BNP Paribas: Delivering Digital Strategies for Global Hedge Fund Services

Delivering Digital Strategies

Challenge and background:

In 2015, the new global head of Hedge Fund Services (HFS) sought to design an efficient profit centre for his global business. He asked for VISION’s help in developing the technology strategy, agreeing it at a global level, and leading the subsequent technology programme.

VISION’s Promise:

VISION promised to stabilise the core platforms (operated by multiple separate vendors) for future scalability, simplify the operating model of the business by transitioning to digital channels, and to develop sales and self-service platforms for a competitive advantage.

What VISION did:

• Developed and agreed with senior business leaders in Paris the technology strategy for achieving 60% in cost savings while shifting to digital channels for sales and service.
• Managed the outsourcer and two main suppliers to upgrade core systems, namely GENEVA, MultiFund, and KOGER platforms in addition to stabilising the data platforms for scalability.
• Developed a simplified target operating model, along with systems support for straight-through processing and workflow to concentrate staff into low costs locations.
• Undertook a global vendor assessment process to inform the cloud-transition strategy for the self-service and sales platforms. Built the Fund Manager self-service platform and went live within three months, in tight collaboration with senior technical architects in HQ in Paris.
• Established the 1st HFS Innovation Center in Europe for Agile Software delivery.

Outcomes and Benefits:

• With suppliers, successfully future-proofed all core platforms within time and on-budget with minimal impact on BAU.
• Attracted government funding to establish the innovation centre and successfully established it.
• The Fund Manager sales and self-service platform went live in half the time the company had forecasted with no post-live defects or issues.
• The innovation and digital change management capability was successfully transitioned to a BNP Team with little loss in momentum.