Context
We partnered with two major banks to deliver a seamless client account migration by creating a unified ‘Golden Source’ of data. This involved aggregating information from 10 disparate systems across lines of business including Custody, Fund Accounting, Transfer Agency, Middle Office, and Private Client Services (Private Equity Real Estate Services). To support this initiative, we developed a Master Information (MI) System that enabled streamlined account identification and improved data visibility. This system played a pivotal role in supporting a smooth transition of accounts, ensuring accurate account setup within the new organisation and reducing the risk of data inconsistency.
Client Challenge
The client faced the complex task of migrating a large volume of accounts under tight timelines while maintaining a high standard of data accuracy and operational efficiency. Key challenges included:
- Data Aggregation & Quality: The need to compile a comprehensive and accurate dataset from multiple sources to support the migration wave.
- Multi-Stakeholder Coordination: Ensuring alignment on data validation across a wide range of business partners, each with distinct expectations, standards, and system requirements.
- Scope & Risk Management: Identifying all in-scope accounts and mitigating risks associated with accounts that were not initially captured.
- Cross-Business Alignment: Bridging the operational and data gaps between two distinct lines of business, Custody and Private Client Services, across six product areas, to ensure a consistent and frictionless client experience.
Solution
To address the client’s complex data migration and integration needs, we implemented a comprehensive and scalable solution grounded in strong data governance and cross-functional collaboration. Our approach focused on building a robust MI system, automating key processes, and ensuring data integrity at every stage of the transition. Key activities included:
- Developed a robust MI system leveraging logical product transitions and comprehensive data mapping across over a million data points.
- Engaged stakeholders across multiple departments to validate data integrity and establish a golden source of truth.
- Designed an automated system to track and update all system changes, ensuring dataset accuracy and consistency.
- Conducted deep-dive analyses into current and future workflows, systematically recording and measuring progress against each agreed milestone.
- Established a structured process for identifying and communicating unresolved changes beyond project deadlines, ensuring seamless integration into ongoing migration waves.
- Created automated templates that allowed stakeholders to extract data in a format aligned with their specific requirements, enhancing usability and efficiency.
- Created a controlled change process to reduce unauthorised changes to the migration.
- Authored clear Standard Operating Procedures (SOPs) and contingency plans to ensure continuity and mitigate risks in case of process interruptions.
Results
Our approach delivered significant improvements for the client, including:
- Developed a streamlined MI process that enhanced data creation, sharing, and usage, ensuring accessibility and ease of use.
- Conducted comprehensive risk assessments to support the business in identifying and managing accounts and products that fell outside the project scope.
- Established a fully auditable operating procedure, ensuring clarity, compliance, and traceability in data handling and decision-making.
These enhancements provided the client with a structured, efficient, and risk-aware framework for ongoing operations.
Key Achievement
We successfully collated and linked datasets that had never been extracted before, creating a system that provided accurate, reliable data. By automating this system, we significantly reduced manual effort and time spent on data management. Additionally, we implemented a structured procedure with auditable controls to ensure transparency and compliance. The improved data accuracy and frequency eased the transition for the new company, reducing operational pressure while ensuring a seamless client experience. Our risk assessments and business alignment strategies left no gaps, guaranteeing a comprehensive and efficient process.