Mphasis transforms the way a global wealth management group adopts Cloud 2.0 foundations holistically
Cloud Project of the Year
In a landscape where organisations of all sizes are under mounting pressure to successfully transition to the cloud, or risk losing their competitive edge, Mphasis stands apart by delivering cloud integration services in a truly fresh and uniquely holistic way.
Mphasis is empowering a growing list of global customers to reimagine their digital future and drive at ‘fintech speeds’, by employing a fully-guided, KPI-driven, three-stage adoption of its Cloud 3.0 maturity, continuum vision, and execution path. This unlocks the potential for significant and measurable benefits for clients, allowing them to derive cost leadership (from Cloud 1.0), revenue and differentiation (from Cloud 2.0) and hyper-personalisation and deep specialisation value from cloud (from Cloud 3.0).
At the heart of Mphasis’ service offering is its proven ability to deliver through its customer-centric Front2Back transformation approach enabled by its proprietary X2C2 ™ methodology (shift anything to cloud and power everything with cognitive). This means that the company can drive meaningful value for customers in a 360-degree way, resulting in enhanced customer experiences and faster market entry for new products and services.
Mphasis partnered with a client to change the way it adopts Cloud 2.0 foundations holistically – thinking of capability roll-outs rather than applications – to establish highly automated cloud operations through Site Reliability Engineering (SRE) principles. This particular client is a leading, well-known wealth management and brokerage group, with annual revenues of approximately $7 billion and credit markets in over 150 countries.
The client wanted to grow its wealth management portfolio, as its customer base was increasing in the number of High Net Worth Individuals who needed wealth management solutions. However, the company was sitting on a legacy infrastructure that didn’t allow it to scale rapidly and full-scale modernisation is typically cost and time intensive. The issue was made even more complex by the fact that regulators mandated that the client must de-risk its collocated data centres for business continuity.
As the strategic cloud integrator partner, Mphasis had an in-depth understanding of these business roadblocks, and helped the client to strategically and holistically adopt Cloud 2.0, based on the innovative Front2Back execution framework. The results speak for themselves – savings of around $20 million annually, through Mphasis’ cloud-native factory model of execution, doing away with centralised QA teams and establishing Product Engineering squads. Release cycles were brought down to two weeks from a typical 16-25 weeks.
Among the host of other benefits to the client – Mphasis was able to untether applications from the infrastructure with a combination of a 12-factor approach, containerisation, and simple lift-and-shift, resulting in a faster pace of de-risking them from data centre dependencies and better regulatory compliance, saving millions in potential penalties. An automated DevOps chain was developed, and the client’s software development practices were democratised and industrialised.
Mphasis also partnered with the client on cutting-edge products, such as Robot Advisory. Asset under management from this platform crossed $25 billion in the first three years from launch.