bank was operating five separate legacy...
Independent benchmarking helps extend client contracts competitively
Industry Financial Services Geography UK & EU Challenge Our client has a complex inhouse datacentre solution with a market leading...