Clari5 Helping Banks to Deal with Remote Implementation
Clari5, a banking financial crime risk management solutions provider and a solutions partner of GROVER Pte Ltd, has been featured in the world renowned research and events firm focused on innovation in financial and banking technology - Finovate.
In their article Going Live: How Some Banks are Dealing with Remote Implementation, Naresh Kurup, Marketing Director at Clari5, mentioned that he has experienced helping banks deal with implementation of projects remotely first hand. Due to the pandemic, the company was forced to resort to a work-from-home set up while having to continue serving their clientele remotely.
MR. NARESH KURUP ON HOW CLARI5 WAS ABLE TO HELP ONBOARD TWO NEW BANKS REMOTELY:
"We leveraged the coronavirus lockdown situation as an opportunity to excel, for our customers and for us. Amidst the din all around about how the pandemic has been negatively impacting firms and systems worldwide, we had some noteworthy achievements during the lockdown, including three new client wins.
"The two projects that we started were both large enterprise fraud management projects for banks (one of them is the Philippines’ second largest bank). Both banks were agreeable to starting their projects during the lockdown – a testimony to the faith in our capability."
"We also had another prominent new bank go live with our enterprise fraud management solution, despite the nation-wide lockdown, via a 100% remote implementation. Our cloud-based project management framework – called Clari5 One, has been helping us work seamlessly and virtually. In fact, we have been working at 150% productivity. "So, we actually have been having a silver lining in the Covid cloud."
MR. NARESH KURUP ON HOW CLARI5 DEALT WITH CLIENT'S HESITATIONS WITH REMOTE ONBOARDING
"There were a few initial apprehensions around remote project initiation and implementation as this is not the standard practice for large enterprise implementation projects. We modified and extended our project management framework to the banks for higher real-time synchronicity and shared visibility of the delivery management plan.
In the case of the bank client going live during the lockdown, it was mutually agreed that the entire implementation would be performed remotely. Everything from requirement discussions, to integration strategy and configuration, to implementation rollout for the go-live would be conducted fully remotely.
Also, high operational rigor, advanced tele/videoconferencing tools, real-time communication, and continuous updates assured the banks that our project team were completely in-sync throughout the project journey. These factors were instrumental in the banks gaining confidence that the projects would proceed exactly as per plan, despite the situation."
MR. NARESH KURUP ON THE BIGGEST CHALLENGE IN REMOTE IMPLEMENTATION
"Given the nature, scope, and scale of these projects, typically large enterprise fraud management solution implementation projects demand large teams from either side working together physically closely."
"But, given our project management platform, advanced communication tools, and the heightened diligence because of the situation, instead of working alongside the banks’ fraud risk management department officials, our remote project team dovetailed seamlessly with them. So, we were very much present, but virtually."
"In fact, the CIO of the bank that went live on Clari5 EFM said, “We are an execution-oriented organization that sets sight on a goal and achieves it, despite roadblocks. We are pleased that Clari5 imbibed our vision, and went live with the mission-critical, enterprise-level fraud risk management solution, despite COVID-19. We appreciate team Clari5’s efforts to keep our operations running and being supportive at every step. Happy to have Clari5 as our valued partner.”
"Also, as with any conventional project management, we had no margin for error and were all set to achieve the targets on time, despite managing the projects remotely. Lessons learnt include project management hyper-optimization, integration approach, methodology finalization, remote infrastructure setup, SIT/UAT support, and final thrust for go-live. In fact, if it weren’t for the virus, we wouldn’t have had an opportunity to demonstrate that yes, we indeed can remotely activate and implement."