Mergers and Acquisitions have always been of significant importance in shaping the Financial Services industry. A merger of two financial institutions has always been an intricate process, which includes the aggregation of organization structures, business processes, IT systems and cultural shifts. These challenges are more eminent in the Banking sector because the success of merging Banks entirely depends on the efficient integration of business processes and IT systems.
Why is IT System Integration critical in Mergers and Acquisitions?
The backbone of a successful bank merger is the seamless integration of IT systems and business processes. To reduce problems arising out of differences in business segments and domain-related IT setups, banks should plan for the following during merger:
- Identify critical domains that may need quicker implementation during the merger and plan for adequate resources.
- Integration cost is based on the complexity of domains of the merging banks hence they should plan for such costs in advance.
- Map overlapping processes between merging banks to identify duplicate roles to rationalize.
- Rationalize applications by identifying similar or overlapping functions.
- Retire applications of lower business value, retain applications of highly critical nature and Re-engineer outdated applications.
Why Go-Live Faster?
At Go-Live Faster we help our clients ensure that they stay on track using a combination of domain knowledge, ready-made assets, automation, and domain-focused associates.
We support financial institutions in the following areas:
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