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The Move to Engagement Banking & How to Make it Successful – Insights from the Backbase – Synpulse Partnership
Part 3: Takeaway No. 1 for Your Digital Transformation Program: Plan for More than Software Delivery
This is the third article in a series of five, where we will look at the first of three valuable lessons learned from our real-life experience with helping a client set up an engagement banking platform.
Plan for More than Software Delivery
Our client, a private bank with international operations and about 100,000 clients, wanted to migrate its existing online banking proposition from its old platform to the Backbase engagement banking platform.
Delivering a new digital banking and client engagement platform isn’t just about the technical delivery of software. It also involves a transformation of the client proposition. For instance, new client channels and engagement processes, and additional digital sales processes, are not only required, but often among the reasons for the change in the first place. Other changes beyond software delivery that were part of our recent program include:
- Changing ways of working within the bank
- Changing the front-to-back process and hence the operating model
- Redesigning the architectural landscape
- Modularizing the application landscape
- Failing fast/building in flexibility through agile adoption
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Our key takeaway: When you’re introducing a new digital banking platform with deep impact on both the front and the back of the bank, you need to extend the classic software delivery plan that includes scoping, delivering, testing with (in this case) migration/cutover/increments in sprints.
In our recent program, Backbase & Synpulse extended and detailed the Backbase Intake, Inception, Foundation, Training & Delivery project phases to meet the specific needs of the bank’s delivery requirements. Added to that, Synpulse contributed through expertise in.
- Implementation project management
- Delivery Stream Leadership
- Business Analysis
- Banking end-to-end architecture
- Collaboration model/ways of working (see takeaway 2)
- Testing, Training and migration
- Bank operating model
The diagram in Fig. 1 shows the guiding questions and high-level areas of our program.
In our next post we’ll be looking at the second key takeaway that is about structuring your EBP delivery teams.
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Digital banking will be the dominant channel for your clients going forward
Banks which have launched on the Backbase experience banking platform have improved their KPIs significantly, with 90% lower channel maintenance costs, 33% lower IT costs for new app builds and 60% faster time to market.
The digital bank is the bank of the future. When planning or running such a program, our recommendation is to focus on a plan beyond delivery, establish clear ways of working between all the teams involved, and attract and build up specific platform skills early.
If you’re interested in finding out more and learning how this approach can benefit the digital transformation of your bank, feel free to contact us for a call.
