Introduction: A leading global financial services company with three business units: Private Banking, Corporate and Retail Banking, Insurance and Investment Banking. Private Banking offers advice as well as wealth management products and services to high net-worth clients in Europe and other markets worldwide.
Approach: Cognizant was introduced to restructure and revamp the existing application architecture and develop applications on a Multi-Channel infrastructure, which would cater to several channels, including the Internet. A phased approach was decided upon and the Online Banking service was to be introduced in a set of multiple releases.
The development of its employees and better respond to the changing business environment, one department of a large financial-services company decided to revamp its existing performance management system through a Six Sigma project. A pre-project analysis revealed that a complete redesign of the system was required.
As incremental improvement in the existing system was not possible, the project team followed the Design for Six Sigma (DFSS) DMADV (Define, Measure, Analyze, Design, Verify) roadmap, incorporating best practices from Six Sigma, project management and information technology (IT) service management. This case study covers a few major aspects of the project, which could readily be applied in similar situations across various industries and business environments…
Introduction: Therefore, one of the firm’s key performance indicators is the way that it manages the huge volumes of data that it presents to its institutional investors. With this focus on customer service in mind, the IT department identified its operational database as an area where significant, measurable value could be added to the business. The legacy system was highly reliable and robust, but its inflexibility made it difficult to tackle compliance issues – which also led to a growing administrative burden. “As our business grows, so does the amount of data processing..
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The World Trade Center for the first time, financial services company Morgan Stanley learned a life-saving lesson. It took the company 4 hours that day to evacuate its employees, some of whom had to walk down 60 or more flights of stairs to safety. While none of Morgan Stanley’s employees were killed in the attack, the company’s management decided its disaster plan just wasn’t good enough. Morgan Stanley took a close look at its operation, analyzed the potential disaster risk and developed a multi-faceted disaster plan. Perhaps just as importantly, it practiced the plan frequently to provide for employee safety in the event of another disaster..
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VIST Financial Corp., formerly Leesport Financial Corp, is a diversified financial services company headquartered in Wyomissing, PA, offering banking, insurance, investments, wealth management, and title insurance services throughout Berks, Southern Schuylkill, Montgomery, Delaware and Philadelphia Counties. Using SUSE Linux Enterprise Server with built-in Xen virtualization, VIST Financial Corp. consolidated its hardware for a significant cost savings. With an automated identity and desktop management solution from Novell. Click here to read more…
In 1993, when terrorists attacked the World Trade Center for the first time, financial services company Morgan Stanley learned a life-saving lesson. It took the company 4 hours that day to evacuate its employees, some of whom had to walk down 60 or more flights of stairs to safety. While none of Morgan Stanley’s employees were killed in the attack, the company’s management decided its disaster plan just wasn’t good enough. Morgan Stanley took a close look at its operation, analyzed the potential disaster risk and developed a multi-faceted disaster plan. Perhaps just as importantly, it practiced the plan frequently to provide for employee safety in the event of another disaster. Click here to read more…
About The Bank of NewYork Mellon: The Bank of NewYork Mellon is a global financial services company focused on helping clients manage and service their financial assets.The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. The Bank of NewYork Mellon was the first US bank to join SWIFT. In 2007, the Bank ranked eighth in SWIFT FIN traffic. It currently ranks third in combined CHIPS and Fedwire volume.
Overcoming the challenges: Increase in enquiry volume Initially, the bank was receiving 400 enquiries a day related to SR VII compliance. Through research it was determined that, in more than 50% of these cases, all the required details in the context of SR VII compliance were provided in the original payment instruction. However, the receiving institution’s systems were unable to locate or read the information needed to process. Click here to read more...
Mashkin Group Inc. (Mashkin), a wholly owned subsidiary of Amir Inc., a British financial conglomerate, is a medium-size, asset-management group based in the US. Mashkin consists of three primary divisions: a mutual fund company with $10 billion in assets; a separate, but closely affiliated asset management company with $15 billion in assets; and a financial services company.
Since the early 1990s, these three enterprises have shared the same client database and other software programs. The first program utilized, an inexpensive, off-the-shelf system with limited capabilities, was used by the sales department of both the mutual fund company and the asset management company primarily to store names, telephone numbers, and notes of salespeople.
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Financial Insights Opinion: Comerica Inc., a financial services company, is an example of the many companies in the United States that have taken the sustainability and green IT message to heart, taking active steps to reduce theircarbon footprint. In this document, Financial Insights describes major lessons learned, challenges, and benefits that can be considered typical of any enterprise wide sustainability effort.
Situation Overview: Comerica is a financial services company, headquartered in Dallas, Texas, and organized into three major service businesses: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Aside from Texas, Comerica’s bank locations can be found in Arizona, California, Florida, and Michigan, with some businesses in other statesas well as outside of the United States in countries such as Canada, Mexico, and China. Keep reading
BancVue: Champion of the Community Financial Institution When you’re a community financial institution competing with the megabanks, you need to offer competitive products without the mega IT budget. This is the heart of BancVue’s business, and the motivation for the company to virtualize with VMware vSphere BancVue is a mid-sized financial services company that helps community financial institutions better serve their consumers. BancVue offers everything from online account opening and mobile web portals to online marketing tools and consumer-facing websites. Ultimately, BancVue helps community financial institutions attract new consumers with offerings that rival those of a megabank. Keep reading