The first step in selecting/implementing or re-implementing a core banking system is to analyse the business requirements of the organisation and to deliver a Business Requirements Review.
If the envisaged implementation is as a result of a merger, then typically, the requirements analysis will build upon Due Diligence documentation. If it is as a result of a material change in business conditions, then in all probability a Strategic Review will precede the business requirements analysis. If the bank´s legacy system is simply obsolete, then SOFGEN consultants invariably commence this activity from scratch.
With over 150 consultants originating from 30+ countries, SOFGEN business consultants are able to cover nearly all aspects of the banking business. Typically, a requirements gathering exercise will be conducted involving interviews with each department and business area covering the following:
In addition to functional requirements covered immediately above, the requirements analysis also covers the following more technical areas:
Where the requirements extend to an entire banking organisation, a multi-site and/or multi-country rollout template is used which augments the Business Requirements Review.
The importance of a detailed and high quality Business Requirements Review cannot be overstated; it costs between 50 and 200 percent more to repair an error or omission in the later stages of an implementation project than if the initial analysis and subsequent design had been correct. Drawing up a comprehensive picture of all current and future business and technical requirements provides a blueprint for the implementation team to ensure that all project considerations were accurately detailed from the outset.