Transforming Legacy Systems for an Asset Management Firm
Efficient management of legacy systems is critical and needs the capabilities of an enabler who can increase customer satisfaction and operational efficiency, and control costs. The client, keen to drive transformation of its legacy systems, reached out to us to re-engineer their legacy product for increased business value. We were prompt in transforming the legacy systems and helped them reduce their IT cycle time by almost 20%.
About the Client
A provider of investment processing, fund processing, and investment management business outsourcing solutions to the financial services industry, the client serves the needs of private banks and trusts, investment advisors, enterprises, money managers, and other financial companies.
The client had three clear mandates. First, the client wanted to re-engineer their core legacy product to provide a superior customer experience to a growing customer base. Two, they wanted online and real-time information on all accounts and assets. Three, they needed to create documentation of the legacy system. Coforge delivered on all three mandates leveraging methodologies and tool sets from our re-engineering and migration practice.
We provided a scalable, flexible, and easily configurable open architecture platform built on C APIs. The platform incorporated the entire legacy system life-cycle with automated workflow across multiple business units-enhancing the capabilities of the system.
Our team comprised domain experts and technical architects from the finance industry, the quality assurance (QA) team and Technology Excellence group of C language experts. The QA team was involved right from the requirement definition phase to independent scrutiny of the legacy code for test scenario definitions. They streamlined the entire process and ensured better control over the entire release and deployment process. Any results or findings of the QA team were compared with the development team before the roll-out to avoid any issues in the end platform delivered.
Delivering More Value
We delivered strategic value to the client by helping them re-engineer their legacy systems:
More Efficiency: We enabled online, real-time data access and updating of account management, trading, and cash management transactions.
More Savings: The IT cycle time was reduced by almost 20%—resulting in better capacity utilization.
More Capabilities: The decision-making capability of investment advisors and managers improved significantly.
More Independence: Consistent and accurate requirement definition reduced dependency on business analysts—enabling a customized requirement definition process.
More Reliability: Legacy systems could now integrate real-time with SWIFT networks and other third-party products, clearing houses, NSC, and DTC.
More Intuitiveness: End-users could now build workstation-based solutions.