Prime Brokerage Management at Leading Investment Bank
Customer Profile
The company is a leading global financial services firm with assets of over $1 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial transaction processing, asset and wealth management, and private equity.
Requirement: Drive Revenue With Quick and Easy Client On-boarding
The company is using PolarLake to launch Prime Brokerage services offered to hedge funds.
The company wished to drive revenues and improve customer service levels by providing a single integrated means by which clients can receive Prime Brokerage services across a broad range of business lines, such as FX, Fixed Income, Credit Derivatives, and others. The bank also wished to make using Prime Brokerage services as easy and simple as possible for clients.
Solution: Automated On-boarding, Personalized Service Delivery
By using PolarLake, the company was able to:
- Support the rapid on-boarding of Prime Brokerage customers. PolarLake’s 'configuration not coding' approach enabled Prime Brokerage systems to be extended to meet new customer needs quickly and easily
- Enable customer service representatives to manage the on-boarding process without reliance on technical or development staff – improving operational efficiency
- Manage data transformation from multiple client formats (including CSV, Excel etc) into a common XML format readable by existing middle office systems
- Integrate Prime Brokerage clients directly with middle and back office systems and thus provide superior customer service and greater range of service offerings Automatically personalize service levels and transaction processes based on stored client profiles
Why PolarLake? Accurate, Efficient Client Data Integration
PolarLake was chosen for the project over a number of alternative development options for a number of reasons, including:
- Sophisticated data transformation capabilities – which were central to the success of this project. The PolarLake solution enabled clients to communicate in a data format of their choosing, whilst supporting the Prime Broker’s requirement for a single XML format for the purposes of internal integration. PolarLake’s dynamic mediation service enabled these transformations to be entirely automated, and thus ensures both accuracy and efficiency in communications between client and Prime Broker.
- PolarLake’s ability to support additional Client Services on demand. The solution now also supports SWIFT and FpML processing. This enables clients to communicate using the SWIFT protocol, and the adoption of FpML throughout the middle and back office.
2012