SET UP OF A NEW CHALLENGER BANK

Customer type: large Dutch private bank

Challenge: set up a new fully digital savings bank within 9 months

Approach:

• governance: project lead directly reports to COO
• select software vendors that have already done this and that have successfully delivered joint projects before
• use standard software, don’t customize
• have a small experienced project team that spends 100% of their time on the project
• have the project team write all product documentation, user guides,…

Result:

• the bank opened after 8 months, the project was delivered within budget
• as the bank was built on standard software and as the processes were designed around the standard available functions and features, the bank had a low cost system that was easy to maintain at minimal cost