What was the challenge?
In May 2017 the Bank of England announced the replacement of its Real-Time Gross Settlement (RTGS) system, the infrastructure that lies at the heart of the UK payments industry. In total RTGS settles more than £600bn transactions per day and affects everybody, from banks and businesses to payment service providers and the public. Ensuring it is fit for the future is a fundamental part of the Bank's mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.
As part of planning and design for the new system, the Bank made a commitment to seek views from across the payments industry on the programme scope and on transition to the new service. The scale of the programme and wide-reaching impacts posed a significant engagement challenge. There was a need to establish clear communication channels that would allow for meaningful engagement with maximum reach.
How did we help?
Moorhouse worked with the Bank to define a clear set of objectives and requirements for the engagement, build a strategy and plan to deliver these - and then support its execution.
We used innovative engagement methods to improve efficiency, make content more accessible and enable effective industry participation. We created communications content and implemented new processes for the engagement team and wider programme to support external engagement. We supported the delivery of key activities including industry events, working groups, and the communications strategy for a large scale public consultation.
To build capability, Moorhouse embedded new ways of working within the programme. As part of this we delivered a series of knowledge transfer events, created time saving tools and established clear lines of communication with the Bank's central creative team.
What was the impact?
The programme successfully engaged with over 600 individuals at more than 200 organisations including; governmental departments, banks, payment service providers, corporates and technology firms.
The input and insight gained from this engagement played a critical role in the Bank's decision-making on the scope and transition strategy for one of the most critical programmes to be undertaken in the UK.
Our support helped increase awareness of the programme across the payments industry, promoting interest and greater levels of involvement: a critical foundation for the next phase of the programme, which required greater levels of engagement.
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