As the Financial Services industry evolves from the great recession and prepares itself for the unprecedented regulatory requirements and oversight, IT leaders are challenged with finding prudent IT solutions to meet the ever-changing business demands with significantly reduced budgets.
While business and political uncertainties have created revenue challenges for the industry in investment banking and other lucrative lines of business, the areas of wealth management and private banking promises growth. With over 10,000 baby boomers retiring every day in the US, this business growth needs solutions to efficiently support the business as well as meet the ever increasing regulatory / compliance mandates.
Technosoft has a wealth of experience accumulated over a decade in providing a range of services and solutions to the world’s leading banks and financial institutions. Our expertise spans
In wealth management, we have provided solutions like payment processing for mutual funds trading system, global taxlot system and performance reporting.
Technosoft is currently co-building a state-of-the-art Retirement Planning product for financial advisors.
The Bank's compliance department generates nearly a thousand reports for submission to various regulatory agencies. In addition ad-hoc reports as and when required by regulators keeps adding up.
Oracle Discoverer was the platform used for reporting and ran on an enterprise data warehouse. The lack of user friendly interface and an unacceptably high time taken to generate the reports were the inherent disadvantages. What added to the sense of urgency was that Oracle Discoverer support was being discontinued by end of Q1 2013.
The challenge was to make available the existing thousand strong reports on the new COGNOS platform and set up a framework that would empower users to generate ad-hoc reports or change any of the existing reports with minimal programming.
Based on the scope, complexity and time constraints, Technosoft adopted a tool based approach to reduce the manual effort involved in the migration process. This tool converts the existing metadata model in Oracle Discoverer to the COGNOS framework. Once models for all 45 business areas were migrated, the reports were then created in COGNOS Report Studio. The team (onsite-offshore model) leveraged our synthetic data creation tool to test the migrated reports offshore.
Apart from migration of existing reports, Technosoft trained the users on COGNOS to generate their own ad-hoc reports using Query Studio, but leveraging the metadata models already created.
The project involved creating web services to handle accounting information. It would provide clients with the ability to create,monitor and view account balances. It would also enable online transactions, transfer funds, view invoices and pay bills. A critical feature was the support for wired transfer of money to other bank accounts as well as allowing account holders the ability to edit their personal information.