Largest US Private Bank Technology Vendor Selection
The Client
Largest US Private Bank's Global Custody Organization; New Product Development Department
The Challenge
Our client was in need of a web-based front end to their existing mainframe processing system that would enable the company to offer their customers and prospects better service while simultaneously creating a new class of online custody products. Our client possessed an industry leading record for customer service and it was extremely important that it maintain this high level service. However, our client’s mutual fund custody products and services were supported by inflexible, back-end mainframe processing systems which could no longer meet current client reporting, account access, and new functionality expectations. Customers began to ask for expanded services and the firm understood its product lead was deteriorating. At the same time, our client was unable to properly manage the multiple stakeholder groups responsible for building this product due to business dynamics, priorities, and resource constraints.
The Solution
HighQuest Partners performed the Product/Program Management function and coordinated development and product release efforts with the various teams. HighQuest also trained the stakeholder managers in PMI Project Management standards. HighQuest managed the business and technology groups to keep the effort organized, on schedule, and on budget.
The Results
The product was successfully developed and introduced to the marketplace, thus keeping the firm ahead of its competition, and much better positioned to compete for new business.
