client success stories
Revolutionizing regulatory reporting for a Japanese bank
3 min read
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client success stories
3 min read
Banking and finance
Enterprise solution for regulatory reporting
Our client, a prominent Japanese bank operating within the European Union, encountered numerous obstacles while trying to fulfill their regulatory reporting obligations during a crucial transformation of their data store into a data warehouse. They aimed to create a hub to streamline all regulatory reporting commitments.
The bank struggled with high attrition rates, particularly among those with regulatory reporting expertise. Additionally, the current team was not cost-effective, with a significant number of contractors on board. The client was also grappling with ongoing production and data quality issues, which affected their readiness for impending regulatory deadlines, leading to a backlog.
Luxoft deployed a managed services team of 21 full-time employees (FTE), operating on-site and nearshore, for project delivery and business-as-usual (BAU) support. Our team consisted of regulatory analysts, developers and testers from our delivery team. We crafted a flexible model that can easily scale up or down according to business requirements.
Key performance indicators (KPIs) and service level agreements (SLAs), agreed upon during the transition phase, were measured quarterly, tracked and reported as part of our monthly governance process.
Benefit to the client:
Our solution offered numerous benefits to our client, including improved system support and availability, regulatory compliance, production performance with stringent quality control, and overall cost savings and efficiency.
Outcome:
We successfully transitioned from the incumbent team within just three months. In another three months, we effectively moved from time and material (T&M) to managed service.
Drawing on our delivery center setup, recruitment, and people management expertise, we adeptly satisfied our client's needs in sourcing and, importantly, retaining key personnel. Our robust experience in cloud migration, testing automation and support tooling allows our client to benefit from future total cost of ownership (TCO) reductions.
This case study demonstrates our ability to navigate complex regulatory landscapes and deliver high-quality, cost-effective solutions. The platform we built for our client will serve as a springboard for future regulatory compliance efforts and operational improvements.
If your organization is in need of similar transformative solutions, or if you require a health assessment of your current operational setup, we invite you to reach out to us. At Luxoft, we're committed to helping our clients navigate their unique challenges and succeed in their digital journeys.
