Case Study: Banking Transformation — Cash Management Migration at Scale

Overview

A leading Australian bank sought to boost its liquidity by migrating clients from an outdated investment trust product to a modern, on-balance-sheet cash account. The initiative required the migration of over 500,000 accounts and nearly $10B in funds, while consolidating 45 interconnected systems.

Transformativ was engaged to provide program leadership, ensuring the migration was executed with precision, regulatory compliance, and zero tolerance for operational errors.

The Challenge

• Scale & Risk: Migration of $9.6B across 500,000+ accounts.

• Complex Architecture: Updates to or decommissioning of 45 systems.

• Regulatory Scrutiny: High visibility with auditors and regulators due to systemic risk.

• Stakeholder Complexity: Required coordination across wealth divisions, external advisers, and clients.

Such large-scale migrations reflect a broader global challenge for banks: modernising platforms while maintaining customer trust and meeting liquidity requirements (BCG Global Wealth Report 2024).

The Approach

1. Detailed Migration Planning

• Built a blueprint for extracting, transforming, and loading 500k+ accounts.

• Executed phased migration (pilot → larger waves).

• Applied rigorous reconciliation at every stage to ensure accuracy.

2. System Consolidation & Process Simplification

• Updated 45 interfacing systems and decommissioned legacy platforms.

• Redesigned processes (e.g., account opening, statements) to remove inefficiencies.

• Reduced long-term IT complexity and costs.

3. Cross-Functional Taskforce

• Mobilised 300+ staff across IT, operations, risk, and finance.

• Daily “war-room” coordination during critical migration weekends.

• Central program office for real-time issue resolution.

4. Stakeholder & Client Communication

• Worked with adviser networks to prepare clients for migration.

• Delivered clear customer communications on benefits and timelines.

• Established helplines and dedicated post-migration support.

This risk-based approach mirrors best practice in financial services migrations (PwC: Divestitures & Carve-outs).

The Outcome

• Liquidity Boost: Migrated $9.6B onto the balance sheet, increasing deposits by 35% and strengthening the bank’s funding base.

• Financial Impact: Contributed $88M additional profit in the first year through higher net interest income and cost savings.

• System Simplification: Reduced operating costs by ~20% through consolidation and automation.

• Customer Benefits: Delivered a modern account with online access, simplified fees, and competitive interest rates.

• Zero Incidents: No fund losses, regulatory breaches, or customer attrition beyond expectations.

Auditors and regulators commended the program for its precision and governance — a rare achievement for migrations of this scale. The success gave the bank confidence to pursue further digital transformation initiatives, demonstrating that even high-risk transitions can become platforms for growth.

These outcomes align with industry insights that stress operational resilience and customer-centricity in banking transformations (Oliver Wyman: State of Financial Services).

Insights & Lessons

1. Phased migration reduces risk. Testing with pilot groups safeguarded the broader program.

2. System simplification pays dividends. Consolidation drove efficiency and long-term savings.

3. Stakeholder trust is earned through communication. Advisers and customers embraced the change when benefits were clear.

4. Zero-tolerance execution is possible. Precision planning and real-time oversight ensured success.

Key Highlights

• 500,000+ accounts and $9.6B migrated seamlessly

• Liquidity base increased by 35%

• $88M profit uplift in year one

• 20% operating cost reduction

• Zero operational or regulatory incidents

Large-scale migrations are high-risk undertakings. This case shows they can be delivered with precision, boosting liquidity, profitability, and customer trust.

At Transformativ, we bring the program discipline, risk management, and execution excellence needed to deliver migrations that enable growth without disruption.

👉 Learn more about our Banking & Payments Transformation Services.