Giving back to the community is the cornerstone of a bank that is invested in its customers.
Understanding the needs of their customers, such as upgraded technologies to enhance the digital experience, Hawaii-based Central Pacific Bank recently undertook a deep commitment to their community with RISE2020, a multi-million-dollar investment. It is an example of a bank’s pledge to its customers and community.
Investing in Customers and Community
Situation: Central Pacific Bank’s ambitious RISE 2020 is a commitment to be continually relevant to its customers and community.
A cornerstone piece of this commitment was its digital transformation, which enhanced its customers’ digital experience through a complete upgrade of online banking and mobile banking services to include financial management and educational tools to help customers.
Historical Background: Hawaiian-based Central Pacific Bank was founded in 1954 by a small group of Japanese American World War II veterans who served in the 442nd Regimental Combat Team, 100th Infantry Battalion and Military Intelligence Service. The veterans rejected the social inequities that immigrants encountered after the end of WWII. They wanted a bank that served all of the people of Hawaii.
Central Pacific Bank: Rise 2020
RISE2020 was Central Pacific’s $40 million investment and modernization plan. It reflected as their commitment to being in touch, compatible, and relevant to their customers.
Problem: Central Pacific Bank had no practical experiences in transformative projects.
Fiserv Architect is a highly configurable system requiring a detailed set of business requirements to build and align to Central Pacific Bank’s vision.
This transformation required specific knowledge and expertise. Securing such talent is difficult on the mainland and even more difficult in Honolulu, Oahu, Hawaii. The technology agreements were executed before the resources were secured, causing a costly period of low performance.
Advice: To assist in the transformative project, the following was suggested:
- Secure consultant talent to document functional requirements as a foundation for configuration changes.
- Assemble a team of internal business resources and external consultants to organize and create detailed business requirements to configure the digital systems to meet CPB’s vision.
A successful combination of base functionality and business configurations set the foundation for CPB’s digital transformation.
Action: In implementing the project, I assisted in:
- Organizing business requirement elicitation sessions to quickly gather configuration changes to meet the banks vision.
- Creating a set of functional test cases for Fiserv Architect and associated systems.
- Combining base functionality with configuration changes to create the foundational understanding to guide vendors, staff, and consultant during the digital transformation.
Outcome: A successful digital transformation bringing new customer experiences in support of the Central Pacific Bank RISE 2020 vision.
Patrick Martin is an industry expert in banking technology, deciphering the elements that work collectively towards progress – and building a roadmap for successful execution. Contact him today to see how he can use his innovative strategies and industry expertise to help your organization.