In the year 2008, the local Bank decided to extend its regime to Private Banking and Wealth Management business. Lacking experience on the new business logic, its IT department needed some advices on catering a system that suits its surging needs. The system had to be developed in a way that could support its business expansion.
The Challenge
When the private banking business was first in place in the Bank, most of the operations were done manually. The existing banking systems could not catch up with the new business development. Productivity was relatively low due to the excessive demand in paper works and complicated working procedures. The Bank needed automatic process systems to replace the traditional handling practice. However, the Bank was new to private banking system at that time. They needed some advice from industry expert who could provide consultations and develop a customized system that served its prestige customers.
The Solution
After knowing Axisoft’s experience in Banking and Finance industry, the Bank employed Axisoft as consultant to provide assistance on systems architecture designs.
AGS consultants leveraged their business know-how and technologies to propose systems workflow and architecture. They provided invaluable tactics on how to integrate private banking systems to the core banking systems, so that all operations would become a smooth straight-through process. Moreover, the system architecture suggested by them was flexible enough to accommodate the complicated compliance matters and some other ever-changing issues.
AGS consultants walked the way
Through with client to come up with system solutions that energized its private banking business and did not make world shaking changes to its current operations.
After agreeing on the systems architecture, AGS developers developed the systems for the Bank from scratch and integrated them with existing business processes. Systems implemented in the Bank covered operations from front office to back office.
With the automatic operations, manual works in the Bank greatly reduced and productivity enhanced eventually. Its staff could focus their attention on business development.
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