UK Export Finance Economic Research

UK Export Finance (UKEF), the UK’s export credit agency, engaged MCC Economics to conduct an in-depth benchmarking study to assess and refine its approach to product development. By comparing UKEF's methods with those of peer organisations—ranging from export credit agencies to corporate banks and public financial institutions—we helped UKEF identify areas of strength and key opportunities for innovation and improvement.

What the Client Needed?

UK Export Finance (UKEF) sought to benchmark its product development process against a diverse set of peers, including export credit agencies, commercial banks, and fintechs. UKEF wanted to identify both its strengths and areas for improvement, understand how other institutions generate and evaluate product ideas, and gather insights to support internal reviews, audits, and future planning.

How we Helped them?

Economic Research

MCC delivered a comprehensive and collaborative review of UKEF’s product development approach, incorporating both quantitative benchmarking and qualitative insights from a wide network of international financial institutions. Our contributions included:

Strategic Design and Stakeholder Engagement

Designed a robust benchmarking questionnaire in collaboration with UKEF’s board and senior stakeholders, covering areas such as:

  • Digital integration
  • Customer centricity
  • Governance and approval flows
  • Cost-benefit analysis
  • Innovation and agility in product development​

Comparative Analysis and Key Findings

Found UKEF’s governance to be in line with its peers, particularly in:

  • Risk management
  • Separate sign-off procedures
  • Following formal processes for approval and modification​

Identified areas with potential for improvement, including:

  • Customer engagement and feedback loops
  • Use of digital tools and automation
  • Application of structured product development frameworks like Agile or BAH models​​

Highlighted best practices from comparators, such as:

  • Annual customer ideation forums (BPIFrance)
  • Digitalisation of processes (SACE S.p.A.)
  • Agile sprints for product innovation (EDC and NatWest)​
  • Deliverables and Recommendations

Deliverables and Recommendations

Delivered a formal benchmarking report summarising findings and strategic recommendations for the UKEF Board, Internal Audit team, and Product Directors.

Recommended that UKEF:

  • Strengthen digital integration during early product design stages
  • Capture and apply structured customer feedback more effectively
  • Consider piloting and iterative design models where appropriate
  • Align internal review mechanisms with academic models such as Stage-Gate or BAH frameworks​

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