How Wavestone helped re-energise a core banking transformation programme
A UK bank had ambitious growth plans, but its legacy core banking platform presented challenges to scaling and innovation. The client turned to experts from Wavestone for support with the project – improving internal and external delivery capacity by the end of the transformation.
The UK bank first determined the time was right for change, when it realised its platform had limited scalability, higher maintenance costs, and constraints in integrating with emerging technologies. Manual processes meanwhile introduced operational inefficiencies and increased compliance complexity. With third-party support nearing end-of-life, the operational risk of staying put was growing.
Looking at its banking competitors, many were differentiating through real-time data, advanced analytics, and superior digital experiences that the client was eager to match through transformation. This led to the board making the strategic decision to undertake a foundational transformation to enable digital innovation and future growth by migrating all customers and their accounts to a new, agile platform.
However, the complexity of the transformation surfaced as the programme progressed. The program was facing delivery challenges, including delays, budget pressures, and the need for more structured implementation planning. Business engagement needed strengthening, delivery resources were under pressure, and supplier collaboration required renewed focus.
The client recognised that the transformation needed a reset to realise its full potential. It was at this point that the company sought the help of Wavestone.
Re-energising the re-platforming programme
To support the next phase of delivery, Wavestone worked alongside the established team to guide the programme towards successful execution. Its approach focused on four key pillars, according to an account from the consultants involved.
Replanning the programme
“We began with a comprehensive programme review and established a revised plan, budget and delivery approach,” the experts explained. “This helped reframe the programme’s objectives and secure renewed sponsorship from the C-suite - critical for enhancing credibility, accelerating decision-making and driving momentum. At the same time, we worked to enhance collaboration with the third-party supplier. Through consistent engagement, clear governance and pragmatic issue resolution, we re-established alignment and enabled more effective joint delivery.”
Getting the business ready
They added, “Business readiness was prioritised through targeted training, clear communications, and close engagement across teams. This ensured that operational teams were not only informed but confident and capable of supporting the new platform from day one. Despite competing programme demands, the joint client and Wavestone team maintained focus through strong governance, clear escalation paths, and experienced leadership – providing stability and direction.”
Closing gaps in the solution
“Improved business engagement surfaced opportunities to refine the solution. With build and migration running in parallel, we implemented strong governance, SME support, and a prioritised delivery plan to ensure the solution was robust and fit for purpose.”
Executing the migration
Finally, “A dedicated implementation workstream was mobilised to manage technical delivery. Multiple test cycles ensured data quality, while dress rehearsals de-risked the Go Live. Resources across business and tech teams were aligned to ensure readiness for the migration event.”
The outcome
The bank found the results to be transformative. Having successfully migrated all customers to the new platform with a smooth customer experience throughout, the programme was delivered within the revised budget and timeline. Wavestone had ensured that there had been a clear Day 2 plan, which it handed over to internal teams.
Beyond technical success, meanwhile, the engagement enhanced the bank’s change delivery capability and strengthened its internal delivery capacity. A release from the firms stated the project had helped in “positioning [the bank] to optimise operations, accelerate innovation, and continue its transformation journey with confidence.”
The consultants concluded, “Following the successful delivery of the programme, we interviewed our sponsor to reflect on the engagement. They praised the team’s ability to take control quickly, deliver under pressure, and work collaboratively with internal teams – highlighting the quality, integrity, and impact of the individuals involved.”
