Gartner Research

Core Banking Renewal: Use This Readiness Maturity Model to Avoid Program Failure

Published: 13 March 2015

ID: G00264382

Analyst(s): Don Free , Alec Dicks , Steve Monahan

Summary

Most banks unknowingly place their core banking program at risk of failure following board approval. CIOs need to slow down and assess their project readiness before proceeding further or risk extensive time and cost overruns of 25% and higher.

Table Of Contents
  • Key Challenges

Introduction

  • Critical Success Factors

Analysis

  • Sustained Business Sponsorship and Ownership of the Core Banking Renewal Program Are Pivotal to Success
  • Functional Decision Making and Program Governance Processes Are Critical to Avoid Delays, Cost Overruns and Program Fatigue
  • Banks That Don't Possess the Skill Sets and Experience for Core Banking Program Management Should Perform an Expansive Search for Contract Hires
  • Identify Core Banking Program Resource Roles, Time Commitment and Relative Time Frame to Assess Contract Help Requirements
  • Manage Internal Culture by Performing Aggressive Organizational Change Management to Lessen the Impact of the Core Banking Program
  • Don't Let the Approved Business Case Gather Dust — Actively Manage the Business Case Throughout the Core Banking Program
  • Appendix

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