A complex client migration for a leading global investment bank

We’ve supported with the migration of 200 Custodian Banking clients over to a brand new technology platform.

Big Tick

43% reduction in reporting inefficiencies

Big Tick

100% success rate on planned migrations

Big Tick

Zero interruptions for clients on new platform

Challenge

This global investment bank was 12 months into a high-profile change programme, migrating 200 Custodian clients, with a portfolio of over 2,000 funds, onto their new platform. But the project was running over budget and behind time, and clients were starting to notice. So they asked us to help them get things back on track so they could hit their June 2021 completion deadline.

Not only was there significant time pressure but this was a highly complex migration. The new platform needed to include core custody functionality such as transactions, corporate actions, tax and stock loans. They also wanted to build-in advanced data analytics to overhaul the inefficient reporting functionality - clients were previously getting up to 100 bespoke reports, and the bank didn’t know whether they were even being used.

Challenge

Solution

We hit the ground running, immediately deploying an SME Programme Director to meet with all project stakeholders, analyse the entire project plan and deliver a clear proposal on what needed to happen to meet the client’s migration deadline.

Once this proposal was given the go-ahead, we assembled a specialist team of business and data analysts to move the dial on the speed of client account migration, overseen by our seasoned project managers to keep everything on plan.

We also rebuilt the external communications plan, so clients were no longer in the dark on the planned changes or migration timeframes.

Solution

Results

Within two months, the project was back on track and up to speed on target migrations, and communication between internal stakeholders and partner clients was drastically improved. A full suite of new functionality for the system was also documented, ready for the bank’s IT and tech development team to roll-out.

Since then, 100% of the client migrations have been delivered on plan, and clients on the new platform have experienced zero interruptions. The reporting functionality overhaul has also seen the volume of reports drop by 43%, saving the bank’s internal team countless hours and meaning that clients are no longer being overwhelmed with reports they don’t need.

Results

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Phillip Wood

Director, Risk Practice

Phillip Wood