OP-Private Oulu offers stable, responsible and comprehensive asset management. OP’s Private Asset Management has been awarded the best Private Banking service in Finland in 2020.
What were the challenges?
OP-Private Oulu wanted to get a more accurate picture of profitability and to use existing data to drive operational development and to facilitate management. Information was already collected on the activities of asset managers, but the impact of the activities on profitability had not been further analyzed. Extracting relevant information from the data was cumbersome and did not provide a clear overall picture. From these starting points, a collaboration was started to shed light on profitability.
How we helped?
Key features of the solution:
- Comparing the income stream of customer accounts to performed activities
- Tying actual costs to activities to provide transparency for work prioritization and focus
- Enhancing the overall understanding of cost and profit drivers in the asset manager’s work
What were the results?
With the solution, asset managers can easily see the costs of their own activities. Knowledge of activities helps to understand the management of customer relationships and their impact on profitability. New insight facilitated management and improved data analytics through easy-to-use filtering and drilling capabilities.
”The quality of the information improved significantly during the project. The information previously used was better processed and more clearly perceptible. Leadership became easier because I received much more detailed data about what is relevant information. For example, information on what to do to avoid unnecessary costs or what to do to improve overall profitability.”
Jari Anttila, Executive Vice President, OP Oulu