Major Financial Institution Reduces Risk, Reduces Cost & Manages SOWs More Effectively

National financial institution with more than a trillion in assets.

Founded more than a century ago, the organization offers a wide array of financial services through tens of thousands of locations and ATM’s across the country.

Signature Consultants has had a long and successful working relationship with the financial institution and has provided high quality resources for the company. Signature was able to develop a strategy, design a plan based on quality and service, and then execute the plan within the stated guidelines provided by the client.

The Challenge:

Two channels existed for sourcing of Consultants to the bank. It became apparent that the deliverables and cost for one of the sources was greatly out of alignment. More controls were sought to manage Consultants and drive quality up and cost down.

This major financial institution had two main channels to source consultants for their technology and business hiring managers. Managed Service Provider (MSP) and Preferred Consulting using Statements of Works (SOW). The company engaged a staffing company for their MSP solution in which the staffing agency managed the interaction with the hiring managers, leveraged over 50 staffing firms to source candidates, and managed cost savings for the bank. The bank also
had their Preferred Consulting Program where firms worked directly with the bank to deliver business and technology solutions via SOWs.

It became apparent that the Preferred Consulting Channel was being used for staffing solutions and resources pools where deliverables were either non-existent or minimal by design. In most cases, the rates being charged to the bank for these solutions were well above market rates.

The bank was looking to put more controls around staffing solutions and resource pools being conducted at the bank, and Signature Consultants proposed a solution to help drive cost savings and maintain consultant quality and speed to market.

The Signature Solution:

Signature Consultants partnered to drive savings and increase speed of delivery and quality for the client.

Signature recognized there was a significant opportunity for the bank to reduce their risk and generate cost savings by moving staffing projects and resource pools from SOWs to a managed environment. Pay and bill rates would become transparent, consultant tenure managed, and overall risk to the bank reduced by not having to manage a large number of unique SOWs.

Program Results:

As a result of the program’s success, Signature expanded its Project Staffing Solutions across the bank’s divisions and geographic footprint.

Critical Benefits:

Cost Savings
Reduced Risk
Quality
Speed
Risk/Compliance

The Direct Impact:

7+ Divisions Across North America
30+ Consultant Resource Pools
150+ Total Consultants
3 to 30 consultants per Team
5 Locations

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