The challenge of a multi-entity platform in international private banking
As effective IT platforms become increasingly important to success in the banking sector, many banks are acting decisively to streamline their operations and ensure fitness for the future. Wavestone’s strong combination of strategic business and technical expertise recently saw a major international private bank engage it to meet a need for an ambitious new cloud platform. This will have to work seamlessly across the client’s banking entities and deliver against a challenging list of IT and business needs – including online presence, client lifecycles, portfolio management, compliance, operations, credit and risk management, finance, and data management.
The client’s key aim is to ensure the convergence of its banking entities’ processes across a wide range of geographies. To achieve this, they must embrace, and seamlessly transition to, the new platform – something the client is clear should be co-created, if it is to address the entities’ varied needs and differences.
An agile team that can manage both business and IT challenges
Wavestone’s work is focused on both migrating the client to the new platform and on defining a central platform. It is currently finalizing the scope of these key migration and development phases, ensuring that all the necessary IT and business tasks are identified, analyzed, and scheduled – with careful attention being paid to the client’s capacity to progress the changes.
In concrete terms, the Wavestone team will need to support the building of the underlying IT system. This means defining the target functional and application architectures, the related Target Operating Model (TOM), and the migration roadmap. It will also be focused on sound project management, business analysis, and meeting regulatory needs – such as assisting the client with local regulatory agreements.
A multidisciplinary approach to co-construct the right solution
The work involves Wavestone providing ten consultants – all with robust project management skills, methodological know-how, and in-depth expertise in both the business and IT domains. This multidisciplinary team equips the client with a range of complementary skills – the ideal springboard for co-creation to successfully define and deliver a new, globally coherent platform. The approach will see the Wavestone team work closely with the client, its local experts, and the numerous other stakeholders essential to a successful outcome.
