Commercial Banking Platform Migration for USA-based Product Company
The client, a USA-based provider of commercial banking products, needed to migrate their customers from their legacy system to a new SaaS platform. They faced the challenge of transitioning critical functionalities like payments (ACH, Wire, etc.), transfers, fraud management, reports, and third-party integrations without disrupting customer operations. We developed a phased migration plan and coordinated efforts among 50+ stakeholders from remote teams to manage the project efficiently. By gaining a deep understanding of the new platform and addressing risks and dependencies, we ensured a seamless migration of 4 financial institutions within the planned 12-month timeline.
We understood the client's perspective
Client provides innovative commercial banking products to financial institutions such as banks, credit unions, and other financial entities. Their platform enables secure and scalable digital banking services, including payments, transfers, and fraud management solutions. They needed to migrate existing customers from a legacy on-premise system to a new SaaS-based platform. The challenge was to ensure a smooth transition without disrupting ongoing banking operations for their customers, which included four financial institutions. They needed a partner for end-to-end management of this complex migration, requiring the coordination of multiple teams and stakeholders from different regions.
We provided the solution
Our approach was designed to ensure minimal disruption to the operations of the four financial institutions being migrated while upgrading them to a more advanced and efficient system.
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Phased Project Plan: We designed a comprehensive project plan to break down the migration into manageable phases. Each phase focused on a specific module of the commercial banking platform. This phased approach allowed us to carefully manage dependencies and ensure smooth progress across multiple workstreams.
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Cross-Team Coordination: With over 50 team members involved from various remote locations, we established clear communication channels and defined roles and responsibilities to ensure everyone understood their tasks and timelines. Regular meetings and progress updates kept all stakeholders aligned, facilitating efficient collaboration across different time zones and departments.
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In-depth Product Understanding: We quickly gained expertise in the functional aspects of the new SaaS platform, which included critical banking functions like payments (ACH and Wires), transfers, fraud management, marketing messages, process schedules, dashboards, and reports. This enabled us to guide the migration with a deep understanding of the product and its implications for the financial institutions involved.
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Issue and Risk Management: We actively monitored and resolved risks, dependencies, and technical issues throughout the migration process.
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Change Management and Training: To minimize disruption, we developed a structured change management plan. This included training sessions for key users of the new system and ensuring that all stakeholders were comfortable with the new processes and features before the go-live date.
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Weekly Progress Reporting: We provided consistent updates through weekly status reports that tracked key metrics such as cost, schedule, and quality of implementation. These reports allowed stakeholders to monitor progress in real time and make informed decisions to keep the project on track.
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Our comprehensive solution not only addressed the immediate need for migration but also positioned the client to offer more competitive and innovative services in the commercial banking sector.