Hoist Finance – introduction of a core banking system within five months
The international financial services provider Hoist Finance was planning to introduce a core banking solution specifically for its German business. This measure resulted from the decision to implement a system change in the relevant IT infrastructure. A key challenge was the very ambitious timeline of just five months over the course of 2023 for the planning, implementation of the individual requirements and implementation in the customer’s data center.
Core requirements
The focus of the functionalities required in BANCOS Core Banking was on the management of various loan portfolios. This resulted in the following core requirements as part of the project:
1. Mapping of an external loan portfolio:
The core banking solution needed to be configured to interact seamlessly and automatically with the required external systems. To enable a holistic view of credit activities, data from external sources had to be integrated and updated.
2. Automated dunning process with creation of customer letters:
The efficient processing of reminders directly from the core banking system represented an important aspect. The corresponding implementation of an automated dunning process should enable the prompt creation and dispatch of customer letters in the event of payment arrears.
3. Mailbox-based workflow support for manual processing:
In addition to automation functions, direct customer contact is a key success factor for the dunning process. By setting up a mailbox-based workflow within the solution, employees should be optimally supported in their work in order to be able to efficiently manage and document customer communication.
4. Preparation for the integration of additional loan portfolios:
BANCOS Core Banking was implemented with future scalability and expandability. The architecture should be designed in such a way that it enables the efficient integration of additional loan portfolios.
5. Complete implementation of the solution in the Hoist data center:
This requirement addressed the need for a secure and stable environment for the core banking system. In addition to installation and configuration, the work included an extensive test phase to ensure that the solution meets the requirements and guarantees smooth and secure operation of the loans management system.
Project process and implementation
The project implementation for the core banking solution was carried out by an agile project team consisting of experts and managers from Hoist Finance and BANCOS. This type of collaboration enabled effective communication, continuous feedback and flexible adaptation to changing requirements during the implementation process.
Following a successful project launch, the core banking solution was jointly transferred to operational production. The approach of agile collaboration continues here: workflows and processes are continuously optimized and adapted to new requirements in order to ensure smooth operation and guarantee the best possible performance.
From the perspective of both project partners, the successful implementation of the project and the subsequent transition to operations essentially benefited from the following success factors:
Mutual trust: A trusting collaboration between Hoist Finance and BANCOS formed the basis for the success of the project. This was demonstrated above all by open communication, transparent processes and a shared understanding of the objectives.
Clear focus on the functions absolutely necessary for the project launch: The guiding principle of a minimal viable product (MVP) made it possible to create value quickly and receive feedback at an early stage. This helped to minimize risks, shorten time-to-market and improve adaptability to changing requirements.
Agile, cross-company collaboration: This success factor made a major contribution to meeting the ambitious timeline. Short decision-making paths and continuous communication supported rapid decision-making.
Ultimately, the on-time completion of the project with the go-live of the first loan portfolio in BANCOS Core Banking marked a significant milestone in the collaboration between Hoist Finance and BANCOS. The use of the solution is now being successively expanded, with further loan portfolios being integrated into the system.
