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IT strategy in banking – high-level plan for Liberty Bank transformation.

Generated savings equivalent to 15% of Liberty Bank’s annual IT budget

OUTCOMES

Results of partnership

Strategic Framework
2022–2024

A three-year IT strategy providing a foundation for planning technology investments, transformation initiatives and budgeting.

Initiative Prioritisation
in 6 Weeks

Effective identification and classification of IT actions within a limited timeframe, enabling a rapid start to achieving business goals.

15% Optimisation of
Annual IT Budget

Recommendations from the IT audit translated into tangible cost savings, supporting operational efficiency and financial stability.

PROJECT

Genesis and business expectations

In response to rapid business growth and market changes triggered by the COVID-19 pandemic, the management board of Liberty Bank – in collaboration with a newly appointed CIO – decided to develop a technology strategy for 2022–2024. Delivering this strategy also required the introduction of IT tools to support the bank’s business objectives. Due to time pressure and the need for accelerated digital transformation, one of the key conditions was to deliver a complete strategic document within six weeks.

In selecting a project partner, the bank focused on organisations with experience in the financial sector, knowledge of industry best practices, and the ability to assess both technological and process readiness. The scope of cooperation included an IT environment audit to evaluate its alignment with the strategic vision.

PROJECT TIME

8 weeks

INDUSTRY

Banking

COUNTRY

Poland

SERVICES AND SOLUTIONS

Banking Strategic advisory
Business risk mitigation in Liberty Bank’s IT transformation.
The client

Who have we helped?

In terms of its assets, Liberty Bank is the third largest bank in Georgia, with a 5.3% share of the market as of 30 September 2017. The bank has the largest network of local branches in the country, with over 5,000 employees on its payroll, providing services to nearly 1.6 million natural persons and more than 77,000 legal entities.

IT risk and mitigation table for Liberty Bank roadmap.
REQUIREMENTS

Business challenges

  • Verification of the architecture and security maturity level of systems critical to the bank’s operations
  • Assessment of IT teams’ capabilities to deliver on the objectives of the new business strategy
  • Preparation of a complete list of IT initiatives supporting strategic goals and addressing competency and technology gaps – all within a tight six-week timeframe.

We recommend Altkom Software for their professional and efficient approach to preparing our IT Strategy 2022-2024. The consultants conducted an in-depth analysis of business solutions and IT gaps, defined target IT capabilities, proposed specific initiatives and presented risk mitigation plans.

The work has delivered tangible benefits, including a high-quality IT strategy prepared on time for budgeting, prioritisation of key initiatives and valuable insights into market standards and best practices.

Tornike Benidze

CIO, Liberty Bank

ACTIONS

Project execution process

Analysis of the Bank’s strategic business solutions and identification of IT capability gaps.

Implementation timeline for Liberty Bank’s IT strategy.
SOLUTION

Scope and delivery model

To begin with, we performed a comprehensive IT audit covering:

  • The technological security, scalability and maintenance of thirty-five key IT systems in place at Liberty Bank that provide business products and services to end clients;
  • The performance of all IT teams and their scalability in line with strategic business goals, including the operation of key systems;
  • The use of physical and virtual servers and their scalability in line with growing business needs.

Based on the audit, we presented our status quo assessment and recommendations in areas such as:

  • IT team structure and its transformation process (to ensure the required IT department structure and skill pool in the future);
  • Target IT system architecture and its development process (to guarantee the availability of IT tools necessary for the achievement of the new business goals);
  • Physical and virtual IT server configuration (to reduce the need for purchasing redundant equipment).

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