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To support the rewrite of the client’s payments system to a modernized, consolidated and user-friendly platform, TEKsystems implemented a managed services program, complete with structured onboarding, on-site oversight and delivery management.
The client, a large U.S. financial institution, serves individuals, businesses and large corporations by providing banking, investment and asset management services. Over the years, our client has increased revenue and market capitalization through process improvement, attention to customer service and satisfaction, product innovation, and strategic acquisition.
In today’s global business market, companies are looking for a competitive advantage that will set them apart from the multitude of other options available to customers. Cutting-edge applications are one way that organizations can differentiate themselves from the competition. On the front end, companies are looking to make their systems and applications rich, modern and easy to use; on the back end, they are seeking system efficiency, insight into their business and meaningful reporting. If your systems fail to meet expectations, current or potential customers might move to the competition, and the company could lose out on key business opportunities.
Modernizing key business systems and applications is no easy task; usually a team of highly-skilled resources is needed to accomplish these large, complex, mission-critical projects. However, this surge of resources could also jeopardize successful delivery through its various staffing challenges, such as onboarding, training and transferring knowledge. Institutions need a trusted vendor to provide a flexible delivery model, implement standards to improve work output and provide managed services to reduce client management involvement, giving the business more time to focus on their business imperatives.
Over the years, the client had grown substantially through business acquisitions, causing them to accumulate up to 10 different platforms to make various types of payments. The client’s wholesale customer base was spread across these multiple, disparate systems that were aging and lagging behind industry expectations. Costs were high due to the inefficiencies of using multiple platforms and lack of modernization was causing them to lose a competitive edge.
The client needed to make a major investment in rewriting a single, modernized payment and information reporting platform that could allow their large corporate clients to make payments to vendors, employees and other payees. The platform would need to be operationally efficient, lower costs and allow all payments to be done under one system. In addition to being operationally efficient on the back-end, the user interface would also need to look rich, modern and user-friendly—something that their customers would expect out of a major institution, and something that would be more likely to attract and retain a larger customer base.
The client needed a nimble team of high-performing resources that could create a program that was easy to use and would be seen as valuable to their customers. Multiple vendors would need to be brought in, and on such a large, multifaceted project, co-employment issues could arise. Effective and efficient resource management would be necessary to mitigate these risks and assist in driving resource activity while saving the client management time.
The client needed a partner it could trust to ensure a smooth transition to a new payments platform, while also providing program oversight and reporting. Originally engaged on this project in a staffing capacity, the client tapped TEKsystems Global Services® to take on a managed services role, a distinct service that leverages our talent acquisition process and talent management expertise to provide IT solutions. Utilizing its process and methodology catalog, TEKsystems would work with the client to customize and develop a mutually-agreeable solution to fit the client’s needs.
For this client we would implement the following processes:
For this client, TEKsystems provided high-quality resources, on-site management and ultimately, delivery of the project.
New functionality and enhancements were added to the institutional online banking tool that will create a better user experience for the client’s customers and increase customer satisfaction. By utilizing TEKsystems Global Services to perform the data and system conversions, the client was able to reduce redundancies, sunset systems and cut costs.
Over the course of the project, our resources scaled up to 70. We were able to retain talent through effective onboarding, training, knowledge management and engagement. The onboarding services included streamlining the process to secure cubicles, computers, IDs and access for all of TEKsystems’ resources, thus greatly improving time-to-productivity and eliminating client management and time loss.
During the project, the client encountered budget restraints. TEKsystems was able to adjust its approach and scale the number of resources aligned to the project to meet the client’s budget. We were able to amend the scheduled release of certain functionality enhancements in phases to accommodate the loss of resources. As budget became available, we were also able to scale up again to meet demand, while staying within budget.
Throughout the project we were able to track key deliverables, dates and milestones and ensure the ultimate successful delivery of the project. TEKsystems was also able to reallocate leftover funds on the statement of work by aligning resources with other projects for the client.
Global Capacity. The client approached TEKsystems to assume additional responsibilities in managing our services, and we were able to leverage our expansive Global Services to effectively respond to this need. Our on-site management team was able to maximize resource utilization while reducing the amount of time the client needed to spend on managing resources, leaving them more time to focus on their business.
Flexibility. We were able to quickly onboard high-quality resources, streamline the onboarding process and improve time-to-productivity. We were able to effectively respond to changing project demands and budget constraints by ramping supplemental resources up or down, and reassigning resources to other client projects to provide added value.
Strong Relationships. A long-time partner of the client, TEKsystems worked closely with the client to establish long-term goals and align interim service activities accordingly. A standard engagement model and point of contact provided an easier mode of doing business by tracking key deliverables, dates and milestones to ensure successful project outcomes, and forecasting, reporting and billing also offered financial flexibility.