We have worked with a number of commercial banks and other financial institution on strategy, research, programme management, operational design and procurement projects.
Here are some examples of projects completed.
Supplier Review & Procurement Project:
Automated Teller Machine (ATM) Network and associated infrastructure and services
Cuscal (Credit Union Services Corporation Australia), Australia
Cuscal is the largest independent provider of payments solutions for the Australian financial services sector.
We provided extensive consultancy support in connection with the company’s Payment Transformation Programme, a wide ranging AUD 40 million infrastructure renewal, business process re-engineering and change management initiative to deliver enhanced customer services.
Led and managed all aspects of a multi-part Request for Proposal (RFP) covering nine different hardware, software and service solutions to support Cuscal’s Automated Teller Machine Network. Responses covered equipment monitoring, asset management, reconciliation, forecasting, secure logistics and maintenance. With 15 identified suppliers (Australian and international), 10 respondents, a number of consortium and/or joint submissions and a range of responses that included outright purchase or software as a service (SAAS) provision, the RFP entailed the evaluation of over 30 different solution responses.
Co-ordinated the preparation and issue of detailed RFP documentation seeking information on company credentials, detailed responses across nine solution requirements and a structured multi-option pricing response. Developed a set of evaluation score cards and co-ordinated evaluation teams to reach a shortlist of preferred solutions and suppliers.
Managed correspondence and communication with all suppliers, including detailed presentations and workshops. Developed and delivered Board level presentation of the preferred solution and supplier options to reach agreement on the way forward ahead of extended due diligence and final selection.
Final solution assembled from existing service providers and sourcing solutions from two new companies, including software new to the Australian marketplace. Key ATM monitoring solution sourced at a significantly reduced cost to incumbent supplier with other major annual cost savings identified during the RFP process.
Operational Review & Supplier Procurement Project:
Review of Vault Operations and Cash Handling Equipment/Software Request for Proposal
Union Bank, United States
Union Bank (formerly Union Bank of California) is part of Mitsubishi UFJ Financial Group, Inc., the world’s fifth-largest financial institution, with approximately USD 2.9 trillion in total assets. Union Bank is a full-service bank with 398 branches in California, Washington and Oregon states.
We managed the preparation, issue and subsequent evaluation of a request for proposal (RFP) for the purchase of cash handling equipment for the counting and sorting of banknotes and the provision of associated inventory control software for the management of currency supplies for the bank’s six commercial cash vaults.
Early deployment of the recommended solution, ahead of Federal Reserve Bank regulatory changes ,enabled the bank to reduce its average daily cash balances by more than 50%, and increase productivity by about 30%.
Introduction of Australian Dollar Next Generation Banknote Series
Westpac Banking Corporation, Australia
Westpac is Australia’s first bank and oldest company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. It is Australia’s largest commercial cash handler providing a range of retail and wholesale cash services.
We have managed all aspects of the complex programme of work bringing together cash handling equipment suppliers, cash management companies and other stakeholders to ensure the smooth introduction of the newly designed Australian currency. The new series polymer notes, the first major overall of the country’s banknotes in over 20 years, feature a top to bottom clear window with a range of sophisticated embedded security features. While hard to counterfeit, the clear window presented significant obstacles to banknote handling equipment given the placement of most detectors inside existing cash handling hardware. As a consequence many cash handling devices across Australia required modifications and/or software upgrade.
With each of the five denominations in the series being issued in successive years, this has necessitated repeat currency pattern set and software deployment and where on site upgrades were required, each time careful co-ordination of technician upgrades.
As one of the largest commercial distributors of banknotes both domestically and internationally significant effort was also devoted to the new note issue, distribution and return for final authentication and destruction of the old series notes. This required significant co-ordination with the bank’s cash management company suppliers and secure frontloading at cash centres throughout the country to meet day of issue and subsequent demand.
The programme has included significant internal and external communication informing users of the banknote features, steps to identify genuine banknotes and for bank staff internal policies and procedures for banknote issue and return. The famous Australians that feature on each banknote were utilised to draw connections to important associations for the bank and the communities it serves. For example, day of issue note supplies were organised for a small South Australian branch of BankSA in the home time of Aboriginal Inventor David Unipon who is featured on the $50 note. New notes were shipped to a remote Westpac branch Broken Hill, New South Wales to tie in with the connection to the Reverend John Flynn founder of the world’s largest aeromedical organisation the Royal Flying Doctor Service which is intrinsically linked to that town.