Most Core Banking Transformations Fail
Don’t Let Yours Be One of Them
Whitepaper Summary
Transforming your Bank or Credit Union can be a daunting task, and unfortunately, most transformation efforts fail. In fact, according to recent research, up to 84% of core banking transformations fail to meet their intended goals—not because of technology, but due to poor planning, misaligned leadership, and resistance to change. This whitepaper breaks down the key reasons why and how to avoid them.
My respected colleague and friend, Ed Hansen, recently highlighted in a LinkedIn post that the biggest obstacle to successful transformation is not technology, but people.
Even when technical issues arise, the root cause is usually related to people-related problems. This inspired us to delve deeper into the “People Problem” of transformation and identify the top 10 reasons why transformation efforts fail:
- Lack of Clear Goals and Objectives
- Insufficient Resources, Planning and Preparation
- Ineffective Communication and Collaboration
- Resistance to Change
- Technical Challenges
- Lack of Experience
- Treating It as a Project Instead of a Transformation
- Treating It Like a Technology Project
- Failure to Re-engineer
- Poor Governance
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To help you navigate these challenges, we’ve put together a whitepaper that explores each of these issues in detail and provides insights into how you can overcome them. By downloading this whitepaper, you’ll learn the importance of:
- Setting clear goals and objectives for your transformation project
- Planning and preparing effectively to ensure a smooth transition
- Fostering effective communication and collaboration across your organization
- Addressing resistance to change head-on and make it a positive force for transformation
- Tackling technical challenges and ensuring they don’t derail your project
- Building the necessary expertise and experience to drive success
- Approaching your transformation as a journey, not just a project
- Avoiding common mistakes associated with treating transformation like a technology project
- Ensuring you re-engineer your processes to fully realize the benefits of transformation
- Establishing strong governance and oversight to ensure success
Don’t let the “People Problem” hold you back from achieving your transformation goals. Get the Whitepaper now to gain valuable insights and practical tips on how to succeed. Just enter your name and email address below and we’ll send the whitepaper straight to your inbox.
Gain insights from real-world banking transformations—what works, what doesn’t, and how to ensure success in your own transformation journey.
What You’ll Learn
- The real reasons most core banking transformations fail—based on real-world industry insights.
- Why technology is rarely the issue—and how leadership, planning, and execution make the difference.
- How to create a realistic transformation plan that minimizes risk and increases success rates.
- Key mistakes banks make when engaging vendors—and how to avoid them.
Ensure Your Core Banking Transformation Succeeds
Download the Whitepaper Today