To centralise and standardise the bank's operations To modernise the bank's IT infrastructure to support the five-year expansion strategy (2011-2016).
Main challenges
Tight deadlines for the implementation, roll-out and go-live Changing the users' mindset and breaking entrenched stereotypes.
Resolution
Strong senior management support and shared vision Clear organisation and execution structure Clearly defined and communicated goals Continuous monitoring of project progress Direct interaction with the vendor (not via intermediaries) Hands-on, onsite input from the vendor.
Results
System live on schedule and firmly within the budget Expansion strategy under way.
Market overview
The Russian banking market consists of around 970 banks (as of mid- 2012). This number has been in steady decline over the last five years, with
around 160 banks disappearing in this period as a result of mergers and acquisitions, bankruptcy and failure to meet the regulatory requirements of the Central Bank of Russia. Analysts predict that the number of players will continue to drop, to around 500.
Interest from international banking groups has plummeted since the financial crisis, with some, like Barclays and Rabobank, headed for the door.Meanwhile, Russian financial groups, such as VTB and Sberbank, are moving into the international markets.
