Financial services
Financial services is the largest sector in the Australian economy. Significant challenges exist to maintain profitability and provide products and services that meet customers’ needs. To remain competitive, organisations must continually examine and refine their offerings and business practices.
Key challenges across the sector include:
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Major banks seek new business opportunities in the face of subdued economic and credit growth.
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Mid‑tier banks and non‑bank lenders pursue a competitive niche in the face of high funding costs and the lack of economies of scale.
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Wealth businesses grapple with how to align business models to a changing regulatory environment, achieve solid returns and provide attractive transition to-/retirement products.
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Insurers face competition from banks that leverage existing relationships and new specialised low cost online providers.
Nous offers effective specialist consulting on strategy, organisational capability, leadership development and information management to enable financial services companies to successfully compete and grow market share.
We have assisted major banks to develop effective, implementable and enduring solutions that include:
- strategy development that identified, and developed mechanisms to pursue, substantial opportunities both in Australia and internationally
- service delivery design, including channel optimisation and process redesign
- development of strategic and adaptive leadership skills to navigate periods of rapid change.
We have worked with wealth managers to:
- respond to regulatory change, including required changes to business model and pricing
- design new mechanisms to provide limited/mass financial advice to members, including likely demand, costs and benefits to members and the funds, and an implementation roadmap
- maximise the value from merger integration and develop tools and approaches to facilitate future acquisitions and integration.
We have also worked at the cross-over between banking and wealth management. For example, we assisted a major bank to build the cross‑sell of its wealth products and services to business banking customers.
Nous sees clear markers for success across all these exercises:
- a clear articulation of the challenge faced
- a guiding principle to direct action
- work across all aspects of business operations, from strategy to implementation and from business processes to people management
- a set of coherent recommendations that directly address the challenge and are feasible and realistic for our client to implement.
Key people
Ian Lees
Principal
Penelope Cottrill
Principal
Zac Ashkanasy
Principal
Damian Cotchett
Senior Consultant
Contact us for more information on Nous' capability in financial services.
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