Client: A large US banking and stock brokerage firm.
Products/Services: Leading investment services firm with more total assets than any publicly traded investment services firm in the U.S., the #1 custodian for independent advisors, and a leader in asset management and retirement planning.
Areas of operations: Global
The client’s business was facing challenges like:
- Ever increasing and changing regulatory requirements
- Margin pressures and the arrival of market disruptors
- The platforms being used to store and process customer data were obsolete/driven by legacy technologies, which was resulting in high cost of maintenance, limitations on business agility and platform scalability.
Wipro was a strategic partner for the client implementing the multi-year App Modernization program to build 700+ APIs. Our solution included the following:
- Implementing an Application Modernization program to enable faster go-to-market initiatives for the client
- Optimizing the client’s IT infrastructure utilizing Pivotal Cloud Foundry.
- A new microservices-based architecture was identified to convert all the existing processes.
Following were the benefits realized by the client:
- Enabled the bank’s customers to utilize near real-time benefits including payment solutions.
- With the introduction of real-time offerings leading to improved customer experience, the bank was able to reduce customer churn.
- The new technology platform enabled the bank to be fully compliant with the complex and fast-changing regulations.
- The IT infrastructure costs were optimized
- The time taken to develop applications was reduced
Wipro has modernized the client’s legacy application portfolio by leveraging platform capabilities of Pivotal Cloud Foundry (PCF) and implementing modern architecture like cloud native microservices on a hybrid cloud model. This helped the large US-based bank and brokerage firm stay compliant and ahead in a fast changing market, changing regulatory requirements, and also enabled their faster go-to-market initiatives by adopting agile and DevOps.
Lalit Joshi - Principal Consultant, Cloud Application Services, Wipro Limited