Regional financial institution Zions partnered with Liferay to transform their platform from a monolith into a modern, customizable, and scalable solution.
Modernizing Banking: How Zions Bancorp Increased Development Speed up to 92% with Liferay
8
Banks served
3,000
daily transactions
92%
development speed increase
Outline
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Outline
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Key Takeaways
- Zions left behind legacy technology for a modern solution using Liferay DXP that is scalable, reliable, and customizable.
- With development time cut from up to a year to just one month, Zions has improved 92% in efficiency.
- Because Zions took a containerized approach, they’ve been able to reduce downtime and maintain revenue even when issues arise.
About Zions
Zions Bancorporation is a financial services company that operates eight regional banks in the western and southwestern United States.
The company specializes in small to mid-sized businesses and commercial real estate as well as wealth management. Zions is committed to empowering local leadership and encouraging community involvement.
The company specializes in small to mid-sized businesses and commercial real estate as well as wealth management. Zions is committed to empowering local leadership and encouraging community involvement.
Challenges
Zions was using an SSO application to give customers access to necessary resources and services, but the technology underneath was ineffective, outdated, and monolithic. Customers frequently complained about the poor user experience, especially in comparison to other banking institutions.
Additional challenges with the technology platform included:
- Long and risky deployments. Downtime during deployments meant significant revenue loss.
- Lack of innovation. Slow development times led to slower go-to-market times and less room for progress.
- Increasing technological complexity. The platform added to Zions’ technical debt and was difficult to maintain.
Liferay allowed us to accelerate our go to market initiatives.
Implementation
When Zions began looking for a new technology vendor to rebuild their platform, scalability and reliability were key deciding factors in choosing Liferay. As Otmane Oudrhiri, Zion’s SVP and SR Engineering Manager put it, “Liferay resolved everything for us.”
The Liferay team played a significant part in the building and implementation phase, and Zions was able to create one website as a template and apply it to the other seven websites—meaning major time savings.
The migration from a homegrown, monolithic legacy application to a customizable, scalable platform that offered a unified digital experience was a huge undertaking. Zions was also able to bring some of the services from their old platform to the new and ended up building a second application, an internal admin tool for the customer support side.
Results
Zions’ new Liferay-built websites have revolutionized the customer experience. In just one day, a single account can have 3,000 transactions, so these websites are critical to the success of both Zions and their customers.
With the new platform, Zions has seen the following benefits:
- Improved customizable user experience. Users have given the new experience great feedback, especially now that they have more control.
- Reduced downtime. Gone are the days of priority 1 downtime issues, as containers ensure Zions can bring a new pod online when there is an issue.
- Accelerated innovation. Go to market time for development has decreased from up to a year to just 1 month, a 92% improvement in efficiency.
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