SUMMARY

In this Customer Success Story, learn how Terrapin overcame numerous implementation challenges when replacing a legacy technology platform for a Fortune 500 brokerage firm.

THE CLIENT

This Terrapin Technologies client is a leading nationwide brokerage firm. As a full-service bank broker-dealer they provide self-directed digital accounts and advised accounts. The firm’s legacy technology platform lacked the scalability to keep pace with their growth and recent acquisitions. In the process of acquiring one of Terrapin’s existing clients, a small regional bank broker-dealer, the firm took note of the powerful capabilities of our services and our product, Pandia. As a result, the firm transitioned to our technology platform.

 

THE CHALLENGE

Enterprise-level technology implementations are known for being a challenging and complex process. Shoddy planning, poor communication and corrupt data can be detrimental not only to the project, but to the organization as a whole. It’s no wonder that many businesses are indecisive and settle for stagnation. Regardless the amount of dissatisfaction in the current technology solution and the potential risk of business atrophy, it is still less painful than converting to a new provider.

Our client has a different story to tell. The firm benefited from Terrapin’s ample experience facilitating numerous successful implementations. They leveraged our robust project and change management processes and leading data management expertise. Terrapin delivered data aggregation and integration to support their entire organization, resulting in greater innovation, efficiency and production.

Challenges:

  • Retaining existing books and records data from legacy technology platform.
  • Insufficient enterprise data integrity controls resulting in missing and duplicated data.
  • Inordinate amount of manual workarounds with their legacy compensation process.
  • Reconciling of compensation and business rules between the two firms.

 

THE SOLUTION

Terrapin’s implementation team provided the expertise necessary to overcome these hurdles. The first order of business was to set up a staging environment so that data sources could be mapped, analyzed, and orchestrated before a final conversion occurred. Terrapin used an offshoot of their existing client’s test environment for staging. Since the firm was integrating into the existing client’s implementation of Pandia and they would benefit from the current data copies used in the test environment. The firm worked with the vendor of their legacy platform to secure a set of feeds that encompassed all the data required for the conversion. It took several iterations and trial loads to get the correct data elements that would necessitate a successful conversion. The data from the previous vendor was transformed into Pandia‘s data structure and was flagged as converted data.

The firm had a decent grasp on the data sources, but did not have the technology to aggregate this data. During the implementation, Terrapin identified missing revenue and account data, as well as data that was coming from less-than-ideal sources. We engineered a data plan that was comprehensive and ensured end-to-end data integrity.

 

THE RESULTS

Efficiency and Accuracy

A significant area of improvement that Pandia brought to the firm was a reduction in manual work necessary to reconcile wires, commissions and pay advisors. The streamlining and automating of tedious manual work allowed the company to consolidate processing teams, which led to significant cost savings and more compliant processes. Additionally, the firm benefitted from clean, normalized data that rendered a global view of their business.

Data Automation and Consolidation

The firm used our data expertise to integrate better with their organization’s IT infrastructure. We worked heavily with their IT department to create automated data feeds to their imaging system, payroll system, data warehouse, security, audit, and provisioning teams. Terrapin loaded several years’ worth of past data to satisfy the data retention requirements. The data sources used in the conversion were available after the conversion to fill in unanticipated data needs.

The streamlining and automating of tedious manual work allowed the company to consolidate processing teams, which led to significant cost savings and more compliant processes.

The firm remains a valued partner of Terrapin today and we are proud to play an important role in their continued growth and success.

Requiring a significant amount of preparation and resources, implementations are one of the most time consuming and complicated projects an organization can take on. Terrapin’s strong coupling of project management and technical expertise drives results and success. Terrapin is recognized throughout the industry for the stability of our business, customers and staff. With our extensive experience and knowledge, Terrapin is the ideal partner for complex implementations.

 

 

Are you frustrated with outdated legacy technology? Are you weary of operating with incomplete and inaccurate financial activity data? Don’t succumb to indecision — contact Terrapin today. Call us at 612-244-2300 or email us at talk2us@terrapintech.com.