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Our Experience with
Alkami Implementations
EXECUTIVE SUMMARY
Phase Zero Partners has successfully managed multiple Alkami digital banking platform implementations, leveraging tailored project management strategies and vendor relationship coordination. By adhering to a structured project timeline and addressing specific challenges, these projects have delivered robust digital banking solutions for financial institutions. This document outlines the process framework, challenges, and lessons learned for effectively executing such projects. Switching your Digital Banking provider can be a daunting proposition, having the right strategy to plan and execute your project can make a huge difference to the experience your end users have on your go live day. Phase Zero Partners has managed multiple Alkami migrations, here is what we learned along the way.
OBJECTIVES
The primary objectives of these implementations are:
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To deliver a fully functional Alkami digital banking platform on schedule.
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To streamline vendor management and coordination across multiple integration points.
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To establish a structured approach to project management, ensuring all team members are engaged and deliverables are tracked effectively.
KEY FOCUS AREAS
Project Structure and Phases
Project Phases:
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Solution Design: Guided workshops for making key UI and functional decisions with business line and technical stakeholders.
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Technical Engagement and Build: IT-focused phase for network configuration, file server setup, and conversion file generation.
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User Acceptance Testing (UAT): Rigorous testing of the platform by all relevant teams to ensure readiness.
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Live Pilot: Pilot testing with external customers to identify scenarios not covered by internal testing.
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Go Live: Final implementation and rollout of the platform.
Pre-Solution Design Preparation:
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Identify decision-makers and vendors for all integrated services.
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Understand current integration methods (e.g., SSO, API).
Vendor Management
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Approach: In one implementation, Phase Zero served as the primary vendor manager, while in another, the firm focused on tracking vendor progress rather than being the main point of contact.
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Key Activities:
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Early identification of all vendors and their integration needs.
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Assigning clear internal vendor relationship owners.
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Documenting all vendor contacts and timelines.
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User Acceptance Testing (UAT)
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Approach: Develop a comprehensive test plan with input from all teams (technology, operations, compliance, etc.).
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Key Activities:
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Establish clear RACI (Responsible, Accountable, Consulted, Informed) models.
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Implement a structured triage process for internal and vendor-reported issues inclusive of internal and vendor tracking systems.
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Pilot Testing
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Approach: Engage a sizable and diverse group of customers to participate in the pilot.
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Key Activities:
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Plan the pilot at least 30 days in advance.
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Include both consumer and commercial customer segments for robust testing.
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CHALLENGES
Managing a digital banking platform implementation comes with significant challenges:
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Task Management: Hundreds of tasks require clear ownership and active engagement from business lines across departments.
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Vendor Management: Managing integration projects for each vendor can be time-intensive, especially for vendors requiring 3-6 months of preparation.
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UAT Scope: Vendor-provided test cases often do not cover all scenarios; comprehensive testing requires representation from all relevant teams.
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Pilot Testing: Scenarios involving external users require careful planning to ensure coverage of real-world use cases.
LESSONS LEARNED
Key lessons from these implementations include:
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General
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Define processes for managing actions, issues, and decisions.
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Ensure thorough pre-work for Solution Design.
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Leverage business analysts for decision tracking and expertise building.
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Understand and document who is responsible for decision making in each area of the business
Vendor Management
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Start vendor coordination early to avoid delays.
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Clearly define internal vendor owners and document all contacts.
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Begin mini-projects for vendors early in the timeline.
UAT
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Establish a clear RACI model and triage process for managing issues.
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Ensure a robust internal process for filing and tracking vendor tickets.
Pilot
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Begin planning the pilot 30 days before execution.
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Include both consumer and commercial customers to cover a wide range of scenarios.
Go Live
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Ensure all project team members clear their schedules during the Go-Live week for focused execution and support.
CONCLUSION
Phase Zero Partners' structured approach to managing Alkami digital banking platform implementations ensures timely delivery while addressing the complexities of vendor management, UAT, and pilot testing. By implementing clear processes and engaging stakeholders at every phase, these projects deliver successful outcomes that enhance digital banking capabilities for financial institutions.