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Streamlining Migration and Delivering Value for a Global Investment Bank

Key achievements

  • 43% reduction in reporting inefficiencies.
  • 100% success rate on planned migrations.
  • Zero interruptions for clients on the new platform.

Challenge

This global investment bank was facing significant challenges in migrating clients to a new platform. The project was over budget, behind schedule, and impacting client relations. They needed to successfully migrate 200 Custodian clients with over 2,000 funds to the new platform with improved functionalities by the June 2021 deadline.

The new platform required the integration of core functionalities like transactions, corporate actions, tax, and stock loans. Additionally, it aimed to replace an inefficient reporting system generating over 100 reports with unknown utilisation.

Solution

We deployed a dedicated team to address the situation, including a Programme Director who quickly analysed the issues, identified solutions, and presented a clear plan to meet the deadline.

We then assembled a team of Business and Data Analysts, led by experienced Project Managers, to expedite the client migrations. Our team also rebuilt the external communication plan to keep clients informed of changes and timelines.

Results

Within two months, the project was back on track and had made significant progress, fuelled by several key improvements. Firstly, enhanced communication led to improved collaboration between internal and client stakeholders. This ensured everyone was on the same page and working towards the same goals. 

Secondly, we developed comprehensive documentation for the bank's IT team. This actionable documentation enabled them to implement new functionalities quickly and efficiently.

In addition, by streamlining the reporting system, we were able to reduce the number of reports by 43%. This not only saved time but also helped to improve focus by reducing information overload. 

All subsequent client migrations were successfully completed on schedule, achieving a perfect, 100% on-time migration rate. 

Ultimately, we delivered a seamless transition with zero platform interruptions. 

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