Trust Operations Transformed Due To Firms Merger & Acquisition
For a leading financial service’s institutions trust services, their trust operations had become fragmented as the merged companies were not well integrated and as transaction volume ballooned. Employing a very manually intensive process, their operations teams had to be expanded just to keep up with the burgeoning amount of trust operations processing needs. The client needed their trust operations transformed so they reengineered their trust operations process to standardize and select a single solution for enabling trust services.
EI’s Industry Consulting services for Trust Services provided an assessment of and a strategy roadmap for transforming their Trust Operations and Tools to achieve industry best practices. The roadmap was turned over to EI’s Business Transformation teams to analyze the existing operations process which was fractured and diverse throughout the organizations and to institutionalize a standard model for trust operations that would allow the adoption of standardized tools. EI’s Solution Implementation Team conducted a tool evaluation and selection, and then implemented a new solution that provided straight-through processing, reconciliation and that enhanced the ability to manage revenue sharing agreements through balanced and adjusted super-omnibus positions and cross references. As a result of engaging EI’s consulting and solutions practices, the ballooning staff was able to be reduced to a fraction of what the previous process required, resulting in savings of $3.5 million annually.