CASE STUDIES Leading UK bank: developing a multibank aggregation platform EXPERTISE Customer experience INDUSTRY Financial Services LOCATION London In the UK, corporate banking customers cannot access all bank accounts from one portal; instead they must use multiple banking platforms or invest in third-party providers to gain an aggregated view of their money. With interest rates the highest they have been in over 15 years, optimising the use of cash is of high importance to corporate customers. Our client, one of the UK’s largest banks, wanted to solve this challenge, bringing the open banking experience of retail clients to corporate banking. Working with technology vendors, we evaluated the market to see if there were, indeed, vendors that could partner with a bank, and assessed the possibility of offering a multi-bank aggregation platform to customers. Outcome 1: Our client’s corporate customers will be able to access all bank accounts, view balances and transactions, manage liquidity limits and deposits, as well as make payments to and from different accounts, all from one platform. This platform will offer access to additional applications and the ability to use foreign exchange services. Outcome 2: Customers will have the ability to benefit from virtual accounts, dramatically reducing the time required to open a new corporate account. Outcome 3: Using a single platform for effective cash management will enable corporate customers to save time and make efficiency gains. The Challenge Our client, one of the UK’s largest banks, has customers with multiple (in some cases hundreds) bank accounts. Customers are forced to manage their bank accounts from multiple platforms and cannot access a single aggregated view of their accounts. This leads to high operational inefficiencies from the administrative inconvenience of using multiple platforms and constrains their ability to manage day-to-day banking operations. Additionally, with interest rates the highest they have been in over 15 years, it is of high importance to corporate customers to optimise both credit and debit balances. Working together, we explored the opportunity for our client to offer a multi-banking aggregation platform to commercial and institutional customers. The Approach Our approach focused on understanding whether there were technology vendors that were able to partner with our client to offer a multi-bank aggregation platform to their customers. To understand the customer needs, we collected key platform requirements from business stakeholders. Using this information, we conducted a market scan to review vendors and their high-level capabilities. We screened vendors to evaluate their suitability and the top three were engaged in assessment workshops with our client to present their ability to meet our client’s needs. All vendor assessments were consolidated into a report to evaluate feasibility and viability of partnership opportunities. This was supported by a five-year business case outlining cost benefit analysis. The Impact We have proven at least three vendors are able to meet the specific needs of our client and willing to partner to provide the platform, which will support corporate customers in experiencing the benefits of open banking. You may also like Financial Services UK financial advisory firm: establishing a digital presence and brand identity Financial Services Leading retail bank: harnessing the potential of metaverse technologies Financial Services Mid-size retail bank: establishing a generative AI governance model View more Get in touch Not sure where to start? We can solve your toughest challenges. Whether it’s supercharging your customer experience, building platforms to fast forward your movement to digital, transforming your internal operations to boost efficiency and cut costs, or anything in between. We have the tools and expertise. Ready to get started? Fill in a few details and we’ll get in touch as soon as possible. Matt Gorman Partner
