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Engaging a system integrator to orchestrate your core banking transformation
Leading the journey
Core banking transformation is often compared to open heart surgery. Indeed, the challenges and risks involved in core banking replacement would appear to give this statement a ring of truth.
This paper aims to demonstrate the value of engaging a system integrator (SI) in any core banking transformation and to introduce a set of selection criteria to guide decision-makers in selecting the right SI.
core banking implementation often leads to complex projects involving multiple stakeholders. The role of an SI is then pivotal to coordinate the efforts of all stakeholders, thereby reducing the risks associated with the program. An SI is a partner in the transformation journey and is an integral part of the program. Their role is to manage the transformation program and to map and implement the future state of the business.
Consequently, banks should consider an SI that exhibits proven qualifications and capabilities in the following areas:
- Maintaining the benefits case
- Breadth of experience encompassing business, people and technology
- Business and solution architecture
- Business operations and change readiness
- Software package expertise
- Data migration
- Vendor management
- Project governance and delivery
- Quality assurance and management
- Capacity building and knowledge transfer