In 2019, an American multinational bank and financial services company began a digital transformation journey. More specifically, they recognized the need for new technology to keep pace within the industry, and to respond to changing customer expectations of modern banking. This led to the decision to replace their Core Banking platform; the primary system that processes banking transactions across the bank. Essentially, this system includes all deposits and withdrawals, as well as integration into many other customer relationship activities.
Recent industry advancements have led to the prevalent use of mobile banking applications and a seamless, secure user experience regardless of device. This bank wanted to deliver safer and faster mobile transactions to their customers. This would allow them to continue to modernize their business while also granting customers greater freedom of execution.
Modern banking expertise is necessary
To successfully replace their Core Banking platform, there were three key areas the bank needed to address:
- A large-scale analysis effort to identify all the application interfaces that would be impacted by the project, as well as the needs of the business users of each of those application interfaces.
- A defined, digital banking business strategy to meet the bank’s consumer expectations for an intuitive digital experience.
- An enterprise-wide upgrade of the bank’s knowledge management (storing check images, mobile deposits, modern baking) to then leverage state-of-the-art imaging and storage technology to automate document capture, retrieval, and distribution.
While the bank’s IT executive team understood the importance of achieving these initiatives, they knew that they lacked the experienced personnel to meet the projected timelines. The product vendor would require a quick turnaround from the bank’s IT team, and the bank’s business areas would need significant guidance to properly integrate the new platform. All throughout, the bank’s executive team would need to closely manage the project budget and timeline. Proper staffing with the right experience was a crucial element to project success.
Knowledge buffer and team support
CAI was well positioned to assist in this large-scale project. Our managed service team was highly experienced and already familiar with this bank’s Core Banking platform, as well as all the other systems it interfaced with. We were able to focus key team members on the needs of the project, and then backfill open roles with a combination of onshore and offshore resources. The goal was to have the necessary staff resources in place so that the team’s primary support deliverables wouldn’t be impacted. Our team was able to provide the knowledge buffer to supplement the bank’s IT teams. We also helped project team members and platform vendors successfully drive the implementation of new solutions.
In addition, we paired with our Talent Acquisition (TA) team to refine job descriptions for the various, project-specific business analysts (BAs) and project managers (PMs) needed for the project. Qualified candidates would possess the niche skills and experience to address the key initiatives in a limited platform presence. The TA team did an excellent job identifying appropriate candidates and leading the interviews. We were able to provide several critical project team members that not only met the various requirements but also remained with the project long term.
Digital transformation and a long-term partnership
Our in-house managed service team’s extensive experience, coupled with the newly hired and uniquely skilled project team members, formed the backbone of the Core Banking project implementation team. In the early phases, the project team members were instrumental. They collaborated with the product vendor and bank business partners to ensure all parties understood the requirements and built the necessary test cases to ensure those requirements were addressed.
During the many mock executions (that were required to simulate the cutover), the bank’s project team continued to refine their deliverables with the help of CAI team members. In the months leading up to the go-live date, the CAI team members stepped-up to prepare over 200 automation scripts for the implementation. The project was successfully implemented in May 2022 after methodically following the client’s execution plan. Post-go-live, the teams continue to provide dedicated, ongoing support, both operationally and to the business.
CAI proved to be a strong partner and trusted advisor to this multinational bank and financial services company throughout the entirety of the project. We not only brought top-notch people to the team, but we also reached our shared goal through a willingness to think outside the box and do whatever it takes. There is a residing sense of pride and accomplishment shared by the teams involved, and excitement for future projects. CAI continues to work with this client to meet their strategic vision on their digital transformation journey.