The challenge
Our client, a UK retail bank, was divesting from another bank to set up as a bank in their own right. Their objective was to migrate all customer accounts and implement their own Debt Manager system (using a newly released version) within an 18-month timeframe. The project was highly complex due to their multi-brand, customer-centric operating model, the need to minimise disruption to BAU activities, and the requirement to maintain a like-for-like process from day one.
The solution
Over an 18-month period, our subject matter experts were deployed across various key stages of the project. Our team:
- Reviewed the current Debt Manager system set up and rebuilt it in the new environment, whilst remaining as close to original business processes as possible.
- Provided strategic consultancy and advisory to the Debt Manager System owner.
- Built a migration strategy using a bespoke programme to place accounts from the original bank to new bank, making it look like they had always been there.
- Provided state-to-state mapping for 60,000 accounts to be migrated over.
- Advised and worked on business design, build, test, implementation and post-support.
The results
- The full range of accounts (billing, ATM, etc) were cut over in a single weekend.
- No business process impact for customers in Debt Follow-Up.
- 99.8% of 60,000 data successfully placed, leaving 0.2% (120 arrears accounts) to be manually migrated.
- The Client had no internal team with the capability to carry out the divestment project. Arum was able to provide an in-house resource from day one through to post extraction, delivering both best practice strategy/oversight and hands-on operational activity.
- Knowledge transfer from Arum staff to the client team.
- Major change project completed on time and on budget.
- Set up fit for purpose future proofed operation.
- Client now able to continuously adapt processes and systems to support business priorities and meet operational demands.