Implement Avaloq Banking System as the Bank’s Core System in
Order to Expand its Range of Products
Project Background
The bank wanted to replace its aging package in order to enlarge its product range and fully implement its expansion strategy – which included opening several international branches. Avaloq Banking System was chosen because it offers the power and flexibility to seamlessly handle these objectives. The bank entrusted Orbium with full responsibility for executing the implementation project.
The Client
The client is a niche private bank that belongs to a large international financial group active in all banking, asset management and insurance activities. As the group covers a large range of activities and benefits from a well-established international reputation, it prioritises innovative initiatives in terms of business as well as in terms of location.
Challenges
Numerous challenges were associated with this project. Firstly, the bank had limited resources for this project. Technically, it was the first time we had fully deployed Avaloq Banking System with the order piping functionality (the ability to automate trades between different business entities using Avaloq Banking System). Another challenge was the tight project timeline. We had to go live just ten months after completing the initialisation phase. Other challenges included implementing Avaloq Banking System for international entities and adding a new language to Avaloq Banking System. Last but not least, this was the first time Avaloq Banking System had to go live with three operational business units at the same time.
Scope of Project and Orbium’s Role
The project scope covered the implementation of all Avaloq Banking System modules in three business units within ten months. Orbium had full responsibility for the project and delivered the following:
- Feasibility analysis
- Requirement and gap analysis, including coaching the bank in use cases and other analysis techniques
- Parameterising all the different Avaloq Banking System business modules used by the bank
- Developing the interfaces for third-party systems
- Test Management together with the bank
- Data migration and cut-over
- Overall Project Management together with the bank.
Results
A strong Change Management strategy and a sound methodology allowed us to seamlessly integrate with the client and form a unique project team with knowledge transferred in both directions. On the technical side, Orbium installed a sophisticated full order piping set-up, enabling a complete automation of selected transactions between the different entities using Avaloq Banking System. Despite the tight deadline, the client was able to take full advantage of this flexibility to optimise its working processes. The project was delivered for all business units on time and within budget. Its success can be measured by the brevity of the post-implementation phase – which lasted just three weeks.