Our client is a prominent European bank with a strong presence in six countries. They are known for their commitment to developing financial products and services tailored to the needs of their customers. Providing a diverse range of sophisticated options, they serve both individuals and businesses. The bank operates with transparency, builds credibility, and upholds modern corporate governance practices.
The IT Block was a critical component within the operational and legal merger program that united two banks in Serbia, with a focus on integrating the core banking system (CBS) of the smaller bank into the target CBS. This IT Block comprised 22 projects, which encompassed tasks such as migration, integration, introducing new features, and upgrading existing ones to align with the regulations of the country's National Bank System. The engagement spanned just over two years, with the Qinshift team leading a total of nine projects.
The two merging banks had distinct business processes, workflows, and IT governance structures. Aligning these processes to ensure uniformity, efficiency, and compliance with regulatory standards was a complex task that required collaboration and consensus among various stakeholders.
Merging two banks necessitates significant changes in IT systems and processes for employees. Managing this change, delivering appropriate training, and ensuring user acceptance of the new systems and technologies posed a challenge. Qinshift Project Managers ensured that business users were informed throughout the scope definition, testing, and, as a result, when the systems went live, there were no disruptions in day-to-day operations.
To overcome the challenges posed by the IT project merger of two banks, the following solutions were implemented:
· Comprehensive planning and due diligence: Our team conducted an extensive gap analysis of the IT systems, infrastructure, and processes of both banks. We identified areas of overlap, redundancy, and potential challenges, developing detailed project plans that outlined the necessary steps, timelines, and resource allocation for a seamless merger.
· Transparent communication and stakeholder engagement: We established open and transparent communication channels with all stakeholders, including IT teams, employees, and management.
· Change management and user adoption: We devised a comprehensive change management strategy that included training programs, workshops, and communication campaigns to prepare employees for the changes in IT systems and processes. Early engagement of employees, addressing their concerns, and providing ongoing support ensured a smooth transition to the new technologies.
· Continuous monitoring and risk management: We implemented a robust IT governance framework that included regular monitoring, risk assessments, and compliance audits.
· Data Modeling: Creating and maintaining data models that represent the structure and relationships within the organization's data.
· Reporting: Skillful in developing both standard and ad-hoc reports, providing invaluable insights into key performance indicators and essential business metrics.
· Data Integration: Integrating data from various sources, ensuring a cohesive and unified view of organizational data while maintaining data quality and consistency across multiple systems.
· Performance Tuning: Optimizing query performance and data retrieval times to ensure timely and efficient access to information.
· Integration with Business Processes: Integrating BI solutions with existing business processes to facilitate seamless decision-making.
· Dedication to optimizing performance and enhancing user experience through strategic measures.
· Security: Implementing security best practices to protect against common front-end vulnerabilities.
By implementing these solutions, the IT project merger of two banks was effectively managed, ensuring a seamless integration of systems, data, and processes. This resulted in improved operational efficiency, an enhanced customer experience, and a strong foundation for the merged entity's future growth and success.
Merging IT systems in two banks yielded several benefits, including enhanced operations, an expanded range of services, cost savings, scalability, heightened security, and a competitive edge in the market. These advantages contributed to the long-term success and growth of the newly merged entity.