A successful modernization initiative should aim to achieve reduced transaction processing time, increase the amount of straight-through processing, and provide more standardized operational and business processes. The downtime during implementation depends on a number of factors, including the size of the bank, the magnitude of the implementation and the functionalities being installed. Phased implementation, either by regions or business verticals, has been the most accepted methodology for medium to big banks.
Migration of data and data mapping form a critical part of the transformation, ensuring zero data loss and complete alignment to the new system. Other important aspects to reduce risk are a well-thought-out change management process and retraining bank personnel to adapt to the new interfaces and processes.
Overall, project success depends on clear business goals. Without a long-term perspective, a bank would find it difficult to manage its IT systems and align them with the organization's business processes in the future.