In March 2014 Synergy successfully completed the system integration of Fibank and MKB Unionbank in the course of the banks’ merger
Mergers and acquisitions require a full integration of information systems, business processes, products list, human resources, customers etc. The process might bring for a financial institution not only benefits but significant pains as well. The success or failure of the system integration is crucial for the overall success of the merger.
Synergy GFS was contracted as system integrator to provide overall project management, data migration services and software enhancements in Fibank’s front-end teller system within the merger of Fibank and MKB Unionbank. The integration objectives focused on products and data mapping, business process alignment and customer information integration within Fibank’s IT landscape.
The overall system integration was successfully accomplished in six months, starting at the signing of the acquisition agreement and finishing with a “big-bang” migration of all customers, accounts and contracts to Fibank’s systems. The former MKB Unionbank customers were migrated to the Fibank’s systems without discontinuing any functionality available to them in the MKB Unionbank’s system at the moment of the migration despite the differences in the two banks’s information systems, business logic and principles. The integration was followed by immediate complete discontinuance of MKB Unionbank’s core banking system use for any kind of banking transactions and 6-months graceful migration of MKB Unionbank’s card portfolio to the Fibank’s card management system where customers were able to use their MKB Unionbank’s issued card until activation of re-issued Fibank’s card.
The stress for the employees was reduced to minimum as well. The new Fibank employees had been trained by Synergy in the process of product mapping on As-Is installation of the Target System.
We are proud of our significant contribution in the successful merger.
Affected systems at Fibank: Oracle Flexcube (all modules), Synergy Box I-Banking, M-Banking, Front-Office.