Implemented projects
We set ambitious goals and work to achieve them with bold thinking, insatiable curiosity and forward-thinking innovations. We are always on the lookout for new, efficient methods that will enable us, our clients, partners and colleagues to perform even better.
Our client established that their bankcard portfolio was not optimal. The wide range of products offering nearly identical services made the portfolio incomprehensible for the sales staff. Moreover, the profitability of the bankcard issuing business line was constantly declining, and the associated services were outdated and incomplete. In summary, our client questioned the competitiveness of their entire bankcard portfolio.
Analysis of the existing bankcard issuing business line and the preparation of a proposal on developing a cost-efficient, competitive and transparent bankcard portfolio.
We know that each of our clients has unique needs and they require customised solutions. First, we analysed the existing bankcard portfolio and examined the characteristics of the products, the sales results and the associated costs and revenues. Then, we incorporated all of this into a complex profitability model. Based on the information gathered, we proposed creating a simple and transparent product range and making the two major bank card companies compete with one another in order to improve the bank’s position in their negotiations, thus boosting the profitability of the business line.
Based on all the above, we worked out the detailed objectives of the card portfolio project, and specified the means of achieving them in the most efficient, lawful and customer-friendly manner. It took us only a couple of months to define and successfully implement the bankcard migration procedure.
The bankcard migration already paid off in the same year. From this point on, the card company costs and the other associated costs significantly decreased.
Our client wanted to provide their corporate clients with a broader payment acceptance service while achieving a greater degree of control. The bank was already working with a payment service provider dealing with independent bankcard acceptance, offering the services thereof to their SME and corporate clients, however, several issues arose regarding this model. Overall, the bank had no control over the service offered by the payment service provider and the solution did not enable them to strengthen customer loyalty either. This was underlined by the fact that customers only associated the service with the bank when they had technical issues.
Our task was to explore the alternative implementation options of bankcard acceptance solutions, their advantages, their implementation and ongoing costs, as well as their resource implications. For this purpose, we compiled an analysis to support the decision-making process and later on, took care of the management of the project aiming at the implementation of the selected solution.
First, we carried out a market research covering the solutions offered by both Hungarian and foreign market actors. We analysed the account activity of SME and corporate clients to gain a better understanding of their needs, as the primary target group consisted of the bank’s existing clients. We also examined the characteristics of the current bankcard structure and the possibilities of its development. Finally, we also looked at the contract signed with the service provider to understand the conditions and the possible consequences of terminating the cooperation.
Based on the information, we prepared a decision-making material listing several options. Among other things, the material looked at the option of developing a self-owned business line offering a universal service portfolio – which was the most cost-intensive solution –, as well as the option to apply processes offering more specialised services, with some activities being outsourced.
Afterwards, we prepared a feasibility study and a detailed project plan.
- As the bank made the decision to outsource certain activities, we were also involved in the management of the related tendering process all along the way – starting from the RFP announcement and up until the signing of the contract.
- We developed a detailed service range, including its asset requirements and target group.
- We assessed and analysed the requirements set by card companies and other market actors.
- We made recommendations regarding the roles within the organisation, the involvement of additional resources and the development of the necessary processes. This was all discussed with the managers of the areas concerned, and we also prepared the training materials required.
- We identified the cost elements associated with the provision of the service and proposed a pricing policy by taking all the factors into consideration.
- We prepared the legal documentation required for the provision of the services.
- We also compiled sales support materials for the corporate contact managers.
- Furthermore, we drew up a complementary marketing and communication plan aiming at the effective implementation of the service.
Thanks to management support, the bank’s own payment acceptance service was implemented within one-and-a-half years only.
The market share of the client’s bankcard portfolio was gradually declining, and sales figures fell markedly.
Our task was to analyse the factors behind the declining sales figures, and to recommend ways to remedy the performance. The detailed development of a solution and a partial implementation thereof was also part of task.
Just like in most of our projects, our primary objective was to understand and analyse the initial situation.
- We analysed the elements of the existing product portfolio in detail, including the associated products and clients, as well as the sales, the volume and the profitability figures.
- Furthermore, we looked at the applied sales practices and processes, the incentive and backtesting system, and the methodology of sales staff training.
- We visited and interviewed some of the sales staff and also conducted mystery shopping.
Based on the above, we came to the conclusion that due to the combined effect of several factors, the members of the sales staff did not prefer promoting bankcard sales. Basically, they did not have enough information to sell the products with confidence. They lacked the sufficient know-how about the characteristics and functioning of the products, they were not prepared to present the products’ advantages to the clients, and they did not know which product would meet the given need of a certain client. They didn’t have enough information about the existing products of the competitors and their respective pricing. Moreover, they were not incentivised enough, as the sale of bankcards had minimal impact in their expected target numbers. Besides, the bankcard application process was rather complicated in itself.
After discussing the recommended action plan with the client, we decided – in consideration of the time and resources available – to put the greatest emphasis on the strengthening of the skills of the sales staff.
- We adapted the existing training material on the products.
- We held refresher sales trainings about both the products and the processes.
- We prepared sales resources, supporting the colleagues in the presentation of the benefits and in choosing the right product to be recommended to a certain client, in certain circumstances, also giving them the reasons.
- As we could not amend the incentive system itself in the course of the project – as per the client’s request –, we proposed and developed a sales competition with the support of card companies. This gave us an opportunity to motivate colleagues to achieve higher sales figures, at least for the given period.
- Finally, we developed a comprehensive proposal on how to improve the sales process, both through system development and sales channel expansion.
As the result of short-term measures, the decline of sales figures came to an end, and they clearly improved during the sales competition. The processes have not yet been developed or expanded, however, we assume that their implementation will seriously boost sales and will remain sustainable in the long run.
A Central European wholesale chain requested us to reduce their costs related to payment.
In order to optimise the costs related to payment acceptance, we analysed the advantages and disadvantages of the current practices. We prepared a proposal for cost optimisation, which also ensured that the customer experience associated with the payment would improve or at least it would not deteriorate. Our task also involved the entire coordination of the proposal’s implementation.
First, we carried out a detailed research on the wholesaler’s incoming payments. We analysed the processes and costs of the available payment options, as well as their extent both in physical and online stores. At the same time, we conducted a customer survey in order to examine why buyers chose a given payment option, how important it was for them and how satisfied they were with the current payment processes. Finally, we entered into negotiations with the wholesaler’s contractual partners at the time, to understand the opportunities for potential cost savings, as well as possible payment service developments.
We came to the conclusion that it would be beneficial for the wholesaler to manage the individual payment services (card acceptance, voucher acceptance, in store consumer credit) together, getting them in the framework of a package offered by a single, universal bank. This enables them to build up a strategic partnership and the services can be provided to them on more favourable terms.
- To achieve this, we selected some potential financial institutions, which were then invited to the tendering process concerning money transfer services.
- The applications received in response to the notice were evaluated jointly.
- We followed up on the decision-making and contracting process all along the way.
- At the last stage, we monitored the implementation, from the negotiations with existing partners, through the installation of new card terminals, to the training of cashiers.
As a result of the project, the wholesaler could significantly decrease its costs related to payments and was able to establish a strategic partnership with the selected financial institution.
Although several market actors have already introduced mobile payment solutions, our client was stuck at deciding which direction to take. Should they develop their own mobile wallet or wait for major tech companies to launch their solutions on the Hungarian market?
Our task was to develop a mobile payment strategy and manage the implementation process of the selected solution.
First, we assessed the current market situation in Hungary. We looked at the solutions launched by the various financial institutions, the types of customers using these the most, as well as the advantages and disadvantages of the respective solutions. Next, we examined the international practices and started a dialogue with the bank card companies and the representatives of the major tech companies in order to find out when they planned to launch their services in Hungary. Based on the information we collected, we prepared a detailed decision-making material for the management, summarizing the advantages and disadvantages of the various solutions and the time and resource requirements of their implementation.
Based on the analysis, the bank decided not to develop its own mobile wallet, but rather to concentrate its resources on making their existing mobile application ready for the earliest possible implementation of the solutions offered by major tech companies.
- Accordingly, we assessed the existing mobile application’s logic and functions in relation to bank cards and its operation in terms of customer experience. We arrived at the conclusion that there was no need to modify the basic logic, however, there was room for improvement concerning its functions and operation.
- We prepared recommendations, in which we briefly defined the needs, then we had discussions with the IT department as well as the company responsible for the development of the mobile application.
- Taking into account all of the above, we developed a proposal for the management regarding the specific functions, and asked them to approve the involvement of the resources required for the implementation.
- Once the development of the mobile application was green lighted, we defined the detailed development needs together with the relevant product owners and the marketing department, and communicated them to the IT team and the development firm.
- We ensured the timely completion of the development project by means of status reporting,
- We provided support concerning the development of a test scenario, the performance of the testing itself, the fine tuning processes, the coordination of go-live processes and the communication of changes towards both the bank’s employees and the customers.
- At the same time, we began cooperating with the relevant global tech firms as soon as they entered the Hungarian market, we analysed their requirements and took part in the contracting process as well.
- Being familiar with the requirements, we took part in the launch of the card company projects, the definition of the parameters and the briefing of the marketing department enabling them to present the brand’s visual elements and the customer communication regarding the launch of the project. We also played a role in the development of the bank card system and the bank’s mobile application as well as the testing and the go-live processes of the products once the developments were ready.
Although the bank never developed its own mobile wallet, they were one of the first institutions in Hungary to incorporate solutions provided by FinTech giants.
As our client lacked the capacity to continuously monitor the latest announcements of card companies, they were uncertain whether there were any changes they may have overlooked and that would risk their operation, require resource-intensive developments, or potentially even result in serious losses.
The aim was to gather all the mandates and announcements of the card schemes issued in the past few years, organise them in a structure, and check whether the necessary steps had been taken by the financial institution’s relevant departments.
As a first step, we had developed a system of criteria in line with which we gathered together all the mandates and announcements applicable to the financial institution in question and published in the last two years by the various card companies. Following that, we sorted our those that were irrelevant and arranged the relevant ones into a structure.
- In the framework of a personal interview, we narrowed down the scope of the regulations, excluding the ones the institution was already aware of and those that were irrelevant.
- We contacted the managers responsible for each area concerned, and reviewed their awareness of the rules in person by means of a questionnaire. We also looked at how well the organisation complied with the amendments, and the current status of the related actions.
- Based on the above, we synthetized and organised the information received, and produced a structured summary. We compiled a detailed list of the tasks that have to be carried out, also emphasizing the potential consequences of non-compliance (whether it was a fine or a disruption in systems/processes).
In the course of the audit, it came to light, that our client was either aware of most card company announcements, or has already taken the necessary steps. At the same time, we also managed to reveal a number of new aspects in the company's operations, which enabled it to take measures to reduce its existing and future costs, and initiate some necessary developments in order to improve the efficiency of its processes.
Our client’s ATM network was out-of-date and in need of replacement. Before carrying out such a major investment, they wished to define a new ATM strategy.
Our job was to assess the benefits and costs of the various operating models, propose selection criteria for the procurement of the new devices, and prepare a profitability calculation involving updated cost elements.
First, in the course of the preparatory phase, we analysed our client’s existing ATM network and prepared a detailed equipment list on the basis of the various factors (location, type, functionality, restocking method, legal background, traffic). Furthermore, we assessed all the ATM-related cost and revenue elements, based on which the profitability model was drawn up. At the same time, we conducted market research to understand ATM usage, both for the units operating in Hungary and abroad. We also examined the current card company policies and the legislative background. Finally, we contacted the relevant market operators and after a short negotiation process, we defined the criteria for the procurement of the machines and the necessary software.
In the implementation phase, our client issued a tender for the procurement of the required assets. In consideration of the incoming responses, the market research results and the analysis of the current network, a proposal was compiled showcasing several options for the bank to review. In line with the management’s decision, a project organisation necessary for the implementation was set up, and the required steps were taken in each area.
- We provided support for the client throughout the selection process of the supplier, the machines and the required software, as well as in the negotiation phase and during contracting.
- In addition, we ensured the card scheme compliance and other legislative requirements.
- We then selected the necessary functions and their specification, and defined the necessary processes.
- In consideration of the information gathered via market research (amongst other factors), we made recommendations concerning the general appearance of the ATMs and the home screen presented to the customers, and drew up a communication plan as well.
- We took care of the coordination of the testing process following the system development phase, organised the transition to the new system and followed up for a given period of time by channelling feedback.
- Overall, we managed to control the entire project through our continuous presence, information sharing and status reporting.
Thanks to the thorough preparations, it only took a few weeks to carry out the complete ATM network replacement project, introducing new machines equipped with state-of-the-art functions, being in line with our client's corporate identity and meeting all the security requirements. Moreover, the process was free of any major errors and entailed the optimisation of costs.
A global market-leading FinTech firm was looking for ways to involve cooperating partners in launching their service on the Hungarian market.
Our task was to conduct Hungarian market analyses, considering multiple factors, examining the market position and strengths of the competitors, and identifying the potential cooperating partners by sector.
We completed a thorough market analysis, taking into consideration the international data of our client and with the inclusion of official domestic and foreign statistics.
- According to international best practices, we identified the sectors traditionally partnering with our client, while also examining their domestic position and naming their most important actors.
- Thanks to our knowledge of the Hungarian market, we managed to identify the further potential partners, and prepared a detailed presentation of each them.
Our client adopted our strategic recommendations regarding its market development in Hungary, and commenced their cooperation with the partner we found to be the most suitable.
Our client intended to sell its FinTech IT service provider firm to rationalise their portfolio.
In addition to finding potential buyers and managing the incoming offers, we were also assigned with the complete coordination of the sales process; including the performance of a due diligence process, the valuation of the FinTech IT service provider company and the setting up of a data room. We represented the owner during the negotiation phase, prepared the sales contract and finalised the transaction.
First, as part of a complete due diligence process, we examined the service provider’s IT infrastructure, the maturity level of their systems used for the provided services and the knowledge of their employees.
- We looked at contracts, subcontractors and suppliers. We also carried out company valuation in line with two international standards. Subsequently, after performing a comparative analysis, we put forward our recommendations for the sale price.
- Next, we set up the data room and supervised its operation. We identified and contacted the potential buyers and requested binding offers.
- Finally, we also provided support for our client concerning the selection of the buyer, facilitated negotiations, cooperated with the law firm in preparing and finalising the contract and closed the transaction.
The transaction was closed with a 12-month financial execution period at a sale price exceeding the client’s expectations, and to the satisfaction of the new owner.
Our international, financial service provider FinTech client was in need of a clearing account solution.
We had to assess the time, resource and cost requirements of a project in relation to opening a dedicated clearing account at the Hungarian National Bank, in addition to identifying alternative solutions.
We contacted all the parties concerned, assessed the requirements for the contracting process, prepared a matrix of preconditions, planned the project and estimated its time and cost requirements.We also searched for financial institutions that were able to provide on-behalf services by conducting RFI and RFP cycles. Following their thorough evaluation, our proposal was ready to be submitted to the client.
We supported process all along the way, up until contracting.
A market leader offline firm was seeking to boost their digital presence.
The digitalisation of their traditional services was not an option due to their specialised nature. As such, we prepared a digital strategy that would properly complement and support their core operations.
We examined their core operations and stakeholders, including their cooperating partners. Afterwards, we conducted several creative service development workshops jointly with the founders to define their strategy. The final proposal included the vision, a product and service structure, timing, growth, market acquisition, approximate cost estimation, resource requirement and a financing roadmap.
The Board of Directors adopted the strategy and the firm initiated its implementation.
The success of our partners is our best testimonial.
We work together with our clients to innovate and achieve growth for this generation as well as the next.
Our clients
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