Fincog helps banks with strategy development and new product launch

Fincog has recently completed two engagements with clients in the banking sector. A round-up of the projects and their impact.

For a large Western European bank, Fincog was enlisted to support the development of a strategy for a new ecosystem. “We were asked to explore strategic options, the business case and the impact on the current business,” explained Jeroen de Bel, partner at Fincog.

The backdrop: the bank (an incumbent) was already active in the retail-focused segments of payments, savings and mortgages. By enlarging its ecosystem, the bank aimed at both deepening and expanding its proposition for clients.

The process saw Fincog develop a strategy in conjunction with internal leaders. The consulting firm then used those insights to detail the new ecosystem proposition for the different segments within the bank’s retail banking landscape. Fincog’s team also developed a methodology and tooling that enabled the bank to drive the strategic decision forward to the next stage.

Fast forward six months, and the ecosystem has come to life following formal launch. According to De Bel, the development reconfirms that the work Fincog delivered and left behind “made an impact.”

Meanwhile, for another European bank, Fincog was brought on board to help the management team re-assess its strategic positioning in the SME finance market. The bank had exited the segment a while back, and now wanted to return to the fold. Fincog was enlisted to craft a plan how to best do so and what use cases would make most sense for a successful return.

After developing the overarching strategy, which was green lighted by the management team, Fincog then helped with the development of a new product launch: an online lending proposition.

“The prototype included a quick and effective online loan application process that allowed for integration with other payment, savings and insurance offerings. Services on the platform had a modular setup, allowing users to tailor them to their needs. The application also enabled SMEs to engage with financial advisors from the bank,” explained De Bel.

Months down the road, and the online lending application has enabled the bank to re-enter the market and gain market share. “Because the solution was fully digitised, the application led to a 60% reduction in operating costs for the client, and a loan issuance cost reduction of 95%.”

Based in Amsterdam and London, Fincog is a consultancy specialised in fintech and digital banking. The firm helps clients with their innovation and digital transformation endavours, from strategy through to operational design and implementation.