Success Stories
Co-sourcing partnership with the leading Fund Manager of Australia resulting in cumulative savings of US $ 40 million
Business Need
The client was grappling with continuous changes required in different applications due to rapid business expansion and changing legislative requirements. To address the problem, the client was looking for a long term co-sourcing partner who can
- Bring domain knowledge across the Asset management landscape
- Address the requirements for the legacy skills
- Support efforts to improve quality processes and reduce maintenance cost
HCL Solution
HCL came in as the strategic offshore partner for the bank. HCL offered a gamut of services to the client since 1998 with a dedicated Offshore Development Center in India. HCL has been managing applications for the client pertaining to the entire Asset management landscape including WRAP platform and separately managed accounts.
- Euro Conversion: Enhanced functionality to applications for them to cope with Euro effects and data conversion for one of the core applications (Investment Management application).
- Product Enhancements (Regulatory): Enhancements done to the applications owing to the regulatory nature of the business.
- Straight Through Processing
- Quality Processes Improvement for the Bank: HCL designed and implemented the Quality Processes.
- IT Integration of acquired companies with Client's IT applications, standards and processes
- Production Support: Providing Support for all applications currently in production is being given (24 * 7)
- Testing Tool Maintenance: Enhanced and Maintained client's indigenously developed testing tool
- Design and Build for WRAP technology : WRAP offers wholesale investors like financial planners the option of investing in funds being managed by other institutions
- Migration and Conversion
- Cumulative savings of over USD 40 million
- Improving customer experience - 11.5 min Average Turn Around Time versus 40 min SLA.
- Improved quality in production from 28 errors/1000 FP to 7 errors /1000 FP
- Average schedule variance decreased from 18% at the start to 2% currently
