Compared to other industries, banks struggle to adopt new technology and adapt to a changing landscape. They are mired in legacy technology, rife with inefficiency and hampered by regulations. Every year Financial Services Organizations spend billions to inch themselves forwards while more agile, lean “fintech” companies are appearing that arguably provide better services with a fraction of the costs.
11:FS is on a mission to change this dynamic by helping existing financial services organizations build and launch new, truly digital, financial technology propositions. Recognized as a global Fintech leader, 11:FS distinguishes itself by using startup approaches. They achieve this by forming small teams of super experienced, super talented individuals, that are empowered with professional services software to get stuff done in a matter of weeks; not years.
“We don’t work like a traditional consultancy” explains Toby Sexton, Head of Delivery “We can talk strategy and systems integration like management consultants. But we are also a research agency, a media network, tech specialists and UX and design experts. We are a special forces team that brings together a full range of skills and experience needed to be able to build and launch cost effective, truly digital propositions at pace.”
11:FS’s love for the financial world shows in their high quality podcasts and vlogs — check out their podcasts Blockchain Insider and Fintech Insider. They have even created their own technology news community called Fintech Insider News.
11:FS has established a team of experienced and talented individuals who have co-founded UK challenger banks like Monzo, developed the technology platform at Nutmeg, transformed banks like Lloyds, and developed Blockchain applications at Barclays.
On each engagement they have a delivery manager that takes responsibility for navigation. They keep teams moving; avoiding obstacles, wrong turns, and mires. They get involved early defining success and what is to be delivered.
Planning and deliverables are supported by defining the amount of time that is required to complete them. In the past the team used multiple spreadsheets for their project planning — it was hard to maintain.
“Before we started using Bric we had a spreadsheet with about 7 different tabs just for project planning and estimation,” Toby explains “once someone completed it we had no single location where we could keep track of all our projects and had a limited idea of how much time individuals were spending on projects and activities.”
11:FS made the switch to Bric to combine their project planning & estimation, resource scheduling and time tracking into one simple and intuitive application. Now with their data in one place, they can identify scheduling issues, manage their project mix, and know where time is being spent. Plus, they don’t have to organize spreadsheets, or worry that a calculation is corrupted.
Employees with “Manager” access in Bric are responsible for planning and managing new projects in Bric. Projects are started in Bric when the appropriate stage for a deal in their customer relationship manager is met.
Prior to adopting a professional services software, managers had no way to understand the amount of time and effort spent on projects. Without this vital data, it is extremely hard to improve the project planning process. 11:FS uses Bric’s time tracking to gain this data and analyze it.
“A word for word comment I got from one of our team was “It was surprisingly painless compared to every other timesheet system I’ve had to use.’ ” Sexton says. By adopting a simple time tracking application, new data is available for both billing purposes and project reporting.
After having enough of using the unwieldy spreadsheets to manage their projects and capture the data they needed they began looking for a professional services software that would help improve their planning process. Finding a tool with project planning & estimation, resource scheduling and time tracking in one application proved to be more difficult than expected.
After signing up for a free trial with Bric, they found the application had everything they needed. Bric’s analytics are helping 11:FS build better projects, maximize billable utilization, and manage projects and clients.
In fact, during a recent project a client requested numerous changes and new deliverable requests. As these requests built up, it became clear the the project would become off track, requiring more time and effort than originally planned.
“Using Bric we were able to continuously re-plan and give the client an idea of the additional effort and costs required to deliver what was required.” explains Sexton, “It helps us to be honest and upfront with clients about any additional costs over and above what was originally agreed and Bric gives the supporting information to be able to do this effectively.”
Additionally, 11:FS takes advantage of Bric’s built in analytics. With the accurate time tracked from their projects, Bric builds project templates based on data collected from past projects. These project templates provide an optimized estimate based on the project type.
On top of Bric’s analytics, 11:FS actively uses Bric’s at-a-click reporting. The financial and utilization reports allows them to keep track of the billable utilization and margins. By having employees track time, they are able to have instant financial reporting for their projects. 11:FS also focuses on keeping their utilization rate high by constantly reviewing and re-planning projects.
With experienced and empowered employees, a precise project planning process, and effective data analytics and analysis, 11:FS is transforming the banking and financial industries. Their work shows the amazing things that can be done when people with the right professional services software set themselves on a mission. We’re looking forward to what 11:FS will bring to the table next.