KeyBank’s Digital Transformation: A Case Study of Rapid Innovation and Legacy System Integration
Change is inevitable in the world of business, particularly in the banking sector where customer expectations and market trends are continually evolving. The challenge lies in maintaining the pace of innovation without disrupting the core systems that have powered your business for decades. How do you strike a balance? This article explores how KeyBank, a two-hundred-year-old institution, managed to leverage its legacy challenges and transform them into a strategic advantage. The insights are drawn from a conversation with KeyBank’s Michael Reynolds and OutSystem’s Jean-Baptiste.
Personalizing the Account Origination Onboarding Process
KeyBank’s Wealth Management division embarked on a mission to provide a high-quality digital, frictionless, and personalized experience for their account origination onboarding process. They sought to replace an outdated decade-old process with a streamlined, digital experience for clients and their workforce. To achieve this, KeyBank collaborated with OutSystems to create a new platform and launched Account Central, an innovative origination application, in less than 9 months.
This transformative project was rolled out to clients and over 500 employees in the Wealth Management division with zero critical defects, demonstrating the successful integration of new technology with existing systems.
Key Takeaways from KeyBank’s Digital Overhaul
Time-to-Market
KeyBank’s digital transformation journey is a testament to rapid innovation. The bank stood up a brand-new platform and launched a mission-critical application in under 9 months. This swift transition can be attributed to the strategic partnership with OutSystems, which provided the necessary tools and support to expedite the process.
Hyperautomation Strategy
By automating critical workflows and eliminating data redundancies, KeyBank achieved a 50% reduction in client onboarding time and a 20% reduction in cycle times. This hyperautomation strategy not only enhanced operational efficiency but also improved the user experience by speeding up the account origination process.
The “Path to Yes”
Transforming IT from a “culture of no” to a mindset of saying yes to innovation opportunities was a crucial part of KeyBank’s successful digital transformation. The bank empowered its existing teams to build 10x faster with the same team, fostering an environment that encourages innovation and growth.
Future-Proof Governance
KeyBank utilized a trusted AI development platform to maintain the security and stability of its core systems while adding new capabilities. This strategic approach allowed the bank to future-proof its governance, ensuring that it could continue to evolve and respond to market changes without compromising on its core systems.
In conclusion, KeyBank’s digital transformation journey illustrates how legacy challenges can be transformed into strategic advantages. By embracing innovation, automating processes, and fostering a culture of growth, businesses can stay ahead of the curve without disrupting their core systems. For more detailed insights into KeyBank’s digital overhaul, click Here.
