The client is one of the leading regional banks in southeast U.S.
With more than 240 branches and ATMs, the bank caters to individuals, small businesses, and entrepreneurs in Alabama, Florida, Georgia, North Carolina, South Carolina, and Virginia. Since 2017, the client acquired several financial firms, making it the third among banks with under $100 billion in assets.
The mergers and acquisitions significantly expanded bank’s market presence but also necessitated a unified enterprise payments strategy (EPS) to effectively integrate diverse systems and customer bases. This streamlined strategy was vital for leveraging new technologies, improving customer experience, and maintaining a competitive edge in the evolving financial landscape.
It turned to Persistent to help it establish an EPS function, strategically positioning itself as an innovative and customer-centric financial institution. This function and its strategy would not only address the operational and integration challenges, but also position the bank as a leader in the competitive financial services market, offering cutting-edge payment solutions that meet the needs of a diverse and expanding customer base.
Persistent brings domain expertise and technology leadership to the vision board
Leveraging its deep domain and technology competency, and a rich engineering heritage in the payments space, Persistent embarked on a strategic journey with the bank to overhaul its EPS. The initial phase involved deploying a sophisticated framework that not only streamlined operations but also laid the groundwork for a strategic roadmap tailored for an effective EPS execution. This foundational step underscored the importance of a disciplined approach, enriched by Persistent’s technological prowess, to navigate the complex landscape of modern banking solutions. Through a meticulous analysis that tapped into Persistent’s insights into the existing payments ecosystem, team dynamics, and technological capabilities, a robust plan for transformation was set in motion.
With a comprehensive EPS framework in place, Persistent harnessed its engineering expertise to address critical areas such as talent acquisition, governance, strategy formulation, and execution models. This was done with an eye on the future, incorporating advanced technology solutions that anticipated and prepared for emerging trends in the payments industry. The collaboration between Persistent and the EPS team led to the creation of a strategic roadmap that was not just aligned with current market trends and customer needs but was also deeply integrated with the bank’s long-term goals. Persistent’s technological acumen played a pivotal role in ensuring the roadmap was both innovative and achievable, setting new benchmarks for success in the banking sector.
Persistent’s commitment to excellence was further demonstrated through tailored training programs and workshops designed to elevate the EPS team’s proficiency in payments innovation, risk management, compliance, and emerging technologies. By infusing its technological expertise into these initiatives, Persistent ensured the team was well-equipped to lead in a rapidly evolving payments landscape. Moreover, Persistent’s emphasis on cross-departmental collaboration fostered a culture of unity and innovation, ensuring that the EPS function seamlessly integrated with other key business units within the bank. This holistic approach, powered by Persistent’s technology competency and engineering legacy, not only transformed the bank’s payments operations but also set a new standard for innovation and efficiency in the banking industry.
Established a cohesive enterprise payments strategy marked by strategic alignment and execution efficiency
Delivering Client Value
Improvement in Customer Onboarding Efficiency
- The enhanced system is designed to improve customer onboarding efficiency by 30% by reducing the time it takes for new customers to fully engage with the bank’s services.
- Reduction in System Downtime: Upgrades were aimed at reducing system downtime by around 25%, reflecting the benefits of more robust technology solutions and redundant systems configured to handle higher loads.
- Increase in Digital Transaction Volume: This strategy intends to boost digital transaction volume by approximately 20% based on anticipated higher user adoption driven by improved digital services and interfaces.
