SEB Retail Banking 

We helped SEB Retail Banking achieve £10 m in IT savings.

Delivering an IT cost-cutting programme     
      
SEB is a North European financial group with a turnover of £300 million and 20,000 employees. SEB Retail Banking, a major division in the company, needed to lower its internal IT costs amid increasing competition among retail banks. The division initiated an IT cost cutting programme, with the objective of reducing IT operation costs by £10 million within three years, and asked PA Consulting group to help.

By identifying cost trends within internal IT services and applying benchmarking, as well as working closely with system owners to ensure buy-in, PA initiated and implemented around 50 new cost-cutting activities. Many of these activities related to output management, storage, workplace, support services, data warehousing and external information services.

Half a year before the deadline, the programme reached its cost saving target of £10 million. Out of this, £4 million came from the new initiatives identified by PA. Throughout the programme, all individual savings achieved a return on investment within less than 12 months.

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