Client story

Re-energizing a core banking transformation program

  • Strategy & Transformation

A banking transformation success story

UK bank had ambitious growth plans, but its legacy core banking platform presented challenges to scaling and innovation. It had limited scalability, higher maintenance costs, and constraints in integrating with emerging technologies. Manual processes introduced operational inefficiencies and increased compliance complexity. With third-party support nearing end-of-life, the operational risk of staying put was growing.

Meanwhile, banking competitors were differentiating through real-time data, advanced analytics, and superior digital experiences that the client was eager to match through transformation. This led to the Board making the strategic decision to undertake a foundational transformation to enable digital innovation and future growth by migrating all customers and their accounts to a new, agile platform.

However, the complexity of the transformation surfaced as the program progressed. The program was facing delivery challenges, including delays, budget pressures, and the need for more structured implementation planning. Business engagement needed strengthening, delivery resources were under pressure, and supplier collaboration required renewed focus. The transformation needed a reset to realize its full potential.

Re-energizing the re-platforming program  

To support the next phase of delivery, the bank brought in Wavestone to stabilize the program and guide it toward successful execution.

Our approach focused on four key pillars:

We began with a comprehensive program review and established a revised plan, budget and delivery approach. This helped reframe the program’s objectives and secure renewed sponsorship from the C-suite – critical for enhancing credibility, accelerating decision-making and driving momentum. At the same time, we worked to enhance collaboration with the third-party supplier. Through consistent engagement, clear governance, and pragmatic issue resolution, we re-established alignment and enabled more effective joint delivery.

 

The outcome

The results were transformative.

The bank successfully migrated all customers to the new platform with a smooth customer experience throughout. The program was delivered within the revised budget and timeline, with a clear Day 2 plan handed over to internal teams.

Beyond technical success, the engagement enhanced the bank’s change delivery capability and strengthened its internal delivery capacity – positioning it to optimize operations, accelerate innovation, and continue its transformation journey with confidence.

Following the successful delivery of the program, we interviewed our sponsor to reflect on the engagement. They praised the team’s ability to take control quickly, deliver under pressure, and work collaboratively with internal teams – highlighting the quality, integrity, and impact of the individuals involved.

Following the successful delivery of the program, we interviewed our sponsor to reflect on the engagement. They praised the team’s ability to take control quickly, deliver under pressure, and work collaboratively with internal teams – highlighting the quality, integrity, and impact of the individuals involved.

Chirag Soree, Senior Manager, Wavestone