Part 2 – Project planning for Financial Institutions merging together

By - May 4, 2016

In the previous blog post around project planning for financial institutions, we detailed the history of two organizations merging to better serve their customer base and meet regulatory requirements. Bank B operates in a largely manual environment, they have few employees which have made regulatory compliance difficult the past few years.  Bank A’s management team will stay in place and Bank B will be converting to Bank A’s core application.

Following development of the project plan and methodology, we started to work on three different fronts to meet the project timeline:

  1. Integration – The project plan is being implemented, multifunctional teams are meeting to start working through the differences between the institutions to complete the account prep work in advance of the core conversion. Much of the work is focused on maintaining the appropriate culture for the customers and staff, to not lose focus on the core values of the Bank
  2.  Process assessment – The merging of policies and processes provides an opportunity to review the, “way we’ve always done it,” and determine the best way for now. Even though typically one bank will be changing core applications there are often processes that can be accepted. Meeting with each of those involved in the processes beginning to end, will allow for a better understanding of dataflow, bottle necks, gaps and ultimately inefficiencies. It is a good practice to take the best from both institutions to build unity and acceptance across the new team.
  3. Organizational assessment – As part of merger the bank is taking the opportunity to update job descriptions and is aligning staff in more of a, “universal server,” and shared services model. Often during a time of merger it provides the ability to make changes that have been desired and/or create greater efficiencies. For this bank a few staff members are choosing to retire vs. learn a new core application, necessitating a different model to continue operations effectively.

By working multiple work steams simultaneously it allows the institution to meet the required timelines and build a sense of unity more quickly building a single team.  In part 3 of this blog series, we will discuss the core conversion. To learn more about how RSM can assist you with your other business needs, contact RSM’s management consulting professionals at 800.274.3978 or email us

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