IT modernization lowers costs for capital markets

IT modernization lowers costs for capital markets

Capital Markets

IT modernization lowers costs for capital markets

Age-old applications built on legacy technologies were affecting the client’s investment banking functions. Iris modernized the existing application architecture and helped the client save tremendous costs and turnaround time.

Client

A major financial institution

Goal

Re-engineer key compliance application for greater efficiency

Tools and technologies

Oracle 12c, 19c, Elastic, Java and Kafka

BUSINESS CHALLENGE

The client’s existing database application architecture was resulting in poor performance that was adversely affecting 10,000 investment banking functions. The age-old application posture was disrupting the compliance process for the global M&A, IPO, and other financing deals. The client’s customers were encountering problems such as regulations access, inconsistent or unusable data/deal search results, lagging database updates, delayed response time. The need for a capable system to support duplicate searches, and increasing ad-hoc IT redress efforts and costs were other prime concerns.

SOLUTION

Our tech experts re-engineered the entire compliance application and set up a new software system. We upgraded selective elements to improve the infrastructure performance and usage feasibility. The modernized system with new technology architecture streamlined processes and enabled faster, more advanced interactions between the information databases, search queries, and retrieval mechanisms. Complex procedures and the process of viewing features were also simplified.

OUTCOMES

The solution improved the user experience, turnarounds, data quality, deal compliance, and risk management processes while lowering the costs. Major impacts of the solution include:

  • Reduced system issues by 93%, while 7% tackled subsequently
  • Reduced enterprise-level license costs significantly
  • Improved advanced search features
  • Reduced costs of multiple searches per document by $200,000 per year
  • Enabled views generation for info responses in less than 3 seconds
  • Reduced system maintenance and development efforts by 20%

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IT modernization boosts Insurance customer base

IT modernization boosts Insurance customer base

Insurance

IT modernization boosts Insurance customer base

Existing applications and business systems of a Fortune 500 Insurance Carrier were inadequate to meet customer expectations. Iris business systems transformation solution enabled the client to deliver a consistent customer experience, improving acquisition and retention significantly.

Client

A leading American Fortune 500 Insurance Services Provider, offering insurance, investment management and other financial products and services across the Americas and 40 other countries

Business Drivers

To advance business agility and customer experience through modernized business systems

Technologies and Frameworks

C#/.NET, JAVA, DevOps, Python, NodeJS, App Services, Managed Application Support

BUSINESS CHALLENGE

The client’s existing business applications, systems, and support services were in stasis and not delivering the much-needed value to the insurer and end customers. Due to the lack of enterprise application portfolio strategy, business functions were onboarding applications in a silo. The net impact was that the insurer’s revenue and market share decreased. Longer turnaround times and outdated UI were discouraging customers. On the other hand, prospective customers were also opting for modernized options available in the market.

SOLUTION

Iris delivered app development and managed services across Annuities, Life Insurance, Group Insurance, Retirements and the Global Enterprise Service groups that decide the platform for all business units. Our services spanned around Enterprise Collaboration portal, Financial Wellness platform, Mutual Fund platform modernization, Oracle EBS development and support, and Retirement Annuities platform management. We also executed a scaled Agile program and ran multiple Scrums within the enterprise development and support landscape. Iris tech experts established DevOps and scaled Agile Framework within the client organization and enabled a team of over 150 professionals globally to support business operations 24X7.

OUTCOMES

Iris has been working around the application portfolio for over three years. We have helped the client deliver an exceptional experience to employees and end customers through active service support. Key outcomes of the delivered solution included:
  • Infrastructure availability increased to 99%
  • Optimized maintainability reduced the KYC process time by 75% 
  • Customer response time cut down by around 40% 
  • Promoter score incremented from 5 to 9 out of 10 
  • Customer retention improved by nearly 80% 
  • Customer acquisition increased by 65%

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A legacy portfolio gets a makeover

Advisory & Consulting

Conquering the cloud

Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.

Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
Conquering the cloud
Iris developed a multi-device mobile ticketing and permitting application that seamlessly integrated with local government systems using cloud technology for more efficient law enforcement.
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A legacy portfolio gets a makeover

Advisory & Consulting

A legacy portfolio gets a makeover

How one of the Big Four advisory firms turned around an under-performing, high-cost application portfolio to meet growing business needs.

Client

The client is one of the Big Four advisory firms.

Goal

Modernize the legacy application to meet growing business needs.

Tools and technologies

MS SharePoint, MS .Net and MS SQL Server.

BUSINESS CHALLENGE

The client had multiple legacy applications, deployed over the years. Its business needs had grown with time and the applications were falling short of required service levels. The client faced the following challenges:
  • Lack of integration: Most of the integration with upstream and downstream systems was manual, resulting in common data getting obsolete quickly.
  • The client was finding it difficult and expensive to hire and retain resources to maintain the legacy apps.
  • The legacy system was prone to security breaches and couldn’t be deployed on the enterprise-level stack.
  • The existing system supported only single-user applications, and it wasn’t possible to roll them out to multiple users.

SOLUTION

After a comprehensive analysis, we rationalized, classified and distributed the client’s applications portfolio in four areas: 1) upgrade and continue to maintain; 2) rewrite to modernize; 3) consolidate overlapping applications using a framework approach; and, 4) retire. The idea was to deliver maximum value at the lowest cost possible and ensure the system complied with security standards. Here’s what we did for the client:
  • Upgraded the technology stack for the application(s) to lower maintenance costs, improve efficiency and meet growing business needs.
  • Used an in-house technology modernization framework to reduce development and maintenance costs.
  • Consolidated applications that were doing similar tasks and had similar features and modernized them.
  • Retired applications, whose features were available through other applications.
The success of our solution was based on our ability to quickly gather complete information about the existing applications. To do that, we used a questionnaire that we have developed and refined over the years that helps us gather information in a structured and comprehensive manner about the architecture, user base, maintenance methodology, etc.

OUTCOMES

  • With the legacy modernization and application consolidation process, we reduced the client’s application portfolio from 45 applications to less than 10.
  • Reduced the resources required for maintenance from six to two.
  • The framework-based approach accelerated time-to-market, a critical differentiator for the client.

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