Client Background
A leading Islamic bank in the Middle East sought to revolutionize its core banking operations, transitioning from a legacy system that had been in place for over two decades. The bank required a sophisticated, cutting-edge system equipped with over 1000 pre-defined processes, tailored Islamic financing modules, and robust automated risk governance features to meet the evolving needs of its clientele.
Cedar’s Expert Approach
With over 25 years of experience in core banking transformations, Cedar employed its unmatched expertise to provide comprehensive governance assistance and strategic workstream coordination. This involved establishing various regular governance forums, in-depth risk monitoring, strategic Management reporting and immaculate planning, , ensuring the successful deployment of the new core banking solution. Regular progress updates were communicated to key bank executives (the CIO, CTO, & the CEO), maintaining transparency and strategic alignment between Management and Working Group across 20+ business units, throughout the project.
Strategic Implementation and Governance
Leveraging its industry-leading Project Management and Governance Framework, Cedar orchestrated a meticulously planned and executed rollout:
- Strategic Planning: Aligning the core banking system upgrade with the bank’s long-term strategic objectives.
- Stakeholder Engagement: Maintaining continuous involvement and feedback from all stakeholders to ensure alignment and address concerns promptly.
- System Customization and Seamless Integration: Overseeing the design and integration of the new system to ensure it delivers optimal performance and meets specific Islamic banking requirements.
- Efficient Data Migration and Thorough Testing: Managing the complex data migration and extensive testing phases to ensure the integrity and functionality of the new system.
- Comprehensive Training and Change Management: Facilitating user adoption through targeted training sessions and change management strategies.
- Robust Go-Live and Support Frameworks: Implementing robust go-live procedures and providing ongoing support to guarantee smooth operations post-deployment.
Benefits
Cedar’s strategic advisory and deep-rooted expertise enabled the bank to accelerate its core banking system implementation, achieving full operational status within 27 months. This rapid deployment was a direct result of Cedar’s ability to efficiently consolidate and prioritize business requirements across all bank functions. The new system has significantly advanced the bank’s Islamic banking services, enhancing its capacity for risk management and improving customer satisfaction.