In Autumn 2012, after years of planning, Aktia, Finland's fourth largest bank, kicked off the process of selecting a technology provider to support them in their core banking system transformation.
In my recent series 'How to rebuild your bank', I offer advice on the pre-transformation stage, followed by the steps to ensure your project actually goes live. So it's gratifying to be able to share the story of a bank that has gone through this process and come out the other side.
In an article published in Global Banking and Finance Review, Magnus Weurlander, CIO of Aktia, shares his experiences from vendor selection to project delivery. Here he makes two very important points, which I also cover, namely: address the cultural shift; and adapt your bank, not the system.
Magnus Weurlander says: "As part of this process we looked carefully at our own processes and customer agreements and it meant changing customer accounts accordingly, rather than modifying the new system to fit our practices. This approach is always going to be a big change for an organisation, but in reality it feels bigger than it really is. It's certainly a cultural change. The real challenge was a cultural one tied to the fear of losing customer accounts. But the fact that we didn't lose a single customer says it all."
A core banking transformation really is a big change but, when systems are not fit for purpose, there is no alternative. And when you do make the move there are there are experienced people here to guide you - you'll be in good company.
You can read the full article here.