Unifying banking operations and modernizing finance
Empowering Teams and Customers Through Seamless Integration and Advanced Reporting
Project Overview
CIT Bank partnered with MicroAgility to:
Lead the integration of retail branches and modernize financial systems through expert project and program management
CIT is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals.
They are committed to delivering a seamless banking experience, combining personal touch with innovative digital solutions. Their mission is to create value for customers by providing insights, expertise, and financial flexibility to help them realize their potential.
The stats of CIT
50+ Retail Branches in California
Millions of Customers Served
Decades of Financial Expertise
THE Fact
In 2024, 85% of banks say seamless branch and system integration as crucial for competitiveness and customer satisfaction.
The Core Problem We were tasked with
The problem:
CIT faced the challenge of integrating network of retail branches while modernizing their financial systems.
- The acquired OneWest Bank branches in Southern California needed to be seamlessly integrated into CIT's operations without disrupting customer service.
- Existing financial planning and forecasting processes were outdated, relying on legacy systems that hindered accuracy and efficiency.
- Multiple data sources and systems created inconsistencies in reporting, making it difficult to gain a clear financial picture across the organization.
- The transition from Kofax to PeopleSoft required careful planning to ensure continuity of financial operations and reporting.
Key Stats
Additional challenges to overcome
01
Ensuring consistent customer experience across newly integrated branches while implementing backend changes.
02
Balancing the needs of regulatory reporting with improved internal financial planning and analysis capabilities.
03
Managing the complexity of data migration and system integration across multiple platforms and locations.
04
Training and adapting staff to new processes and systems while maintaining day-to-day operations.
In a Nut Shell
The problem was twofold
CIT needed to seamlessly integrate a network of retail branches while simultaneously overhauling their financial systems to improve accuracy, efficiency, and decision-making capabilities.
Implementing the Solution
The solution:
We deployed a team of expert project and program managers to oversee the complex integration and modernization initiatives.
We deployed a team of expert project and program managers to oversee the complex integration and modernization initiatives. Our team redesigned processes and calculations for planning and forecasting, leveraging ESS base to create more accurate and efficient systems.
We developed a Single Data Set approach, designing data feeds that unified information across the organization for more consistent and reliable reporting.
We successfully delivered SEC and Regulatory Reporting solutions, integrating various financial systems and improving data accuracy and accessibility. This strategic approach, driven by our robust project management methodology, resulted in an improvement in reporting accuracy, faster financial close processes, and seamless integration of all retail branches.
OUR WAYS
Strategies employed
01
Conducted thorough analysis of existing processes and systems to inform integration and modernization strategies.
02
Implemented a phased approach to minimize disruption, balancing quick wins with long-term transformation goals.
03
Utilized both PMI and Agile methodologies to ensure flexibility and efficiency in project delivery.
04
Coordinated cross-functional teams across retail operations and finance to ensure alignment and smooth transitions.
05
Prioritized user experience in system design, ensuring new tools enhanced rather than hindered daily operations.
Multiple Branches
Global network of locations for seamless service delivery
Millions of Transactions
Processed daily across various advanced financial systems
Integrated
Seamlessly connected using PMI, Agile, and cutting-edge financial technologies
THE RESULT
Impact that speaks volumes
Our approach to integration and modernization enhanced CIT's operations and transformed team collaboration and customer service across the unified organization.
THE OUTCOME
The integrated branch network and modernized systems deliver a seamless banking experience and accurate financial insights.
This enables CIT to make faster, informed decisions and offer better services. The new systems handle millions of transactions daily with accuracy, and financial reporting is faster and more detailed.
Here is how it impacted the people involved
Grassroots Level
The impact on CIT's customers and employees
Customers of acquired branches experienced a smooth transition, with improved service offerings and consistent experience across all locations. Employees now have access to more accurate, timely financial data, enabling them to provide better advice and service to customers.
Staff reported increased job satisfaction due to more efficient systems and processes.
Enhanced Customer Service
Improved Employee Empowerment
Faster Transaction Processing
More Informed Financial Advice
Organizational Level
The impact on CIT
The successful integration and modernization efforts significantly improved CIT's operational efficiency and market competitiveness. The new unified financial systems enabled more sophisticated analysis and forecasting, enhancing the bank's strategic decision-making capabilities.
Regulatory compliance improved, while the accuracy of financial forecasts increased by strengthening CIT's market position and investor confidence.
More Agile Financial Operations
Enhanced Regulatory Compliance
Improved Strategic Decision-Making
Increased Operational Efficiency
"MicroAgility’s project management was key to our integration and modernization, effectively coordinating changes with a focus on employees and customers. We’re now a stronger, unified bank ready for evolving needs."
John Smith, Chief Integration Officer, CIT
Here's what we can learn from this case study
Successful integration of acquired assets and modernization of core systems requires a delicate balance of technical expertise and human-centered design. By focusing on seamless customer experiences, employee empowerment, and robust project management, financial institutions can navigate complex transformations while enhancing their competitive position and operational efficiency.
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