“There were moments of calm, and moments of sheer terror,” said the bank’s director of cash management products and services.
Migrating your clients from a legacy RDC platforms to a new system is a big deal when all of them use RDC. But the bank needed an RDC partner with a customer support philosophy that better aligned with their own client focus, so they issued a request for proposal in 2015 for a more user-friendly RDC solution.
The bank made their selection and set an objective to migrate all of their RDC clients to a new platform with no complaints by mid-2016.
The institution kicked off their migration plan by developing a three-pronged approach to ensure it would successfully migrate all clients on-time.
Financial incentives. The bank’s old platforms did not track company information or the number of installed check scanners or the location of installed scanners. The institution offered its bankers $1,300 per client to track down the information that it needed for the migration. While some bankers simply left voice mails for their clients, the financial incentives made a huge difference overall
Create an RDC migration team. The team consisted of schedulers, migrators, data analytics, and managers to serve as liaisons with bankers, and one dedicated Bank Secrecy Act and Anti-Money Laundering Act resource. The bank’s staff scheduled all migrations, even those done by their new RDC provider. Team members also earned incentives for a fast migration to the new RDC platform
Constant, rigorous oversight. The bank monitored all facets of the project at all times. In addition, the bank would leverage their new provider to assist in setting up and training 1300 of their RDC users in the migration.
Perhaps more impressive are the challenges the bank faced during this initiative. Strategic best practices and strong partnership with their new provider enabled the bank to successfully navigate the ups and downs of the migration and exceed their goals. All 30,000 accounts, representing RDC 1,900 clients were migrated to a better platform three months ahead of schedule and under budget.