Analysis & System Selection
Business Requirements Analysis
The first step in selecting/implementing or re-implementing a core banking system is a Business Requirements Review. This step is critical, particularly for cost control: it costs between 50 and 200 percent more to repair an error or omission in the later stages of an implementation project than if the initial analysis and subsequent design had been correct. Drawing up a comprehensive picture of all current and future business and technical requirements provides a blueprint for the implementation team to ensure that all project considerations were accurately detailed from the outset.
With over 150 consultants originating from 30+ countries, SOFGEN business consultants are able to cover nearly all aspects of the banking business. Typically, a requirements gathering exercise will be conducted involving interviews with each department and business area, covering an exhaustive array of factors.
With our global reach and knowledge of leading banking systems, we can advise our clients on all aspects of system replacement and selection. We can not only help design the system selection process itself, we can help prepare RFI/RFP documents, arrange vendor workshops, test cases, and site visits, and prepare recommendations for your board of directors, complete with implementation budget and total cost of ownership benchmarks against best practice. We will even help negotiate the contract with the selected vendor and/or implementation partner.
Mergers and acquisitions constitute one of the most significant drivers of IT System Change. Any system implementation arising as a result of a merger commences in most cases with a Due Diligence Investigation. The key component of this step involves comparing the target’s Organization, Processes, IT Applications and Products & Services streams against the acquirer’s in order to ensure that the merged banking environment complies with best practice or Group Standards.
Strategic Business Review
The need for a strategic business review normally arises out of a business imperative driven by market conditions. For the division, service or market in question, our consultants draw upon their knowledge of the business and technical aspects of the banking industry to craft a clear picture of the bank´s goals and requirements.