At a glance
STORM is a target operating model designed to accelerate the build out of end-to-end digital greenfield banks
Solution category
Operating model
Geography
Asia Pacific
Built by
Synpulse
The challenge
Challenging marketing dynamics, including increasing customer demands, declining profitability, and the rise of digital fintechs have forced traditional financial institutions to embrace and rapidly adopt fully-digital banking experiences. However, existing operating models and processes at these traditional institutions are not designed to deliver the experiences needed at low cost and at scale
The solution
STORM, or the Synpulse x Thought Machine Operating Requirements Model, combines Synpulse’s deep expertise in target operating model design with Thought Machine’s Vault Core banking platform. It is designed to accelerate the transformation journey for digital greenfield banks of traditional financial institutions.
STORM combines more than 100 baseline processes, all essential to set up new digital greenfield banks, mapping them to integrate seamlessly with Vault Core. The approach reduces time-to-market for new banks by up to 35%
STORM is a target operating model designed to accelerate the build out of end-to-end digital greenfield banks
Benefits
Accelerate speed to market
- Banks realize up to 35% improvement in speed to market when they implement STORM, as compared to a typical planning approach
- Synpulse engineers trained on Vault Core accelerate a digital greenfield bank’s deployment and financial product build-out
Improve operational efficiency
- STORM’s unique ‘city planning’ approach provides target architecture options that uniquely address customer challenges and improve operations
- Based on experience and results from recent proof of concepts, STORM can generate up to 25% cost savings on implementations
Enhance governance
- Processes are designed for key project stakeholders from the start (e.g. CxOs,Interface SMEs, Data SMEs, Developers) to accelerate decision making
- STORM's business friendly workshop approach enables the entire business to buy into the transformation journey and maximise project outcomes
How the solution works
STORM is a robust target operating model design tailored to accommodate various core transformation strategies: digital greenfield, coexistence, and migrations.
Synpulse and Thought Machine continue to iteratively implement, test, and add to the 100 baseline processes through joint projects to ensure STORM continuously improves over time.
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