In the latest installment of our “Meet the Team” series, we talked with Linda Derrick, Chief Administration Officer and Head of Business Improvement Process for Investment Services, about BNY Mellon’s transformation effort. An excerpt of our conversation is below.
What is the BNY Mellon Business Improvement Process and what are some of the key learnings from the transformation effort?
BNY Mellon’s business improvement process was initiated in 2014 to drive sustainable change in the business. We really had three goals when we started. First to improve the client and employee experience, while reducing risks and costs. Secondly, it was to fund regulatory change, process maturity in our strategic platform investments. And finally, to improve our margins and drive shareholder reward.
There were three lessons learned from the business improvement process. The first is to have visionary leadership and engagement with the entire enterprise. When we work as a high performing cross functional team, we’re really able to drive sustainable change. The second is to think through the client lens and making sure that we’re transforming beyond the four walls of BNY Mellon. This way we can actually create efficiencies and productivity for our clients and really strengthening the relationships with them. And finally, we need to measure progress and celebrate the successes. And this really creates the accountability, the transparency, the engagement and the excitement for all of our employees.