Efficient management of the complexities of disparate systems and data after merger and acquisition (M&A) integration saves time and money.
Client
Banks that have merged or acquired new businesses.
Goal
Manage migration and integration complexity post M&A.
Tools and Technologies
The Iris business acquisition playbook for banks.
Business Challenge
In a low-interest rate regime, achieving scale is the only way for banks to stay profitable. The top 25 banks are growing at a rate faster than rest of the pack. The search for profitability from scale is predicated upon their ability to ensure that operational costs do not grow linearly with business. A significant part of this growth will come inorganically.
Apart from M&As, brownfield expansion comes with banks selling off their books of business for reasons ranging from realigned strategic priorities to the more mundane need of raising cash. Any IT costs in absorbing the new book of work will negate the advantages of size.
Solution
Iris created a business acquisition playbook for our banking clients outlining steps to insource with a migration and integration strategy. We defined insourcing steps for business and technology teams and created a migration strategy with quantifiable recommendations and a reusable checklist for insourcing activities.
Our solutions enabled clients to deal with post-merger integrations and create a single source of truth for transactional data and positions. We consolidated multiple acquisition playbooks and created a single standardized framework for their lending business. The solution also included data integration management and ensured connectivity for the lending business. The solutions were specifically tailored for applications in the loan origination and servicing space.
Outcomes
Our solution rendered several significant benefits and helped clients:
- Achieve 50% savings in cycle time and cost for post-merger integration of business processes, application, and data
- Capability and readiness assessment and assistance in choosing from insourcing options
- Achieve full migration of data and systems
- Achieve partial migration of systems and data migration and integration
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Deliver personalization via report automation
A leading asset management firm personalized offerings by automating processes to glean customer insights.
Client
A leading asset management firm based in the U.S.
Goal
Help asset managers deliver personalized solutions to establish differentiation
Tools and Technologies
AquaData Studio, Java, Perl, Python, Spring, Hibernate, VRS, PostgreSQL, Composite and MS SQL
Business Challenge
- Its front, mid and back office functions needed a lot of manual effort.
- Business rules were inconsistent and data duplication was rampant.
- User experience on the platform needed significant improvement.
- Clients were unable to get a holistic view of their accounts.
- Data validation was consuming a lot of manhours.
Solution
We partnered with the asset manager to deliver better digital experiences to all its stakeholders. We created a robust data ecosystem and used advanced technologies such as artificial intelligence/machine learning or AI/ML, intelligent automation, cloud computing and test automation.
- Our team streamlined and integrated the client’s front, middle and back office functions. We helped the client integrate their back-office solutions with their custodians, reducing complexity in information exchange, eliminating reconciliation and increasing operational efficiency by more than 75%.
- We automated the creation of more than 7,000 reports.
- Improved experience for retail and institutional clients by automating the generation of complex compliance and strategic reports.
- Developed a strategic reporting module that gave customers a holistic view of their accounts and holdings.
- Set up a business data validation team offshore.
- Enabled self-service option for bespoke reports.
Outcomes
- Automated the exhibits process with 75% increase in throughput
- Our report automation solution reduced manual effort by 70% and improved monthly artefact generation throughput by 40%
- Reduced manual effort for customization in client profile management by 60%
- Achieved $50,000 savings monthly in data validation for client profile management
Our experts can help you find the right solutions to meet your needs.
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A robust platform for investment advisors
A prominent U.S. brokerage firm transformed its monolithic legacy apps for registered investment advisors (RIAs) into a microservices-based open platform and significantly improved user experience.
Client
A leading brokerage and wealth management firm based in the U.S.
Goal
Create a best-in-class platform for registered investment advisors (RIAs)
Tools and Technologies
Pivotal Cloud Foundry, Spring Boot, Spring Cloud Gateway, Angular 6, TIBCO AMX BW, SQL Server, Hybrid Automation Framework (Selenium, Appium, Perfecto) and AppDynamics
Business Challenge
With growing competition from nimble fintechs, custodians are under pressure to provide RIAs a differentiated experience. Many of them are looking to use advanced technology solutions such as machine learning, artificial intelligence and data and analytics to help RIAs improve the end consumer experience.
Our client had multiple legacy platforms built over the years that was preventing it from providing their RIAs with a secure, integrated and cost-effective solution.
Solution
Iris has played an integral role in transforming the client’s technology landscape from a legacy system to a modern, open, API-based architecture. The solutions we have implemented include:
- An open access platform with API architecture as part of the client’s go-to-market strategy. We continue to work on integrating third party vendor applications and RIA back-office applications onto this platform.
- The platform is highly reliable and secure with protection of data at rest and in motion using encryption. We have enabled encryption of data in transit to protect over 100+ integrations outside the client environment. We have used SAML and OAuth for user authentication.
- An SSO solution provides multi-factor authentication (MFA) and a framework for privileged access management to secure customer information. The Iris team has also ensured mobile security for iOS and Android devices and helped the client plug platform vulnerabilities.
- Developed responsive design as part of the UI transformation initiatives for core trading, advisory and educational solutions.
- Transformed monolithic application into micro services-based architecture.
- Provided flexible development capabilities with distributed Agile teams and extensive test automation reducing time to market and achieving significant cost savings.
- Digitized end-to-end client onboarding with features for bulk onboarding, advisor authorization and ability to submit statutory documentation online and offline.
- Created back-office solutions for money movement and cash and asset management that allowed RIAs to get a holistic view of clients and serve them on the go.
- Customizable workflow to serve needs of individual advisor firms.
Outcomes
- We enabled the client to securely integrate over hundreds of third-party apps and RIA back-office applications.
- Our test automation and Agile solutions helped the client reduce time to market for new features by 40%.
- Reduced the regression cycle duration by 60% with automated tests over six months.
- Improved performance of business transactions by 30% to 40% on the web platform.
- Addressed > 70% of security and vulnerability issues, leading to a better customer experience.
Our experts can help you find the right solutions to meet your needs.
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Gain speed to market with DevOps solutions
A wealth management firm moved from a legacy application environment to a microservices ecosystem. The switch reduced the production time and expedited the roll-out of releases.
Client
The client is a leading wealth management firm in the U.S.
Goal
DevOps strategy to shorten production timelines and speed time-to-market
Tools and Technologies
JIRA, Jenkins, GitHub, AWS, ECR, Docker, EKS and Helm
Business Challenge
The client used multiple legacy applications with a highly complex codebase to run its operations. As a result, it had long production lifecycles and spent several person-hours in integration and deployment.
On the technology front, the client faced challenges in the way server-side applications were defined, stored and managed. Its IT team also had to manage the deployment of multiple Kubernetes manifest files.
Solution
Iris recommended that the client move to a microservices ecosystem. Here’s how we deployed the solution:
- We defined an enterprise-level DevOps strategy using Helm
- Identified the scope of apps that needed to be onboarded across the enterprise
- Implemented a DevOps pipeline for microservices on the Kubernetes cluster
- Deployed the infrastructure, dependencies and applications with Kubernetes using Helm
- Delivered continuous improvement through Helm release updates and rollbacks
Outcomes
The DevOps pipeline significantly improved time-to-market for new releases.
- 20x faster release cycle
- 40% improvement in quality with end-to-end traceability
- 15x improvement in the mean time to deployment (MTTD)
We also put in place robust security control and validation processes, and provided auditable release requests.
Our experts can help you find the right solutions to meet your needs.
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