TCB Services

For many financial institutions, undertaking a core banking system replacement is a significant step towards tackling the industry’s challenges. The need for an IT infrastructure that supports the imperative of offering innovative products and strengthening customer relationships is motivating banks to decide to revamp their core systems. Just as importantly, renewing their core banking systems affords institutions a means to halt and better control the high maintenance cost of legacy systems. 

A critical success factor for replacing a legacy core banking system and related applications is an effective implementation strategy. It needs to address change and risk management, from both a business and a technical viewpoint. In order to maximize the opportunity for success, it is important to create an initial project strategy that focuses on helping Bank staff to learn, gain experience, create understanding, and then propagate and apply this understanding, also known as the “Learn-Experience-Understand-Expand” approach. This approach focuses on the knowledge transfer to the bank’s management, users, business analysts and IT staff, to create a level of self-sufficiency that will increase the productivity of the project team as the more challenging aspects of the core banking replacement are executed.

In addition to knowledge transfer, it is necessary that the project management and execution processes are aligned within a clearly delineated scope.  This minimizes the risk of overstretching project management capabilities. Achieving early wins in this respect goes a long way towards determining the project’s success, as well as how and when the project will deliver the benefits that the bank requires. Temenos provides all these components in an implementation methodology that features proven organization, strategy and plans - which have delivered success to our customers.