CASE STUDY: CUSTOMER BANK
Verinext provided a core-financial software upgrade and assured compliance with federal regulations.
ABOUT CUSTOMER BANK
Customers Bank serves small-and medium-sized businesses, professionals, and families with branches and offices across the US.
Customers Bank is dedicated to providing exceptional value, service, and convenience in an effort to achieve an overall effortless banking experience. We get you further, and faster by providing every customer with a single point of contact. A dedicated team member who’s committed to meeting your needs today and tomorrow.
INDUSTRY: Financial Services
LOCATION: West Reading, Pennsylvania and other locations across the US
WEBSITE: customersbank.com
Customer Bank’s “high-tech, high-touch” approach to banking enables the institution to deliver a superior selection of products and services.
THE CHALLENGE
Provide a senior project manager to help prepare for a significant core-financial software upgrade.
Customer Bank needed overall management to upgrade the core software, that is the system that executes all major functions, including managing customer transactions, powering all mobile banking interactions, and assuring compliance with federal regulations. In short, the core software is a bank’s digital lifeblood.
Customers Bank already had a talented IT and Operations staff, however, they sought a seasoned, senior project manager to guide them through the upgrade and assure the software implementation—and any associated tasks—would adhere to all deadlines and budget constraints.
Partnering with Verinext guaranteed that these unique project management and skill requirements would be satisfied.
“We have some of the best SME’s (Subject Matter Experts) working here at Customers Bank. The gap we had to fill was the overall management of the different workstream projects for this monumental task.” -Jennifer Frost, EVP & Deputy CAO, Customers Bank
We needed a partner such as Verinext to bring in a strong program management plan and manager for the entire core conversion.
“We all had our day jobs, and now the team was faced with this enormous software conversion project. This is why we needed extra support to help us manage the process. Customers Bank has SME’s in-house, but we needed help staying organized and coordinating with the project’s many vendors. This is where Verinext provided tremendous value”
– Jennifer Frost, EVP & Deputy CAO, Customers Bank
THE SOLUTION
Verinext assisted in digital business modernization to empower clients to boost workforce efficiency through next-generation technology solutions.
Once embedded in the Customers Bank team, Verinext’s project manager handled countless invaluable activities, including overseeing third-party vendor deliverables, managing project plans and associated processes and structures, as well as mentoring members of the Customers Bank team.
The conversion project was daunting: thirteen unique workstreams that involved core business functions such as deposit operations for commercial business, as well as cash management services. To complicate matters, each workstream contained an additional five to fifteen individual projects that included online and mobile banking telephone and ATM services.
“The presentation throughout the project, especially at the go-live moment, was flawlessly executed. Verinext never took the stance of a consultant. They instantly became an integrated partner and were invaluable in the success of this project”
— Jennifer Frost, EVP & Deputy CAO, Customers Bank
Success Highlights
- Handled project deliverables to maintain timeline parameters and budget
- Provided risk-assessment plans
- Oversaw testing and go-live activities
- Managed and resolved any post-conversion issues
THE RESULTS
Customers Bank was impressed with the guidance, expertise, and input of Verinext’s project manager.
Verinext also helped Customers Bank identify deficiencies associated with the original core software in order to avoid them in the newly developed system. Following the conversion, Customers Bank consolidated everything to a single vendor; the benefits of the move were immediately evident to the bank’s senior management.
“Verinext never took the stance of a consultant. They became an integrated partner and were invaluable in the success of this project. This is what made us very happy about working with them. They helped us facilitate and maneuver through some very difficult situations.”
—Jennifer Frost, EVP & Deputy CAO, Customers Bank