Phase I of the Core Transformation Journey: Starting Out
The expected benefits of core systems modernization - agility, integration, efficiency and reduced maintenance costs - should make it an easy sell. But in reality, executive leadership is often caught up in an intractable analysis of risk versus reward. How can operational teams present a convincing case for core systems transformation that will justify both its considerable cost and risk? And having secured approval, how can they bring all key stakeholders, in whom the responsibility of implementation actually vests, on board? To be compelling, the core systems proposition must address the major concerns of the bank's top management in the following ways: show that it is supportive of long term strategy, justify the cost through ROI analysis and plan for managing organizational change.