New York City and London, September 25, 2018 - GFT, the global provider of business, IT and software services to the financial services community, is recognised in the ‘Efficiency & Agility’ category of the IDC Fintech Rankings: Real Results for the innovative dbPalace application developed for use across the whole of Deutsche Bank. GFT also ranked in position #41 of the 2018 IDC Financial Insights Fintech Rankings.
The strong relationship between GFT and Deutsche Bank saw the implementation of an innovative and ambitious project (dbPalace) with high levels of collaboration between GFT and the bank in order to build and roll-out a strategic Risk and P&L production platform. The dbPalace team set out to create a dynamic and agile IT function in order to speed up release times, reduce IT costs and enable the bank to react quickly to customer and market demands.
This programme successfully resulted not only in significant operational efficiency (with output increased by 35% and development costs reduced by 50%), but has also enabled the bank to create a much-needed competitive advantage, by unlocking innovation, empowering its people and ensuring that the company is able to adapt quickly to ever-changing market trends and challenges.
The project delivers a single strategic global platform, capable of handling the day-to-day tasks of 1,000+ users. Headed up by a 200-strong dbPalace team comprising both GFT and Deutsche Bank specialists, spread across eight locations worldwide, the innovative project sought to improve both the experience and performance of Product Controllers and Finance Directors by way of; reduced errors, reduced duplication of effort and reduced task completion times.
Chris Bezuidenhout, CIO for Markets Finance at Deutsche Bank commented: “dbPalace is an example of a programme where the needs and requirements of Finance are understood and acted upon by a passionate and committed IT team, with the users at the heart of every decision. It has been excellent working with GFT on this project. They understand my business requirements and were very focused on helping to deliver solutions we can really use.”
Rather than view dbPalace as a single project with an end date, the team instead manage it as a ‘branded product’. As such, we continue to enhance and improve dbPalace’s features and functionality, based on user feedback, emerging technology and changing business demands.
Alpesh Tailor, Executive Director at GFT (Global Account Manager for Deutsche Bank, Capital Markets) commented: “The collaboration amongst the whole dbPalace team has made the project a truly effective partnership. There is no distinction or barriers between locations, or internal versus external members; exactly how a team should work collaboratively and deliver against a common goal. This success of this project has defined the ‘gold standard’ for other strategic IT programmes within the bank and we are delighted to be recognised both for the award, and for ranking highly in the IDC rankings.
The project is a great example of GFT’s new approach for our clients; delivering collaborative teams that drive enhanced customer value, utilising new technology and innovation.”