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Business Analyst – Target Operating Model (TOM) Location: London (Hybrid) | Practice Area: Business Consulting | Type: Permanent Design future-ready operating models that enable sustainable transformation across Banking & Payments or Insurance. The Role Capco is looking for a Business Analyst with a strong focus on Target Operating Model (TOM) design and delivery to join our Business Consulting practice. This role focuses on supporting clients across Banking & Payments or Insurance, helping them transform their operating models to respond to evolving customer expectations, regulatory requirements, digital innovation and operational efficiency objectives. You will work with clients to assess current-state operating models, define future-state designs and support the transition required to deliver sustainable business outcomes. Working within a consulting environment, you'll collaborate with business, operations, technology, data and risk stakeholders to deliver practical, outcome-focused transformation. What You'll Do Lead Target Operating Model initiatives, including current-state assessments, future-state operating model design and transition planning. Analyse and design key operating model components including business processes, governance, organisational structures, customer journeys, data, technology, controls and operating procedures. Partner with Banking & Payments or Insurance clients to identify operational challenges, regulatory impacts, transformation opportunities and service improvements. Facilitate workshops with business, operations, technology, and risk stakeholders to align on target-state vision, design principles and delivery priorities. Support delivery teams in translating Target Operating Model designs into actionable roadmaps, implementation plans, and change initiatives. Contribute to business process optimisation, digital transformation, and operational resilience programmes across banking and insurance organisations. What We're Looking For Strong Business Analysis experience with demonstrable Target Operating Model (TOM) delivery. Experience within Banking & Payments, Insurance or both, with an understanding of industry operating models, products and regulatory environments. Experience designing or supporting changes to business processes, operating structures, governance models and ways of working. Ability to work collaboratively across business, operations, technology, data, and risk functions to ensure operating models are practical and deliverable. Excellent consulting skills, including stakeholder management, workshop facilitation, structured problem-solving and effective communication. Bonus Points For Experience incorporating data, analytics, automation, or AI-enabled capabilities into Target Operating Model design. Experience supporting transformation driven by regulatory change, digital modernisation, operational resilience, customer experience or cost optimisation. Familiarity with agile operating models, product-centric organisations, platform-based delivery or digital operating models. Experience developing TOM roadmaps, transition states, implementation approaches, business cases or benefits realisation frameworks. Confidence engaging senior stakeholders and supporting strategic decision-making across complex transformation programmes. Why Join Capco Deliver high-impact transformation programmes for leading Banking & Payments or Insurance organisations. Work in a collaborative, flat and entrepreneurial consulting culture. Access continuous learning, training and industry certifications. Be part of a team shaping the future of AI-enabled business transformation. Help organisations unlock value through practical, customer-focused and technology-enabled operating model transformation. Benefits Core Benefits: Discretionary bonus, competitive pension, health insur