How RJT helped an Iconic Fintech
- Ricky Thomas
- Dec 4, 2022
- 4 min read
Updated: Dec 5, 2022
This was a very enjoyable project that shows RJT living its purpose - bringing internal strategy expertise to high-growth companies (with noble purposes). We were stoked to work with one of the vanguards of the UK FinTech scene to advise them on their internal strategy and help them make it fit for the next stage of their growth.
1 Line Summary / TL;DR: Working with RJT Advisory can lead to a hundredfold ruturn!
This was a competitive process, and they were finding none of the 'established consultancies' got them and how a fast, young, growing company was different. We were incredibly happy to beat out several competitors including the establishment “Big 4”, if you are also finding everyone you talk to doesn’t quite fit, give us a call.
"Once we met Ricky we could tell he was different to the standard consultancies and he understood what we actually needed"
Global Head of People
Setting the scene
This company came out of the 08 financial crisis, grew rapidly and have recently listed. They have a new CEO (their first post founder), a refreshed long-term strategy and felt they had reached a critical inflection point. They wanted to use this time coming out of COVID to reflect on how the company is run - their internal strategy, their operating model and, in particular, their organisational design.
Some of the key early questions we looked to answer:
Were they optimally set up to deliver the long-term strategy?
Could they be more efficient and how do they compare to their peers?
Is their organisation design effective? Could it be more agile and better suited for the next stage of growth?
How do they keep the "start-up" culture and the quick thought → decision → action loop, now they are a company of over 1000 people?
The Work
Over a matter of weeks, we worked collaboratively with their HR and Finance teams, jointly creating all outputs. We conducted a high-level review of the current operating models' ability to deliver on the strategy. With a focus on the people and organisational design angles, we found a number of efficiency and effectiveness opportunities.
Created a bespoke process capability framework using APQC leading practice that is tailored to the unique needs of FinTech.
Interviewed the Global Leadership Team allowing views to be aired.
Benchmarked them against their peers to have a clear view of relative performance.
Conducted an organisation effectiveness review using our proprietary RJT methodology.
Gathered insight from a cross-section of the company to supply a frank view of what worked/ what didn’t and people's ideas for enhancements.
Developed a first view of their conceptual model (how capabilities/ processes are owned and delivered) to aid ongoing operating model refinement.
Had a great half day discussion with the Global Leadership Team to digest this information and start working out how to take into account and adjust the current internal strategy/ orthodoxy ('well that's the way it's done around here' principle).
We challenged existing thinking and supplied an independent voice in the room. I particularly liked the debate on the relative importance of different capabilities to the growth strategy and the competition.
We found and prioritised several initiatives and immediate actions.
Modelled options and different scenarios to supply the CEO and leadership clarity of choice.
The Benefits and Outcomes
I purposely won’t go too much into what they are doing and the benefits they are realising as that is their business. But suffice to say they are happy with the outcomes and the return will be several hundredfold greater than their investment with RJT.
"This type of work is really hard. Ricky helped us cut through the noise, presented a simple but compelling story that really helped focus our thoughts; which in turn led to a productive conversation and precise, tangible actions"
CFO
Some things they did experience.
What I can talk more about is that the benefits of working with RJT:
A clear approach - our methodology has been refined over many projects from blank page start-up design to true global behemoths and many in between.
You lead the work - this is key so that the solutions are possible and right for you. We work with you, but you are always in control. You never become dependent on consultants because you own the ideas and can deliver them. An external party will never know your business as well as you collectively but that doesn't mean we can't find things out which will surprise you.
Bring experience and ingenuity to your problems - I would guess most of our clients would rate this as number 1. We bring practical solutions and experience. Whilst you may be revolutionising your industry, doing something no one has done before that doesn’t mean our experience can't help, it just means we must think a little harder - this challenge is why RJT exists, and it energises us every day.
Accelerate the process - We admit, this can feel a little uncomfortable at times, but we dance the fine line between encouraging and pushing. What I can say is we will achieve something! As well as energy, we bring tools and templates and access to “the world’s foremost authority on benchmarking, best practices, process and performance improvement…. including access to the world’s largest set of benchmark data, with more than 3,500,000 data points”.
Be independent - often there are conflicting views and multiple approaches that can be taken. We remain neutral in debates and decision-making. We present objective facts, reframe issues, break down decisions and provide structure to the enable you to make the best decisions for your business.
Thank you again to all of the great people I met. I miss the Bird & Blend tea already, but luckily, they have opened a shop nearby. To everyone else, please get in touch if you would like a chat about our approach and how RJT can help you.
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