Client Situation
Our client is one of the leading banks in Kuwait with a network of 31 branches and two overseas branches in UAE. The bank has an asset size of around USD 15billion. The bank operates across retail, wholesale, treasury, and capital markets segment. The client was looking to undergo a complete technology transformation across various systems used in the bank as part of its strategic initiatives. The key drivers included simplification of banking processes, unifying the architecture, and refreshing its technology.
Cedar’s Approach
The bank had mandated Cedar to assist them in selection of the Core Banking system and subsequently in the implementation of the selected system.
- Reviewed the current state architecture of the bank to identify the scope for the evaluation across 40+ applications.
- Developed the business requirement specifications of 5000+ requirements and the RFP for circulation to the shortlisted suppliers.
- Reviewed the responses from suppliers to further shortlist for the demo evaluations across 4 suppliers.
- Conducted product demonstrations and evaluated suppliers across functional, technical and supplier capabilities.
- Conducted a detailed commercial analysis and reference site feedbacks.
- Provided a strategic recommendation to the bank on the supplier to be selected.
- Assisted the bank in the implementation of the selected Core banking system.
- Assisted the bank in the selection of a middleware and testing partner across 4 suppliers each.
Outcome
Assisted the client from the initial reviews to a successful go live of the core banking system. The results included
- Finalised the scope of the selection of the core banking system across functional and technical requirements.
- Evaluated 4 suppliers across different parameters to arrive at a best fit supplier for the bank.
- Provided insights to help the bank with the commercial negotiation during the selection.
- Developed a program charter for the governance of the project across 2 countries Kuwait and UAE).
- Coordinate across multiple suppliers, stakeholders, and teams during the implementation.
- Assisted in PMO activities across requirement gathering, migration (10 rounds), testing (functional and non-functional covering 10 rounds and 100,000+ testcases), integration, business simulations(4 rounds), go live readiness assessment and final cutover across 2 days.
- We made strategy and innovation work.