Client Situation
A premier Bahrain bank embarked on a strategic initiative to setup its online banking services in the Kingdom of Saudi Arabia (KSA) as a Greenfield project. The bank’s steering committee identified a leading technology provider as the optimal solution for their KSA entity needs. To refine and implement this solution, the bank sought Cedar’s expertise to identify best-fit technology hosting option, set of features to commence Corporate Online Banking in KSA and Design of Business Case.
Cedar’s Approach
Cedar deployed parallel tracks to run functional track separate to run discovery workshops with Bank stakeholders across regions and technical track to review hosting options. This included thorough validation of requirements and facilitating key decisions and action steps essential for successful implementation. Cedar’s involvement extended to reviewing and redesigning the current channel architecture, culminating in the development of a future-oriented model alongside a comprehensive business case.
Key Phases of Implementation
- Discovery Assistance: Cedar organized and led requirement-gathering workshops to confirm comprehensive capture of business needs by the channel, core, and middleware vendors. Cedar also provided advisory support to align these requirements with market standards and industry best practices.
- Technology Model Design: Cedar conducted a thorough review of the existing deployment architecture for the bank’s KSA branch online banking platform. This review focused on infrastructure and resourcing from both implementation and operational standpoints. Cedar explored various options including centralization with headquarters-hosted infrastructure and local implementation in KSA, either on-premises or on SAMA-approved cloud services.
- Business Case Development: Cedar compiled vendor-submitted commercial estimates and crafted a detailed business case that evaluated both capital and operational expenditures. This analysis aimed to project the Return on Investment (ROI) for the KSA branch initiative, highlighting potential financial benefits.
Outcomes and Strategic Benefits
Through the strategic guidance provided by Cedar, a bank successfully overhauled its online banking services, with significant advancements tailored to the needs of the Saudi Arabian market. The meticulously organized discovery workshops and advisory support ensured that all operational requirements were aligned with industry best practices, creating a robust foundation for deployment.
The comprehensive business case development, informed by detailed commercial estimates, provided a clear projection of the Return on Investment (ROI), empowering the bank to make informed investment decisions. The newly designed system architecture, which facilitated centralized management of operations across the bank’s network, not only streamlined processes but also maximized cost efficiencies and operational synergies, positioning Premier Gulf Bank at the forefront of digital transformation in the banking sector.