Cedar Consulting helps banks with business process re-design

Cedar Consulting has an extensive track record in helping clients with re-engineering their operating models and business processes. A look at two of the firm’s recent cases – for major banks in the United Arab Emirates and India. 

A leading UAE bank sought to boost market competitiveness, and tapped Cedar Consulting to help redesign its business processes towards customer-centricity and profitability. The bank in question spans 30+ branches in 12 countries across the Middle East, Europe, the US, Asia and Africa – serving clients in corporate and retail banking, as well as treasury and capital market services. 

Cedar surveyed and defined the status quo with a map of existing protocols from top to bottom. The firm then zoomed in on problem areas; ran an activity-based cost analysis of products and services using proprietary expertise; and eventually devised a strategy – complete with a set of recommendations all screened for feasibility and compliance.

Specific improvements included a realignment of the bank’s trade finance, contracting and real estate finance divisions, as well as a revamp of credit application and administration processes. A new structure and team were also set up to serve high-net-worth individuals.

Since implementing the new way of working, the bank’s corporate division has enjoyed a 37% decrease in operating costs and expenses.

Meanwhile, in India, Cedar Consulting was picked to help the Indian subsidiary of a global bank with a customer-centric process overhaul across its four locations, 450 employees, and corporate, correspondent and trading functions in India.

The joint client-consultant team began with a process mapping and prioritisation exercise to identify high-impact and improvement areas. More than 15 interviews and workshops with management and senior leadership went into this process, which was followed up by a cost-mapping exercise across product segments.

The findings were used to restructure service divisions, redesign roles and processes, and eventually deliver a 24% – or $4 million – cut to the cost base, spread across a cost improvement of up to 39% per transaction in corporate banking. 17% in correspondent banking, and 21% in global banking.

Details of the transformation include the integration of the corporate liabilities line with other businesses; a cost-cutting plan in the global trading division aimed at $150,000 in savings; and other right-sizing initiatives to enhance customer experience. 

Cedar Consulting is a global strategy and business consulting, research, and analytics firm with a 35-year track record and clients across multiple industry sectors. In the Middle East, the consultancy is based in Dubai, while in India, the firm operates from offices in Mumbai and Bangalore.