In today’s market, financial institutions find themselves under continued pressure to respond to an ever-increasing number of competing technology projects due to changing market conditions, new technologies and regulator requirements.
Enter Cornerstone Advisors. Because we know that technology spending consumes a major part of your non-interest expense budget, Cornerstone’s Strategic Technology Planning services fill a critical need for prioritizing and guiding your organization’s technology investments.
The Benefits to You
A Cornerstone Strategic Technology Plan provides you with a clear picture of your organization’s technology vision, helping you better prioritize technology initiatives, analyze system payback, invest appropriately in new systems, and ensure your employees and support staff are prepared for the company’s emerging technology environment.
The STP utilizes findings from your preliminary Technology Assessment to provide your institution with a technology roadmap that will provide a clear articulation and prioritization of technology projects in alignment with the institution’s strategic business initiatives. Plus, we’ll help you implement an I.T. Governance Strategy specific to your organization that addresses governance roles, project review and management processes, and service level agreements.
The Cornerstone Differentiation
- Highly Experienced Technology Team – Our team includes experienced financial industry and technology professionals with CTO, CIO and senior level operations experience. As a result of hundreds of system selection, contract negotiation and technology planning engagements over the years, we live and breathe technology.
- Vendor Knowledge – Our in-depth familiarity with the strengths and weaknesses of a wide range of vendor products has earned Cornerstone a reputation as the leading expert on the vendor market.
- Integrated Business and Technology Approach – Cornerstone’s proven methodology is strengthened by a team of business strategy and I.T. professionals that specialize in communicating an integrated strategic and technology vision appropriate for senior management, board members, regulators and vendor partners.
We’ve Done This Before
Here are just a few examples of work Cornerstone has performed in this area:
- Michigan commercial bank ($3 billion) – Strategic Technology Plan in response to lack of technology decision structure, competing projects, governance issues
- Midwest commercial bank ($5 billion) – STP in response to a centralized technology shared services function created from collapsing charters of 12 independent banks
- Upstate New York commercial bank ($9 billion) - STP and new core system selection in response to significant growth strategy and changing technology requirements
- Midwest bank holding company ($5 billion) – STP and Operations Assessment in response to changing technology requirements driven by ambitious corporate growth strategy
- Florida commercial bank ($6 billion) – STP with emphasis on I.T. governance, staffing and organization model
- Midwest bank holding company ($4 billion) – STP and Infrastructure Assessment in response to change from independent bank model to shared services technology business model.
- Connecticut savings bank ($2 billion) – STP in response to enterprise-wide process improvement effort, new strategic initiatives and changing technology requirements
- Southeastern bank holding company ($32 billion) – STP for highly diversified financial services company with centralized I.T. function serving affiliate banks and related companies
- Louisiana commercial bank ($6 billion) – STP for organization desiring to improve technology integration among branches, call center and back office support functions
- Midwest commercial bank ($9 billion) – STP following conversion from home grown legacy system to new core system and need for future technology roadmap
- Indiana community bank ($1.4 billion) – STP in response to changing technology requirements due to significant and planned growth
- California credit union ($400 million) – Technology, Infrastructure Assessment and STP for organization desiring to assess its technology investment decisions and create future roadmap
- Connecticut credit union ($1 billion) – STP in response to major I.T. organizational change and need to create technology vision
- Arizona credit union ($1 billion) – STP driven by new leadership team and major growth strategy
- New York credit union ($3 billion) – STP driven by change in strategy and defining relationship between the credit union and its CUSO technology service provider
- Mississippi credit union ($1.5 billion) – STP in response to a need to improve technology planning and integration
- Texas credit union ($1.5 billion) – STP driven by desire to improve I.T. delivery and improved decision making structure
- North Dakota credit union ($195 million) – STP driven by need to convert from core system and implications for future technology investment decisions
- Arizona credit union ($250 million) – STP driven by change to community charter and expansion strategy and implications for future technology investments
- Florida credit union ($313 million) – STP driven by change in core system and interest in assessing a proposed outsourcing of the I.T. function