The client is the fastest-growing, award-winning provider of Enterprise Data Management (EDM) business applications to the buy-side. The client provides fully productized business applications that empower buy-side institutions to increase their business agility through strategic data management. Their best-in-class business applications combine pre-built packages of business workflows with a modern data management platform.
Being a global market player in the financial services, the client needs world-class responsive & effective support services for their global customer base.
The client intends to migrate to a Multi-Tenant Cloud infrastructure that is designed to scale with all their customers who wish to move to software as a Service model (SaaS).
This needs a single point of highly responsive support services for managing and monitoring their business applications, licensing & other operational activities.
24×7 support for the global customer base across multiple time zones.
Centralized support across the organization to release support bandwidth from the core development team.
A high degree of complexity in the product & business applications.
Multi-version support and solutions for different customers.
Lack of documentation and standardized processes.
Global Support Coverage.
Incident & outage Management.
Metrics & SLA Management.
Build & Release management.
Problem Management & RCA.
Feed Management, Configuration changes.
Product installation and environment set up.
Governance & Reporting.
Magic FinServ’s solution
Set up an offshore service center to provide 24/7/365 Monitoring and Support.
Automated, SLA driven ticket tracking system.
Provide an economical, flexible and ITIL certified professionals.
Faster Issue Assessment & resolution via runbook & solution articles.
Effective use of support tools & processes
High first contact resolution rate.
Expert Staffing, Domain experts to provide Level-2 support.
Best Practice & Continuous Improvements.
Improved operational efficiency via automation and process improvements.
Reduction in the total cost of maintenance & support.
Expanded global coverage.
Improved time to response, containing 80% resolution at the L1/L2 level.
Release bandwidth for client IT team for more strategic initiatives.
A renowned investment bank based out of Europe; was facing operational challenges in using a dated and old platform with limited capabilities to manage corporate actions. Painful areas were around the management of free text and narratives by custodians, lack of robust audit information, complex processes to manage announcements and creation of Golden event and intuitive parametrization leading to extended efforts to define rules and case parameters.
Magic FinServ’s Solution
We engaged in a consultative assignment with its product partner and aptly implemented the Corporate Action Data Management (provided by its development partner), providing following benefits apart from the reduced operational cost –
High STP platform with lesser manual inputs.
Exception based processing, with UI-based exception management facilities to display data conflicts among two or more sources for the same corporate action.
A rule-based platform where end-user GUI for defining corporate action specific rules (source trust weight, confirmation thresholds, validation checks to be applied).
Support for multiple feed formats.
Corporate Action data model aligned to SWIFT standards.
Availability of multiple dashboards to monitor various processing.
Functionality for Automated free text checking so that key information cannot be missed.
Complete plausibility ensures that all event data is complete before further processing
Better data quality through out-of-the-box validation checks.
Flexibility to manually capture event data.
Reduction of manual checklists.
Streamlined work on tasks for improved efficiency and scalability
Reduction of risk due to upfront checking of events before they impact business processes downstream.
No coding skills required for tweaking parametrization.
Management of Trust weights as per business requirements.
Provider of Enterprise Data Management (EDM) solution for the buy-side firms, with fully productized business applications based out of Europe that empowers buy-side firms to increase their business agility through strategic data management. Their best-in-class business applications combine pre-built packages of business workflows with a modern data management platform.
Augment development capacity to improve time to market.
Better Quality Management and Product Certification Process, an independent team away from the core development team.
Allow product managers to focus on market-relevant product development efforts (features addition and enrichment).
Manage rising costs to remain competitive.
Magic FinServ’s Solution
Magic FinServ studied the key areas where it can help to accelerate the development throughput without much intervention from the client’s product managers. Aligned with their Agile development methodology, Magix FinServ, picked up Quality Assurance, few business applications, and a custom engineering stream and set up the initial team of skilled technical members. Today, it is contributing ~ 30% capacity to the overall effort by-
Setting up an Offshore Service Center, focusing on Development, engineering and Quality Assurance.
Defined the robust new member onboarding and integration plan to ensure focused training and enablement, thus streamlined the knowledge management process.
Helping in Product Re-engineering efforts which are largely custom feature development for specific clients, enhancements and defects.
100% ownership of Quality Assurance, manages spring testing and Product end to end releases testing, performing end to end Regression and Performance testing.
Product Implementation goes through a typical cycle of understanding the end customer’s requirements and then aligning/mapping them by either out-of-the-box features or managing custom development. All these need people with different skillsets, shorter implementation cycles and duly tested customized product versions that can integrate seamlessly with the end customer landscape. Budget, Product SMEs, customization and rules/configuration definition are key variables to ensure a successful implementation.
Magic FinServ’s Solution
Magic FinServ leveraged its Offshore Service Center to align the right sized skilled team to manage implementation setup for its client. Key elements of this setup were –
Aligned and staffed Domain Experts (Business Analysts) with each business applications to ensure end-customer needs are well understood and aligned with the product. This team worked closely with customers and project managers to create feature maps and define an implementation plan.
Setup a team of developers and QAs which worked on a flexible capacity management model, allowing the client to manage the budget effectively and getting skilled and trained implementers without blocking them for the entire duration of the project.
Early integration of product support team (also owned by Magic FinServ) to ensure post-implementation issues. Knowledge transition is seamlessly managed from implementation to support.
Align Configurators, specialized skill and role who helps review existing configurations and do new configurations for the business rules. This bought the consistency in managing product configurations and defining configuration audits framework.
A New York-based niche Blockchain infrastructure and solution provider to the leading Wallstreet financial institutions. It’s distributed ledger technology provides secure, multi-party data infrastructure with unparalleled performance. It has deployed distributed ledger technology at scale in some of the world’s most complex asset classes alongside leading financial institutions
Distributed ledger infrastructure, developers often performing tests, leading to quality risks.
There was no independent & dedicate QA team, hence a missing QA mindset and inconsistent QA practices.
Missing QA mindset, inconsistent QA practices.
Magic FinServ’s Solution
Successfully running QA Function from Noida, India from 6+ months
End to end Product Testing – distributed ledger infrastructure & Smart contracts.
QA integrated into Agile Product Development.
Improved quality ( fewer production defects) and efficiency ( reduced turnaround time) owing to deep client & domain understanding.
Automated test execution percentage increased to 60 percent in the regression testbed.