Application of Value Based Requirement Prioritization in a Banking Product Implementation

This paper describes the need for Value Based Requirement Prioritization (VBRP) in Core Banking transformation programs. We describe the VBRP tool selected for this purpose and how it was customized for use in a large product implementation in a bank. In the original VBRP tool developed before this experience we had hierarchical prioritization for various levels for requirements like modules, sub modules and requirements but we did not have goal hierarchies. We now came to know that hierarchies are also needed for goals and hence we introduced "value levers" and goals as two levels of the goal hierarchy. Also based on experience from the implementations of the product at various banks we came up with an exhaustive set of 22 goals for core banking transformation projects and used this knowledge to customize the generic VBRP tool for Core banking product implementations. This paper will help one understand the concept behind VBRP and get expertise to customize the concept to take care of special needs of projects in other domains.