Introduction
A Tier 1 bank acquired a corporate banking client portfolio from a competitor, excluding personnel and systems.
Objective
The goal was to migrate these client accounts to a new core-banking platform. Challenges included platform development, product rationalisation, and a strict schedule. Data cleanup was essential for migration.
Approach
- Planning and Architecture: Developed a roadmap for Target Application Architecture.
- Project Management Oversight: Utilized a bespoke PMO tracker for monitoring.
- Business Strategy Documentation: Documented strategies with input from stakeholders.
- Migration Tool Development: Created tools to migrate 90,000 accounts efficiently.
- Strategic PMO and Resource Management: Provided strategic PMO and project managers for critical tasks.
- Methodology Development: Created a methodology involving dress rehearsals and a two-stage migration.
- Key Functions and Services: Included planning, risk management, program support, and automated reporting.
Results
Achieved a successful two-phase live cutover, migrating all accounts on time and within budget. The initiative was highly praised by the bank’s Executive Management with minimal client complaints.
Conclusion
The migration was successfully executed within the stipulated time and budget, leveraging innovative approaches. Strategic insights from this project position the bank for future expansions.
Future Outlook
The bank plans to roll out the new solution globally to meet its new operating model.
