Being on top of technological advancements is essential for maintaining competitiveness and satisfying changing client expectations in the fast-paced world of the financial sector. Yet, integrating new technological solutions with existing architecture can present compatibility and interoperability challenges.
Use cases
Implementation of a portfolio management system for an Asset Manager
DynaFin's Expertise in Solution Integration
USE CASE
Implementation of a portfolio management system for an Asset Manager
Context
An Asset Manager has decided to offer its funds directly to Retail customers. To support this new service, it needs to deploy a portfolio management tool for client profiling, portfolio allocation, and reporting. The Asset Manager has hired DynaFin to assist with the implementation and roll-out process.
DynaFin's Strategic Intervention
DynaFin provided comprehensive support in the implementation and roll-out of the new portfolio management system. Their intervention encompassed the following key activities:
Definition of the business requirements
DynaFin collaborated closely with all parties to identify and define the specific needs, in line with the objectives and regulatory guidelines.
Stakeholder management
DynaFin effectively liaised with internal and external stakeholders, fostering collaboration and coordination for the development and integration of the portfolio management system.
Coordination of testing, defect documentation, and resolution
Change management
DynaFin supported the Asset Manager in managing the organizational change brought about by the new system. They provided guidance, training, and communication strategies to ensure all internal resources can use the new system effectively.
Project management
DynaFin assumed overall project management responsibilities, monitoring progress, and managing risks and issues.
Outcome
Thanks to DynaFin's dedicated intervention, the Asset Manager successfully implemented the portfolio management system. The system met the defined business requirements, seamlessly integrated with internal and external stakeholders. The implemented system allowed for efficient client profiling, portfolio allocation, and reporting, empowering the Asset Manager to enhance their services and meet customer needs effectively.
Migration to a New Banking System
DynaFin's Expertise in Solution Integration
USE CASE
Migration to a New Banking System
Context
A Tier-2 bank that provides both retail and corporate customers with a wide range of banking products and services has made the decision to switch to a new core banking system. The current in-house system was technologically outdated and the people responsible for maintaining it were nearing retirement age.
The bank has chosen to deploy a third-party solution, including front-to-back solutions for daily banking, savings accounts, investments, mortgages, and credits, in order to benefit from the newest technologies.
The bank has hired DynaFin to assist with the implementation and roll-out process.
DynaFin's Strategic Intervention
DynaFin provides comprehensive support to the bank during the implementation and roll-out of the new core banking platform. DynaFin has carried out the following key activities:
Set up Project Methodology and Governance
DynaFin assists the bank in defining the project methodology, establishing a structured approach, and implementing effective governance mechanisms.
Project Management
DynaFin takes responsibility for project management, ensuring that the project is closely monitored, and any concerns addressed. Our consultants also manage the workstreams involved, coordinating the efforts, and ensuring collaboration.
Business Analysis and Testing
DynaFin’s consultants gather and document the requirements. They also ensure that the new platform meets expectations.
Migration Plan
DynaFin documents a detailed migration plan, outlining the steps and procedures required for the transition.
Change Management
DynaFin documents the new processes introduced with the implementation of the core banking platform, develops training materials and conduct training sessions for employees. DynaFin also deploys internal communication strategies.
Aftercare and User Support
DynaFin provides ongoing support to the bank after the migration, addressing any daily issues that arise and assisting users in resolving problems.
Outcome
With DynaFin support, the bank successfully migrates to its new banking system. The implementation is completed within the agreed-upon timeframe, allowing the bank to take advantage of the enhanced capabilities offered by the new core banking platform. The seamless transition ensures minimal disruption to daily operations, allowing the bank to continue offering products and services to its clients. The bank's improved technological infrastructure positions it for continued growth, improved efficiency, and enhanced customer experience.
Boosting the sales of Insurance products through Technology
DynaFin's Expertise in Solution Integration
USE CASE
Boosting the sales of Insurance products through Technology
Context
A leading insurer has opted to overhaul its non-life insurance product lineup and transitioned to a new Core Insurance Technology Platform for these offerings. The objective was to offer competitive products and services in the market, accessible 24/7 via both physical and digital channels, while simultaneously boosting sales and operational efficiency. Additionally, the insurer aimed to mitigate operational risks associated with legacy system knowledge loss.
The company has elected to adopt a robust third-party solution to leverage evolving technology capabilities. To spearhead the implementation and rollout of this substantial change initiative, the insurer has engaged a consulting firm with proven expertise in managing complex programs.
DynaFin's Strategic Intervention
DynaFin was leading the program renewing the Core Insurance Non-Life products, from a Business Perspective, in strong collaboration with all concerned actors of the company. DynaFin was carrying out the following key activities:
Set up and animation of a solid governance
DynaFin assisted the bank in defining the project methodology, establishing a structured approach, and implementing effective governance mechanisms.
Design of a realistic Long-Term Roadmap (6 years horizon)
Acceleration of the delivery
DynaFin took responsibility for program management, monitoring, and the continuous improvement of the way of working, installing an Agile framework and facilitating new partnerships, resulting in a slightly accelerated roadmap.
Contribution in the Business Analysis and Testing of the delivered solution.
Change Management
DynaFin ensured the adherence, the internal communication strategies and the training of the users.
Management of the dependency relationship with the key external provider and management of the external contracts.
Preparation and implementation of the transition to RUN modus for the post-program.
Outcome
Under DynaFin's leadership, the insurance company smoothly transitioned to its new non-life insurance system, completing the implementation within the established timeframe. This seamless migration facilitated effective change management for daily operations, enabling the company to maintain uninterrupted delivery of products and services to its clientele.
The enhanced technological infrastructure positioned the company for sustained expansion, greater operational efficiency, and an elevated level of customer satisfaction. Moreover, the revamped product portfolio contributed to increased profitability for the non-life products.