Technology Modernization and Optimization Solutions for Banking and Financial Service Firms

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In this article, we are going to share some of our best advice based on the vast experience we have accumulated working with several banks like TD Bank on multiple mergers and integrations.   After any major M&A transaction, getting to the post-close finish line within a period of time everyone has agreed to is a major challenge.

Defining the ‘finish line’ in terms of quality and scope is often half the battle. What ends up inevitably happening is that scope is cut, and quality can be compromised to meet the deadline. The “Day 2” list grows throughout the implementation and is left to be dealt with after Go-Live. Everyone then wants to do more with less, cut costs, and focus on creating and realizing the transaction’s value.

That’s the focus of our conversation today, and how important it is to focus on post-close, post-transaction modernization and optimization after a large-scale merger, acquisition, or divestiture (MAD). There’s a lot more ‘value’ waiting to be unlocked and realized.

Here are just some of the benefits:

 

  1. Reduced Costs: By modernizing and optimizing the technology landscape, efficiency can be improved, and costs reduced.  In a merger integration, the key is deciding whose technology is best suited to meet future goals and objectives, or if it is better to design and build out a brand-new technology stack.
  2. Increased agility: Modernizing and optimizing a technology landscape can help companies become more agile and responsive to changing business needs. This can be especially important when banks need to adapt quickly to new market conditions.
  3. Stronger security: New security risks can be created as IT systems are merged and new systems are put in place. By modernizing and optimizing their technology landscape, companies can improve their security posture and reduce the risk of various data breaches as listed by CloudSecureTech.
  4. Improved customer experience: Modernizing and optimizing a technology landscape can help companies provide better customer experiences by enabling them to deliver services more quickly and efficiently.
  5. Reduced complexity: IT environments are often wide and complex, after years of legacy “pile-up” that is difficult and expensive to manage. By modernizing and optimizing their technology landscape, banks can reduce this complexity, make it easier to manage their IT systems and reduce ongoing costs.

 

Technology Modernization and Optimization Solutions for Banking and Financial Service Firms
Technology Modernization and Optimization Solutions for Banking and Financial Service Firms

 

Two of the most effective solutions we have developed and deployed for our clients at 1Rivet to modernize a technology landscape are Robotic Process Automation (RPA) and Machine Learning (ML). We’ll dive into those topics in more detail in future articles.

If your organization has just gone through a major transaction or digital transformation, or if you’re just looking to modernize and optimize your technology landscape to cut costs and fundamentally run a more efficient front, middle, or back office, let’s talk about how 1Rivet can leverage our years of experience working with banks to help meet and exceed your business needs today.

About

Derek Swank

A global delivery executive, Derek has nearly 15 years experience as a client services and engagement lead across a variety of industries including financial services, energy services, automotive and technology.