Anexinet + Veristor

Customers Bank Case Study

Customers Bank

Anexinet’s Financial Software Upgrade Management Pays Dividends for Customers Bank

The Company

Customers Bank is dedicated to providing exceptional value, service and convenience in an effort to achieve an overall effortless banking experience. The organization’s "high-tech, high-touch" approach to banking enables the institution to deliver a superior selection of products and services. With $11.1 billion in assets as of June 30, 2018, Customers Bank serves small-and medium-sized businesses, professionals, and families with branches and offices from Boston to Philadelphia.

The Challenge

Customers Bank was preparing for a significant core-financial software upgrade. A bank’s core software is the system that executes all major functions, including managing customer transactions, powering all mobile banking interactions, and assuring compliance with federal regulations. In short, the core software is a bank’s digital lifeblood.

From 2007 to 2015, Customers Bank grew from $250 million to $10 billion in assets. As a result, the bank needed to retool the core system, and in 2016, it made the strategic decision to perform the necessary adjustment.

Customers Bank already had a talented IT and Operations staff, however they sought a seasoned, senior project manager to guide them through the upgrade and assure the software implementation—and any associated tasks—would adhere to all deadlines and budget constraints. Partnering with Anexinet guaranteed that these unique project management and skill requirements would be satisfied.

We have some of the best SME’s (Subject Matter Experts) working here at Customers Bank. The gap we had to fill was the overall management of the different workstream projects for this monumental task.
“We needed a partner such as Anexinet to bring in a strong program management plan and manager for the entire core conversion.”

– Jennifer Frost
EVP & Deputy CAO, Customers Bank

The Solution

Anexinet specializes in digital business modernization and empowers clients to boost workforce efficiency through next-generation technology solutions. Anexinet estimated it would take about a year to complete the FIS software product conversion.

Once embedded in the Customers Bank team, Anexinet’s project manager handled countless invaluable activities, including overseeing third-party vendor deliverables, managing project plans and associated processes and structures, as well as mentoring members of the Customers Bank team.

    Additional responsibilities included:
  • Handling project deliverables to maintain timeline parameters and budget.
  • Providing risk-assessment plans.
  • Overseeing testing and go-live activities.
  • Managing and resolving any post-conversion issues.

“We definitely had to make the core conversion as seamless as possible, and minimize any impact to our customers"

—Jennifer Frost, Customers Bank

The conversion project was daunting: thirteen unique workstreams that involved core business functions such as deposit operations for commercial business, as well as cash management services. To complicate matters, each work stream contained an additional five to fifteen individual projects that included online and mobile banking telephone and ATM services.

“We all had our day jobs, and now the team was faced with this enormous software conversion project. This is why we needed extra support to help us manage the process. Customers Bank has SME’s in-house, but we needed help staying organized and coordinating with the project’s many vendors. This is where Anexinet provided tremendous value”

—Jennifer Frost, Customers Bank

The Benefits

Customers Bank was impressed with the guidance, expertise, and input of Anexinet’s project manager. “The presentation throughout the project, especially at the go-live moment, was flawlessly executed,” Frost added.

Anexinet also helped Customers Bank identify deficiencies associated with the original core software in order to avoid them in the newly developed system. For example, their banking and mobile channel utilized five discrete vendors for support. Following the conversion, Customers Bank consolidated everything to a single vendor; the benefits of the move were immediately evident to the bank’s senior management.

“Anexinet never took the stance of a consultant. They became an integrated partner and were invaluable in the success of this project. This is what made us very happy about working with them. They helped us facilitate and maneuver through some very difficult situations.”

Jennifer Frost, Customers Bank

The presentation throughout the project, especially at the go-live moment, was flawlessly executed. Anexinet never took the stance of a consultant. They instantly became an integrated partner and were invaluable in the success of this project”

—Jennifer Frost, Customers Bank EVP & Deputy CAO