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BankCo*, a large bank, had complex and inefficient IT. Its IT costs were significantly above the industry standard, thanks to legacy systems, regulatory issues and a lack of scale. Management wanted to reduce IT costs by 30%. BankCo hired an external service provider (ESP) to initiate and drive an IT outsourcing initiative, but BankCo did not create a thorough deal rationale and skipped financial analysis and a Request-for-Proposal (RfP) process. This created business and IT issues.
BankCo found itself unable to execute the deal alone and asked Bain for support.
Bain team devised the following approach to turn around and successfully execute the deal:
Bain managed to finalize the multi-billion Euro IT outsourcing contract.
Bain helped to create tangible value through outsourcing. An alternative "in-house" scenario played a key role as appropriate decision making baseline and comparator for executive management.
* We take our clients' confidentiality seriously. While we've changed their names, the results are real.