How tech transformation drove aggressive growth
+125%
The acquisition and tech transformation strategy achieved 125% growth in the bank’s total assets.
+133%
The bank achieved 133% annual revenue and savings return on the investment versus the solution cost.
+24%
The bank saw a 24% increase in the number of users for its digital services.
At a glance
Client
U.S. regional bank
Industry
Banking
Our role
Support the transformation
Our solution
Guide a transition to growth
Build capacity for growth
Scenario
A U.S. regional bank needed technology transformation paired with an aggressive acquisition strategy to start driving growth.
Approach
Grant Thornton listened to the needs and responded with tailored planning, management, and subject matter guidance.
Result
The bank's acquisition and technology transformation achieved 125% growth in total assets and 133% annual revenue and savings return.
Scenario
Ambitious strategy
When a U.S. regional bank launched an ambitious two-pronged strategy for growth, it needed to orchestrate a symphony of organizational change. The bank wanted to grow its assets by pairing an acquisition strategy with a comprehensive digital transformation. The digital transformation needed to help simplify current and future acquisitions, streamline back-office operations, improve technical infrastructure, and optimize meaningful analytics and insights for decision-makers.
To achieve this transformation, the bank needed to modernize its technology infrastructure and application portfolio while moving to cloud-based and mobile-ready platforms for the next generation of banking customers.
Approach
Comprehensive solution
Bank leaders asked Grant Thornton to support the technology transformation. The Grant Thornton team listened to the bank’s needs and helped to clarify the resources and time required.
Then, the team delivered program management, change management, performance improvement, and highly specific subject matter expertise to support these objectives:
- Performance: Improve processing performance and efficiency
- Cloud: Move key application infrastructure to cloud environments
- Mobile: Implement a new mobile banking platform
- Infrastructure: Upgrade the network infrastructure along with the teller, call center and other back-office systems, while implementing enterprise-wide workflows
- Workday: Implement Workday Financial Management and Human Capital Management, along with new lending and treasury management platforms
- Analytics: Implement enterprise analytics on a leading cloud technology stack with new customer experience scenarios supporting the bank’s customer strategy
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Result
Clear results
The two-pronged acquisition and technology transformation strategy achieved 125% growth in the bank’s total assets. The bank also saw other gains that will drive long-term success, including:
- 133% annual revenue and savings return on investment versus the solution cost, with another 10x in value opportunities at various stages of implementation
- 42% increase in mobile deposits
- 24% increase in digital users overall
The bank now has a cloud-based mobile-ready infrastructure that drives better performance and insightful analytics across its enterprise. That positions the bank for the next wave of growth and adaptation into the future.
Grant Thornton IT Transaction Advisory Principal Richard Sittema said, “I think what we bring is the art of the possible, in terms of identifying the tangible benefits that can be achieved and how fast they can be realized. They have an idea of what they want to have done, and what we help them to do is understand what their options are, and which of those options will achieve what outcomes, in what amount of time, and at what expense.” Listen in as Sittema outlines the thinking behind our approach:
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Connect with our team
Richard J. Sittema
Principal – Transaction Advisory Services, IT Transaction Advisory, Healthcare and Manufacturing Practices
Grant Thornton Advisors LLC
Richard Sittema has more than 15 years of experience in business consulting. He started his career in business analyst roles on large-scale systems integration and IT-related consulting engagements for public, private and not-for-profit organizations.
Cleveland, Ohio
Industries
- Manufacturing, Transportation & Distribution
- Not-for-profit & higher education
- Healthcare
Service Experience
- Transaction advisory
- Technology modernization
- Risk advisory
Content disclaimer
This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.
Grant Thornton Advisors LLC and its subsidiary entities are not licensed CPA firms.
For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.
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