Financial services

Porsche Consulting’s roots lie in the automotive industry, but the parallels between sports car production and the service sector are by no means distant. Tested industrial methods have demonstrably raised efficiency for service providers in more than 200 banking and insurance as well as healthcare projects.

Financial services are exerting considerable influence on the development of prosperity worldwide. On account of their economic import, financial service providers attract far more public attention than do most other industries. More regulations, changes in customer behavior, and new competitors are causing banks and insurance companies to examine their business models at ever more frequent intervals. Despite the wide range of products and market conditions, these service providers are facing similar tasks and questions.

Key questions

  • How can we make optimum use of capacities, simplify control processes, and increase transparency at the same time?
  • Which services should we provide ourselves and which are better outsourced?
  • Are we aware of customer potential and are our sales departments using it efficiently?
  • We anticipate a decline in profits: what means can we use to reduce costs accordingly?

Strategies and solutions

Our team of commercially informed experts has many years of experience in the service sector, but also in the automotive industry. It advises banks, insurance companies, and financial service providers. The consultants examine business challenges from the perspective of the management and the employees. The team supports globally active groups as well as branch offices at individual sites.

Classical organizational structures and operations are still the rule for financial service providers – yet they now hinder business in many ways. This type of organizational form lacks a comprehensive view of the process as seen in the end by the customer. Improvements generally only focus on individual process steps, which in turn can lead to extra work for other departments. The experts from Porsche Consulting therefore take an overarching view of the organization and processes. And by the way – companies do not have to do everything themselves. The automotive industry successfully outsources 80 percent of its value addition to external partners. Financial service providers can also derive clear benefits from consolidating repeat tasks such as data input at shared service centers. Together with clients, our consultants put restructuring projects such as these successfully into practice.

In the past, financial service providers have been able to accommodate rising personnel and material costs comparatively well. However, the current low-interest period is compelling them to take a more intensive look at these and other costs. This pays off. Companies that lower IT operational costs and optimize their overall processes, for example, generate rapid and substantial success. With our operational excellence programs, effects are also lasting. 

Growth can be generated not only as a result of acquiring new customers and markets but also with existing customers by making better use of potential. Whether customers wish to purchase a financial product or take out an insurance policy, first-class service – online as well as offline – is the key to new business. Porsche consultants support banks and insurance companies in creating a unique service experience for their customers. To do so, all points of customer contact are defined and carefully controlled. This generates a high level of customer loyalty and excellent quality service.

More regulations usually also mean greater complexity. When companies address new legal requirements with only short-term measures, this can lead to the negative result of inefficient structures. Those that no longer wish to put their valuable energy into ad hoc actions integrate the regulations systematically into their existing organizational forms. The experts at Porsche Consulting support their clients in doing so, and also provide them with tools to increase transparency. 

Contact

Dr. Norman L. Firchau

President and CEO
Porsche Consulting, Inc., USA

Phone: +1 770-290-3721
E-Mail: Norman.Firchau@porsche.us
One Porsche Drive
Atlanta, GA 30354
USA