A Game-Changer for a Major North American Bank
- M&A deals of this size are pivotal moments in a company’s journey, often marking significant turning points in their history
- Deloitte partnered with a large North American bank to guide them through a major acquisition and expand their footprint into the U.S. market. This deal was about growth: the goal was to add hundreds of branches, thousands of employees, and over a million new customers
The Importance of “Day 1”
- In M&A, the success of “Day 1” cannot be overstated. It’s the official beginning, the first impression, and the moment when everything must be flawlessly executed
- Leading up to Legal Day 1, months of strategic planning, decision-making, and risk management are required. Deloitte stood up an Integration Management Office (IMO) to conduct key M&A activities, keep stakeholders engaged, and ensure that all legal requirements were met
Customer-Focused Execution
- This particular deal had both a legal and a “Customer Day 1.” After the legal completion of the deal, the bank designated a specific day to make the change visible for customers and partners
- This required onboarding and training thousands of employees, preparing customers for the transition, and conducting numerous mock tests to ensure a seamless experience
The Outcome
- Every M&A deal has its challenges, but this one was completed on time with minimal customer disruption
- Within just 20 months, the majority of the integration was completed, 10,000 new employees were hired, and the client successfully expanded its customer base by over a million.
The Unsung Hero: M&A IT
- Successful M&A deals often hinge on the IT workstreams that make everything possible. In consulting, we refer to this priority as the “high pole” of the tent. Although it may not necessarily hold back a Day 1, this work tends to require the most resources and is crucial to the success of the deal
- The behind-the-scenes IT efforts are instrumental to ensuring that customers feel minimal impact, contributing to the overall success of the deal and the business overall
Everything above is my own thoughts and opinions based on the recent case study published by Deloitte. I recommend you read it for yourself!