Modernisation
Reinventing an aging technology stack
Agile
New, agile working environment
Cost reduction
Cost savings and increased revenues
Challenge
Challenge
Modernise core systems to accelerate time to market for new products
- One of the world’s largest banks, and a major global provider of Securities Services is highly profitable and fast growing, through on-boarding new clients, and business acquisition
- Their rapid growth highlighted issues with an aging technology stack: inconsistent data architectures and definitions, difficulties building new channels because of legacy technology limitations, ability to scale, operational efficiencies and external market demands (for example, the use of external APIs)
Engagement
Engagement
Replace cumbersome legacy systems with DevOps based cloud solutions
- Assessed and migrated the client to the cloud for entire business area - working with the business and technology teams to affect a transition to more agile ways of working based on DevOps principles
- Designed and implemented a data lake, as well as external and internal API solutions
- Engineered the technology platforms underpinning the migration of data from new business acquisitions
Benefit
Benefit
Futureproof agile solutions with improved profitability
- Built out an API framework for a new UK business, Transfer Agency, which enabled the client to launch the service to UK clients. The API framework is being used in other regions to support business expansion into new markets
- Implemented a new data strategy based around a data-mesh service layer to allow the client to offer an extended range of services to new and existing customers
- Created a technology platform for the Global Custody business which enabled the business to migrate from a multitude of disparate regional solutions onto a consolidated global solution. This enabled the business to aggregate data and easily take a global view on client positions & transactions. The client can now service their customers with greater operational efficiency and offer enhanced balance sheet management and an extended range of products and services
- The reduction in client on-boarding lead times has delivered an increase in in-year revenues
- The streamlined business model has accelerated business acquisitions and simplified the process. The automation and removal of complexity and duplication has delivered substantial operational efficiencies
- The shift to a more agile way of working across the client’s business and technology teams has reduced the time to market for technology improvements from months to days
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