Introduction
One of the largest financial institutions embarked on a divestment journey to transfer its wealth management advisory division to another industry giant. This monumental project, spanning over three years, posed intricate challenges and complexities, requiring meticulous planning and execution. Seeking expertise in strategy formulation and technology implementation, the firm engaged Wissen to navigate this transformative endeavor.
Analyzing the Problem
- Complex IT divestment process over three years
- Extensive inventory of business processes, data flows, and systems needed
- Risk assessment of applications based on revenue, operations, compliance, and security impact
Initial Challenges
- Strategy formulation for comprehensive divestment
- Mapping over 2500 systems and processes
- Budgeting over $100 million annually for project execution
Our Solution
Wissen assembled a team of techno-functional consultants to devise a comprehensive approach:
Year One: Strategy Formulation
- Conducted an extensive inventory of business processes, data flows, and systems.
- Assigned business owners for all applications and assessed risks.
Year Two: Planning
- Developed system-by-system plans for retention, maintenance, and divestment.
- Built joint teams, formulated migration and development roadmaps, and prioritized data dependencies.
Year Three: Execution
- Implemented parallel workflows, reconciled data and events between systems, and created a single view bridging migrated and non-migrated accounts.
- Achieved over 99% successful migration of accounts with accurate statement delivery.
Year Four: Optimization
Right-sized teams and supporting infrastructure, along with identifying key technology areas for investment and executed talent acquisition strategy.
Key Results Achieved
- Successful divestment execution over four years
- Seamless migration of over 99% of accounts
- Optimized teams and infrastructure for business growth
Conclusion
Wissen's strategic approach and meticulous execution enabled the financial institution to navigate the complex divestment process seamlessly. By meticulously planning and executing each phase, from strategy formulation to optimization, we ensured a smooth transition while maintaining operational efficiency and business continuity. This success underscores our commitment to delivering innovative solutions that drive tangible business outcomes in the Financial Services industry.
