Navigating the pitfalls of wholesale and corporate portal transformation

This paper aims to outline the common pitfalls that could impede the effective transformation of wholesale and corporate banking portals; to provide insights that will help organizations identify whether or not their own programs may be heading for the same challenges; and to suggest tactics and strategies that can help avoid and overcome such issues. This is especially critical in an increasingly volatile, risky and regulated financial services environment when wholesale and corporate transaction banking remains one of the few areas where many banks are seeing increasing revenues and steady low-risk profits. The key technology that drives customer satisfaction in this space is the customer portal, which plays an essential role in customer retention and the acquisition of new ones. As a result, we have seen an increase in investment in wholesale and corporate digital channels during the past three years by most banks. The following common pitfalls have been identified and will be covered in this paper: Pitfall 1: Inability to gain business case approval. Pitfall 2: Having spent lots of money on e-portal transformation the outcome appears to be far from a transformed state. Pitfall 3: My portal must be custom (and costly) because it is a market differentiator for the business. Pitfall 4: My portal delivery program is over budget and overrunning.