In banking, IT projects are rarely “just system implementations.” More often, they are large-scale initiatives with significant business impact. They involve central credit systems, rating models, or the integration of multiple distributed solutions. On top of that, there is the regulatory context, dependencies on legacy systems, and the need to align multiple stakeholders.
In such conditions, starting a project without proper preparation is not a bold decision.
It is a risk.
That is why more and more banks choose to begin with a Discovery phase—a stage that helps structure assumptions, validate direction, and make informed decisions about further investments.
From Idea to a Real Action Plan
Discovery is the moment when a business idea stops being a set of assumptions and begins to take a concrete form. In practice, this means moving from a general vision to a coherent product concept, solution architecture, and a clearly defined scope for the first phase—most often in the form of an MVP or POC.
From our perspective, it is crucial that this process is not detached from the bank’s organizational reality. That is why we recommend running Discovery in close collaboration with the client’s teams, using a Time & Material model. This approach allows assumptions to be continuously validated against operational, technological, and regulatory realities.
As a result, Discovery is not a theoretical analytical exercise, but a practical phase that genuinely reduces uncertainty and accelerates decision-making.
Three Perspectives, One Coherent Picture
One of the most common mistakes in banking projects is looking at a problem from a single perspective—most often either business or technology. From experience, we know that this approach leads to misalignments that only become visible during implementation.
That is why, in our Discovery projects, we work in parallel across three complementary streams.
The first is the governance stream, where the foundation for collaboration is built. We define the way of working, roles and responsibilities, timelines, and team organization. This is where the structure is created that later determines the project’s predictability and transparency.
At the same time, we conduct analytical work, focused on refining stakeholder needs and translating them into concrete requirements. This is where specifications, backlog, and wireframes are created—allowing the solution to be visualized and ensuring that all parties share the same understanding.
The third element is the technology perspective. At an early stage, we validate the feasibility of proposed solutions, design the architecture, and analyze constraints of the banking environment. When needed, we also develop proofs of concept for key or high-risk components.
Only by combining these three perspectives can we create a complete picture that enables responsible decision-making.
The Moment When Vision Becomes a Project
A key element of Discovery is product vision workshops. We treat them not as a one-off meeting, but as a structured process in which we jointly define the project direction and its key assumptions.
During these workshops, we analyze selected functionalities, validate business priorities, and ensure that the chosen direction aligns with the bank’s organizational and technological capabilities. This is also the moment when business and IT perspectives are aligned—something that in practice is often one of the biggest challenges.
It is at this stage that an idea stops being abstract and starts functioning as a real project that can be planned and estimated.
Tangible Outcomes, Not Just Recommendations
One of the greatest values of a well-executed Discovery phase is its tangibility. The bank does not end this stage with a presentation or general conclusions, but with a set of concrete deliverables that can be directly used in the next steps.
In our experience, it is essential to deliver a complete picture of the solution. That is why the outcome of Discovery is a coherent product concept, supported by both business and technical specifications. It includes a backlog, wireframes, and—often—proofs of concept for the most critical or risky components. All of this is complemented by a validated estimate, based on a real understanding of the scope.
This set of deliverables allows the bank not only to start development but, more importantly, to make an informed decision about whether and how the project should proceed.
Real Risk Reduction in High-Stakes Projects
In projects such as building a central credit system or implementing a rating system, risk goes far beyond technology. It also includes costs, timelines, regulatory compliance, and the impact on ongoing bank operations.
Discovery allows a significant portion of these risks to be shifted to an earlier stage, where their cost is much lower. Issues that could cause delays or scope changes during development are identified and addressed in advance. Assumptions are validated, and decisions are made based on data rather than intuition.
As a result, the bank gains better project preparation and greater control over its execution.
Not Just a Project — Also Vendor Validation
Discovery serves another important function. It is a natural stage at which the bank can evaluate a potential technology partner in practice—not just based on declarations or references.
During collaboration, it becomes clear how the team communicates, approaches problem-solving, conducts analysis, and what their actual capabilities are. This stage shows not only what the vendor can deliver, but how they work.
From our perspective, this is a deliberate part of the process. We treat Discovery as a phase that gives the client a full picture of the collaboration.
Importantly, after Discovery, the bank retains full decision-making control. It can continue the project with us or—having all the developed materials—choose another vendor.
This makes Discovery a safe and controlled way to start cooperation, without the need for long-term commitments at the outset.
A Foundation for Further Decisions
In banking projects, the biggest costs rarely come from implementation itself. More often, they result from incorrect assumptions made at the beginning.
The Discovery phase helps avoid these mistakes. It structures requirements, validates direction, reduces risk, and provides a solid foundation for further actions. Regardless of whether the project is implemented immediately or later, the bank gains knowledge that enables informed and responsible decision-making.
From our perspective, this is also the moment when we can demonstrate what matters most in a software house’s work—the ability to combine business, analytical, and technological perspectives into one coherent process.
Because in banking, project success begins long before the first line of code is written
Marketing Team Leader specializing in building communication strategies for the financial sector. Creates B2B campaigns and effectively translates complex technological solutions into clear, business-friendly language. Combines strategic thinking with a creative approach. A productivity enthusiast, eager to test and implement new methods that improve efficiency and organization.
