New themes emerging in Finance Transformation
Since the global financial crisis of 2008, the financial services industry has undergone a major strategic shift. Many UK banks have scaled back their operations, refocusing their strategies. This has had an impact on the Finance function and is a key issue for today’s FDs.
The last few years has seen many banks undertake major Finance Transformation programmes, reshaping their teams to better service the organisation’s needs. Near-shoring and realigning on functional lines are two key themes, focused on bringing teams together in strategic regional hub locations. Control, Planning and Reporting teams can be brought together, enabling more efficient, streamlined processes and more effective team structures where people can learn from each other and key production activities can be de-risked through cross-training and rotation.
Business-facing teams such as Partnering/Decision Support and complex Product Control are co-located with the business areas they work closely with, fostering strong relationships with their key business stakeholders.
This model has a number of benefits to business: cost savings by reducing property footprint needed in expensive prime locations and synergies from bringing work together reducing duplicated effort. A much more valuable and long term benefit is the creation of opportunity and investment in regional cities by moving skilled jobs outside of London, sharing economic benefits across a wider cross-section of the UK. Written by Leanne Bouvet Linked-in