Thanks to years of experience with both banks and corporates, Enigma Consulting is the ideal partner to support companies in migrating from their existing bank(s) to one or more (new) banks.
The catalyst for bank selection can vary from an existing bank’s departure from a country in which a corporate is active, to a corporate’s decision to review its banking landscape and transfer activities with existing banks to another bank.
Our approach consists of the following 3 stages:
Ascertaining the As-Is and To-be situation.
Which products exist? What systems and existing contracts are in place? Subsequently, the to-be-situation is determined. We consider what products the company needs from a new bank and what the corporate’s strategy is. We also examine the company’s vision for the future and what opportunities exist for the banking sector to support these. This is all included in a report that serves as the basis for the whole migration process. Indirect optimisation gains that can be made are also considered.
New corporate bank
The selection of a new corporate bank takes place during this stage. That is done by means of a business analysis. To establish a solid foundation, we first ascertain the requirements in consultation with the knowledge owners in the organisation. In addition, we can add benchmark information, success and evaluation criteria and specific bank information to this thanks to our experience. This facilitates the process of a RFI through to contracting, which revolves around 6 focus areas. There needs to be a fit in terms of corporate expectations and what banks have to offer in respect of both commercial, geographic, technical and cultural aspects, as well as product range and implementation support.
A unique aspect of Enigma’s approach is support throughout the whole process. We also support actual implementation of the new corporate bank. But the peripheral elements, such as client communications, amendments to contracts, regulations and procedures are just as important. We always include these in our implementation programmes.
A phased approach, with continual support and documenting of expectations, ensures acceleration of the bank selection and migration process. Experience has shown that this produces a significant improvement across a corporate’s entire banking product portfolio.