"A British state-owned bank is reconfiguring its modernization project, including considering reducing connections with legacy systems, as it tries to claw back schedule and budget overruns that are far beyond early plans. The National Savings & Investment (NS&I) transformation program is already £1.3 billion over budget and four years late. In December, chief executive Dax Harkins told MPs the organization was outside HM Treasury spending limits and timetable under a revised plan from systems integrator Capgemini."
"We recognize the challenge this presents and are working on options to improve the cost and time of program delivery, including what would be required to live within our Spending Review budget. The new options include reducing the need to connect our older legacy systems with our new services and new banking systems, and areas where we could reprioritize work."
National Savings & Investment began a business transformation in 2020 called Project Rainbow to reduce running costs and replace a 20-year Atos outsourcing deal. The transformation program is currently £1.3 billion over budget and four years behind schedule. A revised plan from systems integrator Capgemini is forecast to complete outside the March 2028 target date and outside the agreed Spending Review budget. NS&I is assessing options to improve cost and schedule, including reducing connections to older legacy systems, reprioritizing work, reviewing finances and dependencies, and preparing a draft business case for ministerial decision. The National Audit Office judged the program to carry an extremely high level of risk.
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