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Top 10 wealth management firm and Thoughtworks streamline efficiency with new data platform

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A platform that’s truly global 

Thoughtworks partnered with the private banking division to drive a business-led transformation with the goal of building a reliant and compliant data platform promoting efficiency. We applied an hourglass migration model to their current multi-generational legacy data platform to create a best-in-class, global data platform in a four-phase approach. We modernized data sources during the process to support client onboarding, portfolio management and money transfers, the bank’s top-three functions. 

Built from scratch with regulations, governance and security firmly in mind, the team successfully navigated the complexities of global financial industry regulations. They were able to deliver a fully compliant platform and reduced data quality issues by providing reliable, consistent data modelling. Thoughtworks delivered the platform foundation hosting customer demographic, financial data and entitlement while delivering seamless customer onboarding implementation in just nine months — something the bank planned on taking two to three years. 

Continuous value delivered efficientlty

If there is one word to describe the final outcome, it’s efficiency. Now taking 14 weeks, it no longer takes the 12 to 15 months for an end-to-end data flow for data-driven onboarding. With test automation, they now enjoy both manual effort reduction and cost savings around $3M a year. Our clients also saw a significantly improved platform response time from 3 seconds to 300 milliseconds. In short, the new data platform performs faster and more efficiently at lower costs — they now have the global system the need to deliver value through a robust suite of services continually.

Having a solid technology foundation in place allows the bank’s data models to expand in step with their evolving business, and provides reusable data services across the bank and all geographic regions. To date, the platform has scaled from use by three departments to seven, with plans for wider-spread adoption as the platform matures.