Gathering requirements and defining scope for future-proof success

Lending an Ear to the Voice of the Enterprise

Before embarking on your core transformation, gather input from across the organization – business units, IT, operations, compliance, security, and more. Listen to the issues teams are grappling with and the missing functionalities in your legacy systems. Overlook no requirement, as small gaps upfront could create massive roadblocks later.

 

Aligning Technology with Business Needs

Treat the requirements gathering process like carefully filling a “cupholder” with the right “beverages” – aligning the modern core banking platform with your actual business needs across the enterprise. An advanced system alone is useless without the complementary features to propel you forward.

 

Mapping the Transformation Boundaries

With requirements in hand, define the precise scope of your core modernization program. Which processes and systems fall within the transformation boundaries, and which require integration but not overhaul? Visualize a multi-phase roadmap, with the current program representing a milestone toward your future vision of integrated, enterprise-wide digitization.

 

Finding the Pragmatic Scope Sweet Spot

Avoid the “picky eater” pitfall of trying to individually accommodate every potential requirement across departments. Instead, find a pragmatic scope sweet spot that satisfies immediate primary needs while leaving room for future expansion. Compromise is key.

 

Building Toward Sustainable, Future-Proof Capabilities

As you gather requirements and map boundaries, maintain a mindset of building toward sustainable, future-proof core banking capabilities. Solve for present-day pain points and priorities, but also consider how your modernized systems can evolve alongside emerging technologies, open banking initiatives, real-time payments, and shifting consumer behaviors.

 

Establishing a Solid Transformation Foundation

Comprehensive requirements gathering and judicious scope-setting may not be glamorous, but mastering these critical foundational steps can mean the difference between a well-architected journey to future-proof success and a haphazard trek plagued by predictable roadblocks. Listen deeply, think holistically, establish realistic boundaries, and build with forward-looking intent to equip your bank for its modernized tomorrow.

If you’re planning a core banking transformation, it’s essential to leverage Proven practices to increase your chances of success. At Core System Partners, we can help you develop a comprehensive plan for your transformation that aligns with your overall business strategy. To learn more about how we can help,

 

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