Intel Report Core Replacement - Flipbook - Page 14
GETTING BUY-IN FOR A CORE REPLACEMENT
If you liken converting a core to spinal surgery, then for
nance costs should all be elevated into the business case from
a successful procedure you need all parts of the body work-
the outset.”
ing together. And for successful pre- and post-ops, there’s
nothing more vital to the success than full ownership of the
project by the C-suite. Having a CEO and board that understands the need of the conversion and fully supports moving
forward — without looking back — can help with organizational expectations as it rolls out to employees, says Anne
Miela, COO at the core provider Nymbus.
Even with the leadership buy-in, CIOs and operations also
need to understand the purpose of the project and fully
support the move. Since the CIO will lead the conversion
— and their reputation will rest on the results — having a
leader that wants the conversion, sees the value of it and is
willing to take on the risk becomes critical. As does having
the employees on board since they will pull double-duty:
“The idea of building a business case based on increased
performing their everyday tasks and helping to transition the
customer acquisition or even revenue is a difficult case to
bank to the new core.
make,” says West Monroe’s Mastalli. “A better approach
would be to focus on mid-term, tangible benefits when pitching to bank board or executive leadership committees—labor
To get these buy-ins, consider these important attributes to a
core modernization and have answers to the concerns.
savings, new operational efficiencies and reduced mainte-
Why does the conversion need to occur, and how
will it impact the bank and its strategy?
As bank infrastructure ages, the drag on IT costs rises. Converting to a more
cloud-based system can ease that impact. Does that provide enough of an onus to
convert, considering the costs? Or does the need for more open banking capabilities drive the effort? In such a case, understanding what the bank can do after a
conversion and how those changes fit into the bank’s strategic plan will provide
clarity.
How will it impact employees?
When the conversion occurs, most often a core provider will implement it over
the weekend. If employees arrive on Monday unprepared for the interface, then
they’ll quickly sour on the conversion. “If that first two weeks is rocky, it can take
months for the employees to get over it,” says Mastronardi.
Having a clear plan for training employees and a dedicated staff to help with troubleshooting will ease the pressure on rank-and-file employees, allowing the conversion the best chance for internal acceptance.
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