1. Setting up a strong management organization
When changing your core banking platform, a critical decision awaits: your post-project management structure. Will it be in-house, external, or a mix? Each choice brings its challenges. Here's what to weigh in:
- Skills & staffing: Seek teams with overlapping competencies. Why? It curbs risks, cuts downtime, and reduces key-person dependency.
- Process: A system with clear, evolving processes is key. It ensures efficiency and evolves with changing needs.
- Responsiveness: In the digital age, quick feedback and problem-solving are invaluable. Ensure your chosen structure prioritizes this.
- Proactivity: A top-tier management team doesn't just react; they suggest improvements and think long-term.
As you deliberate on your core banking platform, reflect on these factors. Your management organization's foundation today will influence tomorrow's operational success.
2. Ensuring readiness in your management organization
As you're preparing for your handover, readiness is paramount. But what does this entail?
- Early involvement: Involve the management organization early in the project. A last-minute handover can spell chaos while early collaboration enables a smooth transition.
- Staged deliverables: Opt for a phased handover process. It reduces sudden impact and allows time to correct potential weaknesses before full operational control is transferred.
- External expertise: If you’re considering an external management organization, gauge their experience with the platform of your choice. Prior exposure significantly aids in a smooth, hiccup-free transition.
The goal is to mitigate risk and solve issues before they snowball. The above mentioned approach prevents you from overloading your management organization, enabling a gradual acclimatization to the system. So, as you mull over your options, consider how prepared your management team needs to be for the transition to be seamless.
3. Thoroughly addressing leadership questions and roles
One factor you should zero in on is leadership during the handover. You're not just merging technologies; you're aligning two sets of experts – the project leadership and the management leadership. A competent management leader needs architectural expertise and a knack for governance. Conversely, your project manager should excel in driving the project toward its objectives.
Here's where mutual understanding becomes a cornerstone for success. Establishing clear lines of responsibility and interaction between these two leadership roles can make or break the transition. Think about decision-making authority and how to handle any potential escalations. The decisions you make now will impact the long-term administration of your core banking platform
4. Clarifying the scope of the handover
You're probably no stranger to the saying, "A stitch in time saves nine." It’s especially true when transitioning to a new core banking platform. As part of your evaluation process, ensure that the handover’s scope is clarified upfront. And it’s not just about technical specifications; it's also about ensuring that the management organization (whether internal or external) is actively involved from the get-go. This minimizes surprises and enables a more even scaling of administrative functions.
So, what does this mean in practice? It means your team will have the opportunity to identify and fix possible flaws in their working methods before they assume complete operational responsibility.
Bonus tip: If you're eyeing an external management team, their prior experience with similar platforms becomes a significant asset for a seamless handover.
5. Including follow-up and communication in your handover plan
Throughout the handover, the subject of communication and follow-up should also be at the forefront. Clear ways to communicate aren't nice-to-haves; they're critical leadership responsibilities. An effective dialogue regarding errors captures not just the operational nuances but also the customer experience – providing insights into what went wrong, why, and how to avoid repeats.
But what's the real objective of this follow-up? Continuous improvement. Here, you'll need to decide on the frequency of check-ins. Whether it's daily, weekly, or monthly, err on the side of too many rather than too few. These intervals help monitor delivery performance against your Service Level Agreement (SLA) and offer chances for refinements.
Remember, the handover is just one part of the puzzle. For A to Z instructions for everything from choosing your platform to implementing it, grab your copy of our definitive guide, "The Core Banking Handbook." Inside, you'll find actionable insights and strategies for a seamless transition, equipping you to go the distance.
