To make the leap to a cloud-first, digital-first enterprise, the bank began to rethink and transform its products, services, customer experiences, and technology. And it needed to do so in such a way that it could support today’s customers while being prepared to create innovative products and services in the future.
There were several areas for the bank to focus on. One was its legacy information technology (IT) infrastructure, which hindered modernization efforts. For another, as a large bank, they sought differentiated customer experiences rather than an out-of-the box software solution. This required the bank to articulate its strategies and goals so that KPMG and the bank’s technology vendor could create the right system.
Moreover, digital transformation projects rank at the highest level of project risk tiers. An entirely reengineered digital infrastructure—encompassing people, processes, and technology—required significant involvement from the KPMG Risk & Compliance team, which has deep experience across risk and regulatory domains.
The bank needed to get this right. Thousands of customers and transactions could be adversely affected.
KPMG worked with the client to connect dots across project stakeholders to establish a clear vision of the steps required to complete the transformation.
Updating and replacing legacy systems posed significant hurdles
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KPMG conducted a “bake-off” to find the best vendor for the bank’s core technology platform, examining their compliance and testing programs so that we understood their capabilities and coverage of regulatory requirements right out of the box.
Once the vendor was selected, KPMG worked to help the bank create the strategy and application architecture that would support the bank’s move to a digital platform, give the bank a single view of customers’ accounts, and help innovate new products and services at a faster rate.
Digital banking specialists from KPMG also helped the bank understand how to scale its new platform from a small core of employees to several hundred. In addition, KPMG helped the client to gain market share by assisting the launch of an innovative mobile feature. The app helps customers gain more control of potential overdrafts, making our client the first of many banks to redesign their overdraft policies and related experiences to favor the customer.
The bank now has a real-time, modern, industry-standard system that supports web and mobile customer banking. The bank is also able to use its legacy data in a seamless way through its modern apps, creating a better customer experience. The bank was even able to purchase another bank and integrate that bank’s systems with the KPMG client’s new technology platform.
A bank that is ready to meet the future
KPMG’s work with this bank has put it in a position to navigate the changing landscape of the financial services industry. It also may inform additional changes. The bank’s commercial bank and wealth-management divisions, for instance, would both benefit from modernization. And of course, the bank will see long-term benefits from the work KPMG already has performed.
Evolving with a changing landscape
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