Maveric, partnered with Temenos to upgrade a 30-year old bank’s wealth management systems and, in the process, set new benchmarks in innovation, ease of use, performance, value, impact, and functionality. This collaboration exemplified a paradigm shift in wealth management technology.
Innovation
For the bank, the decision to migrate from on-premises to the cloud on Azure was a bold step, driven by the need for operational efficiency and improved customer service. Implementing the Temenos Continuous Deployment (TCD) platform demonstrated an innovative approach, allowing for continuous and automated management of changes to the Transact platform. Creating simulators, such as the Market Data Simulator and FIX messages simulator, further proved a forward-thinking strategy to replicate production environments in testing, ensuring the innovation seamlessly translated into real-world success.
Ease of Use
Maveric's contribution in providing associates with deep product understanding and encouraging cloud certification played a pivotal role. The Instrument price feed simulator and tools for like-to-like testing during the upgrade phase added an extra layer of ease for the teams involved. The strategic approach to talent development and certification facilitated a smooth transition to the cloud and ensured the workforce was well-equipped to navigate the evolving technological landscape.
Performance
The successful delivery of the upgrade project and the subsequent reduction in release cycles from 6 weeks to 3 weeks emphasised the high performance achieved by the bank, Maveric, and Temenos. The seamless integration of the new Order Management System (OMS) with Transact showcased a commitment to Straight Through Processing (STP), resulting in 100% STP processing of Derivatives Orders and Trades. Maveric's skilled resources within the Bank's Agile squads further accelerated project timelines, highlighting a performance-driven collaborative effort.
Value
Implementing the 'One Release Strategy' by hosting Transact on Azure streamlined processes and significantly reduced release cycles, adding value to operational efficiency. Adopting the Temenos Continuous Deployment (TCD) platform added intrinsic value by allowing various teams to create on-demand environments per their specific needs, fostering a culture of adaptability and efficiency.
Impact
The successful upgrade and adoption of cloud-based solutions positioned the bank as an industry leader in embracing technological change. The achievement of 100% STP processing of Derivatives Orders and Trades not only streamlined operations but also had a cascading impact on the overall effectiveness of the bank's wealth management business.
Functionality
The scope of work, including upgrading Transact, migrating to Azure, and integrating OMS and L3 customizations, demonstrated a comprehensive approach to enhancing functionality. Creating simulators and tools for like-to-like testing contributed to robust testing environments, ensuring the upgraded systems functioned seamlessly. This focus on functionality was not just a technological upgrade but a strategic move to align the systems with the evolving needs of the wealth management business.
