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Capital One Builds A Foundation for Growth Through Key Systems Integrations
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Greg MacSweeney
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Greg MacSweeney,
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10/4/2013 | 10:32:30 AM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
A good deal if the hesitancy, I imagine, comes from the complexity and massive cost associated with a core system replacement project. For a large bank, overcoming the budget and resource challenge must be difficult. I'm sure every bank is different, but it would be interesting to know what was the straw that tends to "break the camel's back" when it comes to deciding to embark on a core systems replacement project?

Can anyone who has done a core replacement (or is going through one now) share some insights?
Jonathan_Camhi
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Jonathan_Camhi,
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10/4/2013 | 1:06:40 AM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
There definitely seems to be growing awareness of the efficiencies that can be gained through improving the IT infrastructure in banking. I think we're starting to see in core systems, with more and bigger banks willing to switch to modern core systems. There are still a lot of banks though, especially bigger ones, that are hesitant to clean up legacy systems. I think that is one of the impressive things about the work Chandra and Capital One have done here.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/3/2013 | 12:23:05 PM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
After many years where banks and other large companies neglected infrastructure -- or worse yet, built it in the wrong way -- it seems that institutions are really focusing on cleaning up and standardizing their infrastructure. There is a tremendous amount of waste and excess capacity that can easily be rationalized.
KBurger
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KBurger,
User Rank: Author
10/2/2013 | 3:03:38 AM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
Chandra also is fortunate to have great sponsorship from Rob Alexander, Capital One's CIO -- a creative and visionary executive (and 2011 Elite 8 honoree).
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/1/2013 | 8:49:12 PM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
Yes it was pretty clear talking to Chandra how important it was to get these big infrastructure projects done quickly to allow both the IT team and the business to get up and running on other projects that could improve the customer experience and sales. The urgency combined with attention to detail to pull off suck a big key project quickly is impressive.
Nathan Golia
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Nathan Golia,
User Rank: Author
10/1/2013 | 8:28:07 PM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
As you and I know from covering the insurance business as well, there's little any company can do in terms of enabling the best customer experience/regulatory compliance/innovation without modern infrastructure. Companies who identified the digitalization of the financial business and the potential explosion in data and its stewardship have a major advantage.
KBurger
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KBurger,
User Rank: Author
10/1/2013 | 5:57:05 PM
re: Capital One Builds A Foundation for Growth Through Key Systems Integrations
Capital One usually gets attention for its analytics/data prowess, but Dhandapani's accomplishment underscore the importance of infrastructure in supporting any kind of data management-related initiative -- not to mention the core transactions (lending, payments, etc.) of banking. Given how critical the use of data/analytics are to competitive positioning and regulatory compliance, the ability to execute on these massive infrastructure and core systems initiatives (relatively) quickly and efficiently is absolutely critical. This is an oversimplification, but in some ways it's a kind of throwback to what CIOs/tech executives used to do, but with the very modern twists of collaboration, business unit alignment, customer experience, etc.


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