System Migration and Implementation of ESG Strategy in a Financial Institution
Effective collaboration with the transfer agent to enhance security and user experience
The client is one of the largest entities in the Polish capital markets, with extensive experience in the financial sector. Our long-standing collaboration includes a variety of projects focusing on adapting systems and processes to changing legal and market requirements.
The following case study covers three separate projects to streamline business operations and improve the user experience.
Lack of system migration as a barrier to institution development
The client was previously using a complex system that required migration to a modern PMFS system provided by a transfer agent. Due to the migration of the transfer agent’s core system, there was a need to significantly adapt the current integration and data model.
The client also sought to improve the user experience and increase its competitiveness by extending the functionality of the IKE/IKZE calculator.
Adaptation to legal requirements and improvement in the use of services
In order to meet the rapidly changing market and regulatory requirements, our client, one of the largest capital market entities in Poland, decided to make several key improvements to its systems, including the transaction service, streamlining business processes, and improving the user experience.
Effective cooperation with the Transfer Agent through the Scrum methodology
We carried out the project in close cooperation with key stakeholders: the financial industry client and the transfer agent Pro Service. We worked in the Scrum methodology, which allowed for dynamic and flexible project management. A key element of our success was effective communication and close coordination between all parties.
Working with the transfer agent involved migrating data from the GTAS system to the new PMFS system, which required a change in data structure.
Modernisation of systems, ESG, and IKE/IKZE calculators
Thanks to many years of fruitful cooperation, the client regularly commissions us for further developments of their operating systems. We have categorised recent projects into three main areas: migration of the i-system, implementation of ESG targets, and extension of the IKE/IKZE calculator’s functionality.
As part of these initiatives, we have achieved the following objectives:
1. Migration to the new system, which included:
- updating the data structure;
- aligning the data with regulatory requirements
- working closely with the transfer agent to ensure that the work runs smoothly.
2. Implementing the ESG objectives by:
- a special designation of funds;
- adding questions in the suitability survey (MiFID) on client preferences on the topic of sustainability in investment funds.
3. Expanding the functionality of the IKE/IKZE calculators by:
- extending the calculator’s algorithm to include additional variables to allow easier configuration by the editor, such as the tax rates, contribution limits, coefficients, and Social Security contributions used in the calculations;
- enabling real-time dynamic recalculation of pension savings and tax relief;
- improving the hierarchy of information, with a focus on retirement savings.
Adaptation of legal requirements, sustainability, and precise planning
The result of our cooperation with one of the largest capital market players in Poland was a significant improvement in business operations. Adapting to the migration of the Transfer Agent’s internal systems has resulted in better data management and increased compliance.
The implementation of ESG labelling in mutual fund offerings has increased the attractiveness of the offering for sustainability-oriented clients.
Expanding the functionality of the IKE/IKZE calculators has streamlined the investment decision-making process, offering customers more precise and dynamic retirement savings planning tools.
Effective cooperation with the transfer agent and close coordination allowed us to carry out the migration smoothly and implement the new features. The project turned out to be more complicated than we had originally anticipated, but thanks to the team’s flexible approach and commitment, we were able to achieve all our objectives.
Planned developments
We have been working with the client continuously for several years, developing and optimising their system.
The client places a great deal of trust in us, resulting in a steady increase in the team responsible for project development and maintenance. Further implementations are planned to further enhance the value proposition and customer satisfaction.
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