IBS Journal July – August 2015
WHO? Jyske Bank WHAT? Vermilion’s reporting software
Denmark-based Jyske Bank is modernising its reporting software capabilities and has signed to replace its home-grown software with a specialist solution from Vermilion Software. The bank is addressing the de- mands of its high-end clients, both private and institutional, for more sophisticated and complex reporting with a detailed drill-down, says Jacob Jensen, head of client service at Jyske Bank. Furthermore, there is drive at Jyske
Bank to ‘have a more clear profile as an investment bank’, comments Jensen. ‘We want to have a consistent, recognisable and comprehensive look and feel and lay- out across all our reports, presentations, marketing material and so on, so that the Jyske Bank brand is very clear to every- one looking at the documents in print and online.’ The bank is currently the third larg- est in the country by market share. The team at the bank polled their indus-
try colleagues and identified the ‘market leaders’, Vermilion and Equipos, the latter with its Coric offering, says Peter Bruun, project manager at Jyske Bank. Equipos was subsequently acquired by Simcorp (early 2014). The bank then examined market reports on the subject, and these supported the initial findings. A detailed proof of concept was carried out with the preferred vendor, with Bruun commenting that Vermilion demonstrated a high degree of competency and could address the ‘quirks’ around the bank’s data structure. The bank has a number of systems that feed data into the datamart, and the new reporting solution will be interfaced to it. It will also be interfaced to Advent Software’s Axys portfolio management system, with a new interface being built for that. Vermilion will enable users to create
and maintain their own workflows to fit the bank’s target operating model (TOM). The new set-up will remove the duplication of effort as both data and commentary could be reused automatically across multiple reports. This is a great improvement on the current set-up, says Bruun. He adds that although the bank briefly considered build- ing a new solution in-house, it was decided that ‘if a third party solution can do what its supplier claims it can, building our own
structure. ‘We were impressed with their professionalism and we had meetings with the company’s CTO to discuss our con- cerns. Our requests were incorporated into the contract, and that made us feel more comfortable,’ he recalls. ‘The two evaluated vendors were so close, really. In the end we went with our gut feeling.’ The project is in the analysis stage at
Jyske Bank, Silkeborg
system would not be a good business case’. Jensen describes the undertaking as
‘a major strategic project’ that is hoped to streamline the processes, reduce opera- tional risk and increase the visibility of the reporting processes. He is complimenta- ry of the Vermilion efforts, saying that the vendor’s ‘pro-activeness’ made it stand out in the contract negotiations stage, so too its reassurances in terms of addressing the bank’s specific requirements around data
present, which is set to be completed in early July. The first delivery is expected in September this year, says Bruun. This is the first implementation of Vermilion’s soft- ware in Denmark, so the two parties have been working closely to ensure that the software complies with the national legis- lation requirements, ‘some of which, par- ticularly on the security side, are very spe- cific and not well-known to non-domes- tic providers’, he observes. A team of ‘the strongest resources from Vermilion’ (the same team that did the proof of concept) is onsite three to four days a week. Six people from the bank have been trained on the new system, and they will assist with the training of the rest of the team. ‘People are looking forward to the changes as the new solution will make their lives easier and will help provide better service to customers,’ Jensen states.
WHO? First Microfinance Bank WHAT? Techlogix implementation services
First Microfinance Bank (FMFB) in Pakistan, one of a network of banks in the emerging markets belonging to the Aga Khan Development Agency, is embark- ing on a core system conversion. The system to be implemented is Oracle FSS’s Flexcube (the bank completed the system selection at the end of last year), but it has only recently settled on the implementation partner. Pakistan-based integrator, Techlogix, will be heading the implementation of Flexcube. FMFB will be replacing its legacy home-grown software, which has been in
place at the bank for decades. It is understood that FMFB’s sister banks in the neighbouring Tajikistan and Afghanistan were also considering core conversions and had some input in the selection at FMFB in Pakistan. However, it is unclear whether they will proceed with Flexcube or look elsewhere. As for Techlogix, it is currently working on a number of Flexcube core conver-
sions in Pakistan, including at Bank Al Habib and Bank of Punjab. In both cases, Temenos was among competing offerings at the selection stage. Meanwhile, another local bank, Tameer Microfinance Bank, is in the final stages
of its core system selection, choosing between Techlogix with Flexcube and NDC with Temenos’ T24.
© IBS Intelligence 2015
www.ibsintelligence.com
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