Go Inside: How We Support Change Management in the Bank Trust Market

As technology advances across wealth management, we are continually faced with complex technology decisions where it can become difficult to see a clear path. Our clients bring a wide range of product offerings, cultural differences and personnel that require unique approaches to delivering the desired technology goals. We help clients with a variety of different nuances make difficult technology decisions and execute their strategic plans.

Across the F2 Strategy client base we have executives that share their stories, giving others the opportunity to learn new ways to take on challenges, seek opportunities for growth, streamline processes to further the end client experience. Here are three quick reads about projects in the bank trust market that our expert team members supported to streamline functionality, improve platform integrations to facilitate the ability to meet goals and deadlines.

Implement a New Trust Platform

A major regional bank ($13B) wanted to implement a new bank trust platform and engaged us to plan for the conversion as well as retirement services outsourcing initiative. The project covered several business areas including retirement services, trust services, corporate trust and institutional custody.

How We Solved It 

We worked closely with the bank’s project delivery team to provide comprehensive direction and subject matter expertise with SEI Wealth Platform Certified Consultants and contractors. To execute the project our teams carefully worked through the following: project management, order management systems, data mapping and migration, quality assurance management and testing, existing trust platform operational staff backfill, current and future state workflows, trust vendor liaison, retirement services, vendor management and client communication, training, trust services rebranding, statement design and delivery and more.

Value Delivered

Once converted, the bank was able to streamline its applications, sunset some applications, reduce costs, as well as functionalities for its staff and clients.

Transition Your Trust Platform

While executing a strategic platform transition, a major national bank ($1.9T) requested our support and conversion expertise across the front, middle and back office.

How We Solved It

We worked with client counterparts on all underlying workstreams to ensure project cohesiveness. The effort included engaging key senior management personnel and project delivery managers to assist with the ongoing development and integration of the trust platform across the financial services offering. The execution of the project touched many areas including: full lifecycle project management, conversion roadmap planning, order management systems, data capture, mapping and migration, tax platform Integration, SWPR database integration, BOXI reporting development, trading platform integration, quality assurance test management, database analysis and management, process and procedures, future state procedures and statement design and delivery. 

Value Added

The bank achieved its goal of transforming the internal business structure to reduce surrounding applications, integrate businesses, reduce risk and increase efficiencies.

Ensure Business Readiness 

A diversified financial ($90B) company wanted to ensure its business readiness ahead of its trust platform transition from Trust 3000 to the SEI Wealth Platform. This project spanned asset management, institutional trust, global, Real Estate, Oil and Gas (REOG) and the UHNW business areas.

How We Solved It

All companies realize the benefit by improving process and procedure documentation[1] . First, we filled the business readiness position to document business and functional requirements, preparation of epics/stories for JIRA to meet the overall program strategy for the transition from Trust 3000 to the SEI Wealth Platform. The effort required high-level expertise in trust, trading and IRA’s and IMA’s. On the Real Estate Oil & Gas portion of the installation we used our hands-on experience with REOG, cash processing, tax, reporting and invoicing to reduce conversion risk and increase efficiencies.

Value Added

By engaging in a current state assessment and developing end to end process and procedure documentation ahead of the transition the company ensured operational readiness achieving desired conversion goals.

For support planning and executing your trust platform implementation, get in touch.

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