Case studies

A Major British bank

International Banking re-structure
Re-organisation of onshore banking operations to offshore jurisdictions whilst maintaining banking services to High Net Worth (HNW) clients and ensuring offshore regulatory compliance.

Challenges and client remit
The remit was to ensure that banking services were not interrupted and legacy issues were resolved within a multitude of banking platforms.
The offshore regulators required all legacy issues to be resolved prior to offshore customer and bank account transfers were able to commence.

Solutions deployed and actions taken
We quarantined known legacy issues and created a taskforce of dedicated experts to resolve material concerns, whilst carrying out impact assessments and feasibility studies to find solutions acceptable and within specified limits to all stakeholders.

Results and achievements
Material legacy issues were resolved with limited impact to the bank’s finances (less than £100k was written off against a £840m asset base).
Legacy systems were ‘moth-balled’ and a more simplified IT architecture was created with cost savings of circa £10m pa. The target operating model was revamped to focus on a ‘manage by exception’ strategy.
Reporting systems were upgraded to deliver information required, and not ‘as was always done’ in the past.

A Major Global Retail Bank

Merger and acquisition of two major banks incorporating retail banking accounts, credit cards and loan books, ensuring day 1, monthly operational readiness.
Requested to stay on following go live as part of a remediation team.
Combining two diversified banking giants front, middle and back office systems with few areas of common ground.

Challenges and client remit
We were tasked with the post deal integration of two banks’ operations across the finance, risk and technology functions.
The programme involved all banking operations and a re-development of the technology stack, combining out-dated systems that would have had extensive cost implications if a complete re-design was preferred.

Significant challenges were encountered once the gap analysis phase commenced, such as reporting systems incompatibility, different accounting systems used (SAP / Oracle), cultural issues and historical poor data management processes.

Solutions deployed and actions taken
A robust plan and combination of strategic and tactical solutions were presented and agreed by the board / stakeholders.

Significant resources and subject matter experts were engaged together with a programme budget of £675m signed off.
Programme teams were mobilised until final delivery and sign off.

Results and achievements
The programme was delivered on time and to budget with no operational or reputational impact to banking services. IT systems were upgraded and enhanced by streamlining workflows and creating a ‘one version of the truth’ framework.

Historical governance issues were resolved and core risk management systems were automated with early warning systems put in place to monitor key processes.

Technology supplier / Strategic Partner (ongoing)

Use of machine learning / AI technology to enhance digital transformation strategies and delivery programmes.

Challenges and client remit
We partnered with a technology provider to bring to market a AI-enabled solution to assist clients with regulatory issues that affect the financial services industry. This is part of an on-going commitment to innovate and transform their client-focused service delivery model to provide effective and tangible results.

The first use case that this solution will be used for is compliance regulations related to LIBOR, to assist clients with the transition process.

Solutions deployed and actions taken
Plutus Consulting will, with its partner, automate the solutions they provide to the financial industry with a focus on banking and investment services. The company plans to develop offerings that facilitate an end-to-end framework to enable a more efficient contract review and analysis process.

Results and achievements
Joanne, CRO “Plutus Consulting is clearly dedicated to delivering its clients world-class service through innovative methods, and we are pleased that they are building a compliance framework through the use of our API to support this ongoing commitment,”

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