Finance
Product & Project Management
Merger & Acquisition for Major Financial Institution
- Top 5 US bank with $1.9T in assets, serving 70M+ customers
Business Need
- Project management to support the largest banking merger in history
- Strategic technology plan to integrate the centralized retail business of one bank into the decentralized consumer business of another
Challenge
- Collective scope of 1000+ systems and ~$150M annual project spend with $300M+ base costs
- Stay off the front of the Wall Street Journal
- Current state analysis of all systems, processes, and financials from both banks
- Develop surviving system strategy
- Outline options and models with pros and cons associated
- Define future state architecture (business/tech) and model (surviving systems, processes, etc.)
- Provide recommendations
Solution & Results
- Delivered future state architecture, surviving system strategy and framework, processes, and roadmap
- Provided options and financial models with pros and cons associated
- Staged rationalization and decommission of systems
- Started boarding all new loans on standard platforms 2 years earlier than plan
- Reduced costs of ~$70M (23%) over 3 years
- Significant reduction in technical debt and increase in IT modernization
- Rationalized to one set of banking systems
- 40% reduction of total base costs 3 years post