Modernizing Digital Connections Between a Federal Financial Agency and its Banking Stakeholders

Overview

A federal financial agency with 86,000 external banking users had received frequent feedback about the outdated web portal, which fell short of meeting commercial banking user expectations.

Our Approach

RiverNorth architected a strategy to replace the outdated external web portal with a modern platform that delivers customer-centric capabilities expected from a true “customer portal.” This included prioritizing the review of the technologies that the client already had access to via their current contracts, with effort spent on reducing technical debt and duplication across the enterprise. We created a thorough, quantitative framework for assessing each technology option that yielded a detailed cost-to-benefit analysis and recommendation report.

Results

We developed capabilities for both a minimum viable product (MVP) and a cutting-edge target state portal to address immediate needs and provide a solution that will evolve with the organization and its customer’s everchanging needs. This included definition of all platform capabilities, development of a platform evaluation survey to quantitatively assess the ability of currently used platforms to address capability criteria, an analysis of alternatives to provide a platform recommendation to the CIO, and a phased migration plan needed for multi-year budgeting.

Developing this strategy and standardized method for internally reviewing and selecting technology platforms for modernization initiatives will be vital to the agency’s ability to meet and exceed expectations from commercial banking users.