The client was a bank in the midst of profound change. They had originally had an online-only presence, but their recent acquisition by a larger, more traditional bank was enabling them to offer a more diversified set of products and services to their customers.
Having thrived in spite of the 2009 financial collapse, and anticipating continued, strong growth, the bank was eager to launch an IPO.
But going public would present new challenges:
- Increased compliance requirements
- Increased regulatory reporting
- Increased portfolio scrutiny
- Increased analytical needs
Clearly, before launching an IPO, this client needed a fresh perspective.
After identifying problems that would limit the bank’s ability to grow, we then provided solutions.
First we performed an assessment of the client’s information management and reporting strategies, looking for gaps that could introduce risk to their growth strategies.
This was essential not just for the IPO but to prepare the client for future business challenges. Sense Corp examined three areas:
They lacked the necessary human resources for growth. We identified roles that needed to be filled and recommended the creation of a new Business/IT department.
Which employees had access to information, and how were they using it? We learned that often one person was aggregating information and submitting it to the accounting department without any means of validation. Lack of transparency posed a major risk.
The bank had a decade-old system. But in order to compete with the heavy hitters, they would need new, better technology. In the midst of rapid growth, they needed technology that would work today—and tomorrow.
Sense Corp helped the bank make the necessary changes, enabling them to continue on their growth trajectory, unconstrained by increased compliance, scrutiny, transparency needs or analytical needs.
In the beginning, this client believed there were only two kinds of solutions—one for small companies and one for big companies. But they were a growing company. Sense Corp showed them that there was a whole spectrum of solutions that could fit them at every stage of growth.
The client also learned that Sense Corp sees each client as unique. Although some consultants “fit the client to the solution,” Sense Corp starts with a proven framework, but then tailors it to fit the client.
As a result, Sense Corp was able to help this client launch a successful IPO and then position them for continued growth.