Program Management Office, Financial Management Systems, Software Integration Solutions

The Client

The client, an online bank, is a newly developed subsidiary of a holding company that wanted to expand its product portfolio onto the Internet. The holding company, a mutual savings bank with $6.5 billion in assets, focuses on lending products.

The Challenge

The online bank had to be built from the ground up, with minimal involvement from the parent bank. To ensure success, the new bank needed to:

• Study its current technical infrastructure, develop architectural requirements, and build an architecture.
• Evaluate, select, and integrate software applications.
• Establish business facilities and construct a communications network.
• Screen and select staff, including corporate officers.
• Design an employee compensation package.
• File with the Office of the Treasury Supervision (OTS), the regulatory authority that grants permission to open a new bank.
• Test the new system, train new staff, and prepare for launch.

The Solution

BearingPoint rapidly deployed six teams that delivered strategic services:

• Program Management Office: Defined products and processes, evaluated software solutions, and built job descriptions for systems staff.
• Architecture Team: Designed and built the network architecture, including a service plan for telephony requirements. Developed integration standards for third-party providers, such as the credit bureau, title company, and so on.
• Compliance Team: Developed the OTS-required plan for approval to establish a new bank. Worked with all teams to create mandated disclosures and ensure data privacy processes.
• Tax Consultants: Delivered pro forma processes and advice on mergers, acquisitions, and finances.
• Human Resources Group: Developed job descriptions for corporate executives and key operations staff. Screened and recommended candidates.
• Assurance Team: Established a financial management system with a web-enabled strategy.

The Benefits

BearingPoint delivered the staff, business processes, and technical infrastructure to support this Internet bank. Since engaging us, the client is an innovator in Internet banking, already ahead of regulatory requirements. As a result of lessons learned from our team, the parent bank is now studying improvements that could be made in its own business processes.