CASE STUDY : BUSINESS TRANSFORMATION IN A LARGE ACQUISITION
One of the largest financial institutions wanted to divest its wealth management advisory division, to another large financial institution. The complete divestment process was expected to take over 3 years to complete and would be one of the most complex IT projects executed in its time. Determined to undergo this large-scale business transformation, the firm enlisted Wissen to propose a strategy, provide technology recommendations, and create a roadmap to execute this successfully.
Wissen deployed a team of techno-functional consultants with extensive Financial Services industry expertise to analyze the client landscape with a balanced understanding of business and technology. With these insights, the team proposed a comprehensive approach to carry out the project.
The first year was focused on strategy. An extensive inventory of all business processes, data flows and systems was prepared. Business owners were assigned for all the applications. Risk assessment of all the applications was done, based on the impact to revenue, operations, compliance and security. Key technology, operations and business resources were identified, based on the risk assessments. Around 2500 systems and processes were mapped.
The second year was focused on planning. A system by system plan to keep, maintain and divest was formulated based on criticality, maturity, team skills and cost. Joint teams were built and migration and development road-maps and governance plans were created. Key data dependencies were identified and migration plans were prioritized. Over $100 million per annum was budgeted for the following two years.
The third year was focused on execution. Parallel workflows were forked while data and events were reconciled between systems on a daily, weekly and monthly basis. A single view was created, which talked to the backend systems and bridged the data between migrated and non-migrated accounts. Monthly platform releases of all the systems were made simultaneously. Over 99% of the accounts were successfully migrated and the statements were sent out correctly, immediately after the switch over.
The fourth year was focused on optimization. The teams and the supporting infrastructure were right sized. Key technology areas to invest were identified, which would help grow business revenues. A strategy to hire the right talent in the right locations was executed.
This project modernized and digitally transformed the consumer banking’s online loan application process and produced the state of the art web and mobile applications. The benefits of the new system were potential same-day cash, up to $35,000, on approval, which was received very well by the end customers.