New business development in financial services

Challenge

A provider of financial services was concerned about the slow pace and modest level of new business and new product introductions. We were asked to conduct an assessment and recommend steps to revitalize this critical function, with a charge to grow revenue and margins in new, adjacent spaces.

Approach

• Research: Interviewed key stakeholders, clients and industry experts regarding market trends, competitive offerings and internal performance in the new business area.
• Analysis: Presented an assessment to the CEO and top management team, flagging major issues, supporting examples and main levers for boosting new business development.
• Recommendations: Prepared stage-gate process for product/service decisions, proposed new organization and staffing, recommended establishing a New Business Board and suggested key performance measures.
• Building consensus: Worked with the management team to gain buy-in for high-priority changes.
• Implementation: Supported management over a multi-year period to execute new processes for identifying, evaluating, nurturing and measuring new business and product activity.

Results

• Facilitated the New Business Board for the first two years.
• Supported market research for significant new business initiatives.
• Provided templates for strategic reviews of non-core businesses.