Core banking transformation case study
A new core banking platform, live in nine months.
A leading Australian bank, traditionally an investment bank, set out to enter retail banking and replace its fragmented core systems in a $300M program, the largest project in its history. Transformativ provided program leadership. The new core banking platform went live in nine months, the world's fastest SAP core banking rollout at the time, with more than 30 systems integrated and the first release delivered within its $61M budget. It gave the bank its first real-time payments and card capability.
to a live core banking platform
program, the largest project in the bank's history
systems integrated, including payments and card networks
product release cycles, cut to roughly three months
people, mobilised from a starting team of 15
The world's fastest SAP core banking rollout at the time: a $300M program across 450+ people and 30+ integrated systems.
An investment bank entering retail banking
A leading Australian bank that had built its business in investment banking set out to become a digital retail bank. Doing that meant launching real-time retail products, starting with a transaction and savings account, on a modern core platform, when its existing systems were fragmented, its time to market was slow, and its appetite for risk in a high-stakes cutover was low. The program became the largest project in the bank's history.
How do you de-risk a core banking transformation under regulatory scrutiny?
The bank had to stand up a modern, real-time core and launch retail banking for the first time in the same program, under close scrutiny and with zero tolerance for customer disruption.
- Legacy technology: a fragmented estate with limited real-time capability, unable to support modern retail products.
- Speed to market: a history of slow product delivery, when entering retail banking demanded speed.
- Scrutiny: the largest project in the bank's history, overseen at the most senior level.
- Integration: a new core that had to connect to more than 30 systems, including payments and card networks, and cut over safely.
What Transformativ did
Set the roadmap and the governance
A five-year roadmap built around a value-dense first release, the transaction and savings account, with a C-level steering cadence and risk forums with the bank's executive group. Transformativ's program director managed the global implementation partners and mobilised the program from 15 people to more than 450.
Proved speed with a four-week proof of concept
A four-week proof of concept, built around a business banking term deposit, proved the team could move fast. Agile and design thinking then scaled across cross-functional squads, and product release cycles fell from 18 months to roughly three.
Implemented the new core with a parallel run
SAP core banking became the new backbone for deposits, integrated with more than 30 systems, including payments and card networks, to give the bank its first real-time payments and card capability. A parallel run and high-fidelity test harnesses made the cutover safe.
Delivered within budget
The first release was delivered within its $61M budget across more than 30 systems, and the program was commended by leadership, staff, consultants and vendors for its mobilisation and results.
Prepared people and customers
Front-line and operations training, clear customer communication about the new accounts, and hypercare with service guardrails after go-live.
A new core platform, live in nine months
The new core banking platform went live in nine months: the world's fastest SAP core banking rollout at the time, for a transaction and savings product. The first release was delivered within its $61M budget, and the bank launched its first real-time retail transaction account and debit card.
- Speed: a live core in nine months, the world's fastest SAP core banking rollout at the time.
- Budget: first release delivered within a $61M budget.
- Market entry: the bank's first real-time retail transaction account and debit card, and its first real-time payments and card capability.
- A lasting shift: release cycles cut from 18 months to roughly three, with agile delivery embedded so new features kept shipping after launch.
Lessons for core banking modernisation
Three lessons from this program apply to any bank modernising its core.
- 01
A value-dense first release builds momentum.
Launching a real product early created confidence in a high-risk program, with the board and with the teams.
- 02
Prove the pace before you scale it.
A four-week proof of concept showed what was possible, and executive backing let it scale.
- 03
A modern core unlocks growth.
The new platform made rapid product innovation possible after launch, well beyond the first release.
Common questions about core banking transformation
It depends on scope and on how much is delivered in the first release. In this program, a new core banking platform went live in nine months, the world's fastest SAP core banking rollout at the time, as the first release of a five-year roadmap.
Start with a value-dense first release, prove pace with a short proof of concept, run a parallel run with high-fidelity testing before cutover, keep C-level steering and risk forums with clear decision rights, and prepare staff and customers well before go-live.
Replacing the core platform that holds accounts and transactions, integrating it with every system around it (payments, cards, channels and reporting), moving products and customers onto it safely, and changing how teams build and release products so the bank can keep innovating after go-live.
Know where your program stands before the next dollar goes in.
Five minutes. A scored baseline against twenty years of programs.
Figures are stated as at the time of delivery. "Fastest" refers to SAP core banking rollouts for a transaction and savings product at the time.