Transforming the Future of Financial Services

Delivering Certainty in Digital Change and Transformation

In the fast-paced and ever-changing landscape of Wealth Management and Private Banking, organisations understand the critical importance of digital change and transformation. However, the reality is that many digital transformation programmes fail to deliver the expected outcomes. Research has shown that factors such as inadequate planning, lack of clear objectives, and ineffective implementation strategies often contribute to these failures.

At Assured Thought, we recognise these challenges and are committed to providing a solution that ensures the success of digital transformation programmes in Financial Services organisations. With our team of specialists and deep domain knowledge, we have developed a comprehensive framework designed to drive tangible business outcomes and overcome the obstacles that hinder digital transformation initiatives. We'd like to guide you through a transformative journey that brings the desired results and positions your organisation for long-term success.

Specialised Expertise in Digital Change and Transformation

At Assured Thought, our specialists possess in-depth domain knowledge, ensuring a thorough understanding of the challenges and opportunities specific to Financial Services. We have extensive experience working with organisations in this sector, allowing us to provide tailored solutions that address their unique complexities.

The Proven 13-Step Framework for Tangible Business Outcomes

Assured Thought follows a proven 13-step framework, designed to deliver tangible business outcomes and maximise the success of digital change and transformation programmes. Each step is meticulously crafted to address critical aspects of the journey, ensuring a comprehensive approach that drives sustainable results. Let's explore each step in detail:

Step 1 - Authorisation: Building a Foundation of Commitment

In the initial step of our framework, Assured Thought focuses on obtaining formal acceptance from the project sponsor to proceed with the transformation programme. This involves documenting the sponsor's approval and capturing the specification of initial requirements. By formalising this authorisation process, we establish a clear understanding and agreement between all stakeholders regarding the objectives and scope of the program. This documentation serves as a foundation for the subsequent steps, ensuring that the transformation journey begins with a solid framework and a shared vision of success.

Step 2 - Scope & Requirements Management: Setting Clear Objectives

In Step 2, we focus on documenting and obtaining approval for the programme's scope from the sponsor while ensuring alignment with stakeholders. We collaborate closely with stakeholders to understand their objectives and expectations. Using this information, we define the programme's scope, outlining boundaries, deliverables, and objectives. Regular communication and review sessions with the sponsor ensure clarification, adjustments, and approval of the scope document. We prioritise transparency and open dialogue.

Step 3 - Design Framework: Blueprinting the Future State

In Step 3, we design the platform and select vendors within the digital change and transformation programme. Our experts employ a structured approach to design the platform and select suitable vendors, considering industry best practices. Throughout the design process, effective communication and collaboration with stakeholders are prioritised to incorporate their requirements and preferences.

Step 4 - Build & Vendor Management: Orchestrating Seamless Execution

Step 4 focuses on build and vendor management within the programme. Assured Thought excels in this area, leveraging our existing vendor relationships, and ensuring seamless execution and effective collaboration with internal developers and external vendors. We meticulously plan the build phase, defining activities, timelines, and resource allocation. Robust tracking mechanisms keep us on track, while proactive vendor management fosters collaboration and maximises value. Regular assessments of vendor performance ensure adherence to quality standards and project objectives. This approach drives efficiency, mitigates risks, and enhances overall program success.

Step 5 - Quality: Fostering Excellence at Every Stage

Step 5 focuses on quality assurance within the programme. Assured Thought conducts comprehensive evaluations and ensures alignment with a traceability matrix for requirements. We implement rigorous quality assurance measures, including thorough reviews and tests, to validate functionality, performance, and compliance. Assured Thought's commitment to quality assurance and traceability ensures high standards and meets defined requirements.

Step 6 - Testing: Ensuring Reliability and Performance

Assured Thought ensures an effective testing strategy, well-defined process, and comprehensive documentation. We develop a clear testing strategy, outlining objectives, scope, and approach. Our testing process includes planning, execution, and evaluation of tests, with meticulous design of test cases and scripts. Comprehensive documentation of test plans, scripts, and results ensures transparency and effective communication. User Acceptance Testing (UAT) plans and acceptance criteria are documented to align with business requirements. Assured Thought prepares data and environments for reliable testing, prioritising thoroughness and adherence to industry standards. Our expertise in testing enables organisations to validate functionality and performance effectively, ensuring the program meets high-quality standards and acceptance criteria.

Step 7 - Planning & Dependencies: Coordinating for Success

Step 7 focuses on planning and dependencies within the program. Assured Thought determines activities, schedules project plans, and estimates the required resources. We collaboratively identify key tasks, milestones, and deliverables needed to achieve program objectives. A comprehensive schedule is created, considering dependencies and critical path analysis. Resource estimation is based on expertise and industry knowledge, allocating resources based on skills, availability, and workload. Assured Thought's meticulous planning ensures a well-structured programme, accounting for activities, dependencies, and resource requirements.

Step 8 - Budget Process (Costs): Maximising Value and ROI

Step 8 is about the budget process and cost management. Assured Thought ensures accurate cost estimation and transparent communication. Costs are authorised through a structured approval process. We employ meticulous methods to estimate costs, considering project scope, resources, technology investments, and potential contingencies. Transparent communication keeps stakeholders informed about estimated costs throughout the programme. Authorisation of costs follows a structured approval process, ensuring alignment with the programme's budget and organisational guidelines. Assured Thought's approach ensures financial transparency, control, and effective management of costs.

Step 9 - Resources: Leveraging the Right Skills and Expertise

Assured Thought strategically identifies project roles, documents responsibilities, and establishes reporting relationships. We ensure human resource availability and adhere to client standards for hardware and software sourcing. Roles, responsibilities, and reporting relationships are clearly identified and documented for effective collaboration and accountability. We assess and confirm the availability of necessary human resources, optimising allocation for timely project completion. When sourcing hardware and software, we adhere to client standards, ensuring compatibility and reliability. Assured Thought's approach to resource management ensures strategic alignment, efficient utilisation, and adherence to industry standards throughout the digital change and transformation programme.

Step 10 - Governance & Communication: Transparent Collaboration and Alignment

Assured Thought identifies and documents all project-impacted individuals and organisations, keeping stakeholders informed through transparent communication. Project status, deliverables, and performance are reported using structured reporting frameworks. We analyse stakeholders to determine their involvement and interests, tailoring communication strategies accordingly. Regular updates, progress reports, and relevant information keep stakeholders well-informed and engaged. Structured reporting frameworks provide stakeholders with a comprehensive view of project status, deliverables, and performance. Assured Thought's approach ensures effective governance, stakeholder engagement, and transparent communication throughout the programme.

Step 11 - Change Management: Embracing Transformational Shifts

We establish a structured change management process, documenting change requests and assessing their impact on scope, time, and cost. A thorough analysis is conducted to evaluate potential impacts, considering factors such as resource allocation and strategic alignment. Approved changes are tracked, communicated to stakeholders, and reflected in project plans and budgets. Assured Thought's approach ensures controlled changes, maintaining programme alignment and minimising disruptions.

Step 12 - Risk & Issues Management: Mitigating Challenges

Assured Thought takes a systematic approach to identify, evaluate, and mitigate risks. We promptly address issues and collaborate on effective solutions. Risks are assessed to prioritise mitigation strategies and minimise their impact. Issues are diligently managed to prevent disruptions and find timely solutions. We evaluate the impacts of risks and issues on programme objectives, adjusting plans as needed. Assured Thought proactively manages high probability/high impact risks and critical issues to ensure programme success.

Step 13 - Programme Organisation: Coordinating for Success

We ensure a team is assembled with the right skills and capabilities, combining internal and external expertise for optimal programme success. We assess project requirements and strategically mix internal team members with external specialists. Internal team members provide institutional knowledge and collaboration, while external experts bring specialised skills, specific transformation experience and fresh perspectives. This collaborative approach maximises capabilities, fosters innovation, and drives successful digital change and transformation programmes.

Conclusion

In the fast-paced world of financial services, digital change and transformation have become imperative for organisations to thrive and stay ahead of the competition. Assured Thought has proven expertise in delivering successful digital change and transformation programs for Financial Services firms. Our 13-step framework ensures consistent and certain outcomes, while our team of specialists brings deep domain knowledge and a commitment to excellence.

As a result of our proven track record, organisations can embark on their digital transformation journey with confidence, knowing that Assured Thought will guide them to success. We empower organisations to embrace change, enhance efficiency, and unlock new opportunities in the rapidly evolving landscape of financial services.

Take the Next Step with Assured Thought

Ready to transform your financial services firm and embark on a journey of digital change and transformation? Assured Thought offers the expertise and solutions you need to navigate the challenges and achieve your goals. Whether you require end-to-end transformation, specific project management support, or strategic guidance, our team is here to help.

Contact us today to learn how Assured Thought can deliver the certainty and consistent results you seek. Together, let's unlock the full potential of your organisation, embrace the future of financial services, and stay at the forefront of innovation and success. Your digital transformation journey starts now.

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+44 0208 064 1927

Assured Thought, 124 City Road, Shoreditch, London, EC1V 2NX

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