Target achieved (to migrate 886 SRP groups over 5 tranches)
Clients’ meetings completed across UK and Europe
Client Satisfaction Survey responses were ‘Very satisfied’ or ‘Satisfied’ in the MHC process
Client Satisfaction Survey responses rated MHC performance as ‘Excellent’ or ‘Good’
A global Tier 1 Bank had undertaken a group-wide Structural Reform Programme (SRP) in order to adhere to certain new regulatory requirements, including the Financial Services (Banking Reform) Act of 2013.
To satisfy the requirement by April 2018, the Bank set up a new ‘ring-fenced’ bank by creating two new legal entities: UK as well as Corporate and International. The two entities will operate alongside, but independently from one another as part of the Bank Group.
MHC were engaged to assist the Bank by providing experienced Client Migration Managers to help migrate the domestic accounts of its largest clients to a new sort code. Clients included the Bank’s most complex Financial Institutions, Local Authorities, Utility Companies and Global Corporates.
The 25-person strong MHC migration team followed the subsequent approach in migrating the Bank’s Clients’ accounts:
100% of the migration target was achieved on time, as 886 SRP groups were migrated over 5 tranches. Feedback from the post-project Client surveys was overwhelmingly positive, with 99.3% of survey respondents stating being ‘Very satisfied’ or ‘Satisfied’ in the MHC process.
Furthermore, 100% of respondents rated the performance of MHC Client Migration Managers as ‘Excellent’ or ‘Good’. The Bank’s Programme Director also stated, that they would recommend the team due to the fantastic calibre of resource provided and that the MHC team brought an unparalled level of expertise to the programme.