Navigating the Storm: How Citizens Bank Found Their Compass in Digital Transformation
From Fragmented Systems to Data-Driven Strategy – A Journey of Agile Transformation and Financial Clarity
Company Overview:
Industry: Banking
Company Size: 23,000+ Employees
Location: United States
Executive Summary:
Citizens Bank faced the daunting challenge of untangling a web of disconnected systems and unclear processes. With the help of Cprime’s experts, they streamlined their IT and Finance departments and implemented data-driven decision-making strategies. This transformation has created a unified approach to financial management and operational efficiency, positioning them for long-term success.
A Storm of Challenges:
Citizens Bank was adrift, facing turbulent challenges that required immediate attention. The organization found itself grappling with the following issues:
• Siloed Data: A tangled mess of disconnected systems led to discrepancies in resource utilization and billing inconsistencies, making it impossible to gain a clear, accurate picture of the bank’s operations.
• Unaligned Value Streams: The bank’s 90 value streams lacked a standardized approach to budgeting and financial reporting, leaving leadership with limited insight into the true performance of each department.
• Strategic Disconnect: There was a significant gap between strategic objectives and the actual work being performed, akin to a ship navigating without a compass.
• Subjective Resource Allocation: Decision-making around resource allocation was based on guesswork and subjective insights rather than data-backed decisions.
• Fragmented Financial Data: Financial data lived in multiple systems, and the bank’s reliance on manual data compilation further hindered operational efficiency.
• Linking Costs to Value: The organization struggled to connect team costs with the value they were delivering, making it challenging to justify expenses and optimize resource allocation.
A Beacon of Hope:
The partnership with Cprime acted as a lifeline for Citizens Bank, introducing a state-of-the-art solution. The implementation of Apptio Targetprocess as a central platform provided the much-needed compass for the organization. The following steps helped clear the storm clouds:
• Integration with Jira: Apptio Targetprocess was integrated with Jira, covering over 500 teams and creating automated reporting that spanned the entire portfolio.
• HR System Integration: The platform connected seamlessly with HR systems, ensuring accurate employee data and reducing manual maintenance.
• Standardized Reporting Templates: Common templates for quarterly business reviews and planning sessions helped unify reporting across various value streams.
• OKR Tracking: OKRs were connected to portfolio epics and projects, offering a holistic view of the bank’s enterprise-wide progress.
• Financial Transparency: Financial data was integrated and made accessible, providing a clear view of “cash cost per team” and linking costs to work execution.
• Automation: Data updates were automated on a weekly or monthly cycle, reducing the burden of ongoing manual maintenance.
Sailing Out of the Storm:
Although the transformation is still a work in progress, Citizens Bank is already experiencing a smoother sail toward greater operational efficiency:
• Time Savings: Value stream owners saved an estimated 8-12 hours per quarter by eliminating manual reporting efforts.
• Informed Decision-Making: With data-driven insights, the bank now makes better resource allocation decisions.
• Improved Financial Transparency: Leadership gained a clearer view of the cost per team, and financial data accessibility increased from just 15 people to hundreds.
• Strategic Alignment: The integration of OKRs with project work allowed the bank to align strategy with execution and improve overall performance.
• Efficiency Boost: The automation of data processes and standardized reporting templates reduced manual effort across multiple systems.
• Reliable Data: Automated integrations led to more consistent and reliable data across the organization.
Words from Leadership:
“We’re already seeing time savings around our Quarterly Business Reviews and the benefits of all this data being visible to so many more leaders across the org. Having the ability to make decisions based on data everyone has access to is a real game-changer.”
— Sarah M. Ricardo, VP Enterprise Transformation
Key Takeaways:
Citizens Bank’s journey offers invaluable lessons for other organizations looking to embrace digital transformation:
• Start Small, Think Big: Transformation doesn’t happen overnight. Begin with small steps and scale as you learn and adapt.
• Embrace Integration: Connecting disparate systems across the organization can unlock hidden value and improve overall performance.
• Data-Driven Decisions: Equipping leaders with the right data at the right time enables informed, strategic decision-making.
• Continuous Improvement: Digital transformation is an ongoing process. Keep refining and optimizing to ensure long-term success.
Looking Ahead:
Thanks to Cprime’s guidance, Citizens Bank has made significant strides toward greater efficiency, transparency, and strategic alignment. Their journey is far from over, but the progress they’ve made thus far positions them well for future success.
With a unified approach to data, strategy, and financial management, Citizens Bank is now equipped to navigate the complexities of modern banking and continue to sail confidently into the future.