Addressable cost base of £190m required 24% of annualised savings

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CHALLENGE

A UK Challenger Bank with an addressable cost base of £190m required 24% of annualised savings

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OUR SOLUTION

MBV Partners founders led the delivery of the Cost Reduction Programme

• Savings delivered mainly through outsourcing everything and anything “As A Service”, contract right-sizing, rationalisation & renegotiation, external benchmarking and service reviews

• Led Category spend analysis and contract spend analysis, rationalising the supplier ecosystem and application portfolio

• Simplified legacy organisation structures and unlocked further efficiencies through more effective working practices and better working locations

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THE OUTCOME

• Delivered 24% annualised saving and line of sight to >=37% of savings

• Additional 30% savings were also delivered on the application development budget