Digital Bank Launch

CRG Designs Back Office Operations for the Launch of a New Canadian Digital Retail Bank

A Canadian Trust company was recently awarded a Tier 1 retail banking license and was looking to launch a digital national retail bank, starting with a high interest savings account with transaction capabilities.

The bank had partnered with a leading technology vendor to develop the front end application, and required a consulting partner to support the development of all major back office functions and processes to support the digital bank launch and ongoing operation.  

CRG was awarded the opportunity and given the bank did not have an existing physical banking operation, the majority of the back office processes needed to be designed from the ground up.

Through a Lean Six Sigma, DFSS, methodology and approach, CRG designed retail banking back office processes, such as fraud management, application processing, customer on-boarding, customer authentication, power of attorney & transfers to satisfy the performance objectives of the business as well as the requirements of legal and compliance stakeholders internally and externally.

CRG also led analysis on capacity management for call centre and online services, to support planning for projected high volumes upon the initial launch of the bank and introductory product offer. The digital bank has had tremendous success since its initial launch and continues to build its presence in the marketplace.