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CORE BANKING | RAPID FRAMEWORK
the right peer group of banks, are all pertinent points to consider. Quite naturally, a better fit solution tends to have a lesser degree of customisation.
Adapt to global practices: Once a solution has been identified, encouraging users to adapt to its features is imperative. Customisation should be the last resort, not default option. If ground rules are not set, this could well become an untamed animal. At the end of the day, a solution that has worked with 100 other banks would address every requirement, if one is willing adapt to it. There is no point in buying an airplane only to run it on the road with its wings clipped!
4. Is the communication machinery in place?
An implementation is only as good as it is communicated. At least 30-40% of implementations tend to fail miserably on this count. From having the programme progress communicated to all stakeholders, to setting the right expectations with end users, and building a strong external communication machinery – both with customers and with regulators and relevant authorities, this could easily turn out to be a red herring, well avoidable.
A good communication framework would entail a focused and concerted effort in articulating the change and the benefits of the programme to the respective
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stakeholders, clearly preparing the stakeholders for the change and its impact, and identifying the timing and mode of communication. Informing a customer about a potential change to his/her account number or a channel downtime should be well timed. Too early may create panic, and too late will most certainly result in a poor experience. Setting right expectations, at the right time, is key.
5. The final countdown: are you ready?
It’s not just the system and its readiness, but also the elements surrounding it, that need to be in place before you can move to a new platform. Cedar’s RAPID framework is used to determine readiness across five key parameters: Resources: People, including user- readiness; Application: solution and surround systems; Processes: customer communication, business process understanding; Infrastructure: datacentre, networks, channels and branches; Data: migration and cutover plan.
If any one of the above is not in a state of absolute readiness, the post cut-over experience becomes sub-optimal and challenging. As stated earlier, a core banking implementation is like open heart surgery, and the stakes can be high for the bank. If you are looking to carry out an operation, the above five questions are worth watching out for!
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