The Challenge
A leading US bank initiated the acquisition of a large regional bank to grow its market share and consolidate its position as a top 5 bank.
The two banks faced several challenges as they embarked on the integration, including a divergent technology environment, overlapping products, and non-standard manual processes. The acquisition also came at a time when the financial markets were volatile.
Project Description
The Further Advisory team worked closely with executives from both banks to coordinate and plan the integration process for the bank’s commercial division. This involved a cross-functional team of business leaders, product owners, vendors, suppliers, subject matter experts, technology delivery teams, and program managers across both banks.
This complex undertaking encompassed the mapping out of the steps and milestones required for success technology integration, product migration, program team alignment, and well-received communications by employees and other stakeholders.
Outcomes Delivered
- Integration Program Plan: The Further Advisory team defined and prioritized the scope of functional areas subject to integration and developed a comprehensive plan for integrating the products, operations, and technology of the two banks. The plan outlined the step-by-step processes, detailed timelines, and resource transition.
- Pre-Legal Day 1 Resource Planning: We identified key resources to implement the integration plan across technology, data, process, and products and facilitated cross-functional collaboration across an integration team of internal stakeholders, external consultants, and subject matter experts.
- Communication and Stakeholder Management: Effective communication of the integration plan by our team to employees, vendors, and other key stakeholders helped to mitigate any concerns or uncertainty about the acquisition and built trust throughout the integration process.
