RBS: Developing a proposition that responds to imminent regulation designed to protect retail customers
As of January 2013, banks must explicitly charge fees for advice offered on regulated products (pensions, investments). With its existing portfolio of products, RBS would not have complied with the new regulations.
Market Gravity worked on site alongside 6-8 members of the RBS team. The aim was clearly stated up front and the project process reflected the need for speed. In line with the ambition, the proposition was defined within a month and developed further, ahead of roll-out in October 2013.
The immediate output from the project was a presentation to stakeholders, with example outputs and a large poster that illustrated the proposition at a high level.
The outputs went on to be used by the RBS team to further define the proposition, in particular the customer experience and operational requirements. Market Gravity was asked back during this period to support the Change team with delivery.
“Everyone around the business was aware of the need for change. We were scratching our heads, trying to work out what it might be, but we were hitting a brick wall. That’s why we brought in Market Gravity.”
“This was a quick-fire process, aiming to define a proposition by the end of week 4. Market Gravity worked at a fast pace, gathering lots of insight quickly, getting the right people in the room at the right time and pulling it all together. The process worked well.”
“Within weeks, we had a really cracking proposition, ready for detailed design and implementation. The outputs were ideal for showing to multiple stakeholders to get buy-in from around the business.”