It is crucial for Banking, Financial Services and Insurance (BFSI) enterprises today to have a holistic view of customer investments. Enterprises needsolutions that manage functionality across portfolio, modeling, orders, execution, performance, attribution, risk and compliance. A solution that seamlessly interfaces with third-party back office systems, data providers, fund administrators and custodians. Allowing super funds to monitor their exposure and offer managed services for infrastructure and application management.
Our solution
Mindtree has been working with leading banks, asset management firms and superannuation funds for over a decade. We have built a strong team of business consultants and offer a full spectrum of services spanning front office, middle office, back office and compliance across various asset classes. Our wide range of services include:
- Consulting
- Application development and maintenance
- Re-engineering
- Data warehousing
- Production support
- Package implementation
- Testing
Our expertise
- A strong information management and analytics practice that provides a centralized data store with consistent business rules
- Web platforms, internet applications and online portals for streamlining business processes
- Clearing houses for straight through processing capability for members, employers and trustees
- Expertise in a variety of platforms and technologies such as LANSA and iSeries
Mindtree has substantial expertise in superannuation fund services, advisory services, transaction processing, claims processing, client management, middle office operations, fund administration, risk management, compliance, rollover management, back office operation, reconciliation, audit, fund accounting, reporting and interfacing with external entities.
Business challenges
- Appropriate infrastructure which includes software technology, integration with trustees, custodians, fund administrators, compliance and regulatory reporting
- Difficulty in reporting and exposure management due to multiple products and investment strategies
- Compliance reporting and monitoring remains a challenge for superannuation fund managers
- Pressure to improve organizational efficiency, reduce latency of business events and support user real-time access to / from applications and business services
Key benefits
- Reduce operational costs without compromising on quality of services
- Seamlessly integrate funds, employers and members, to create a symbiotic ecosystem
- Reduce time to launch new funds
- Reduce configuration time of funds
- Enhance scalability to incorporate growth in user base with no impact on performance
- Provide a rich user experience
Functional landscape - superannuation space
Success story
Customer profile
Australia’s leading superannuation administrator with a national network of over 4.5 million accounts, interacting with over 400,000 employers in Australia.
Business challenges
- Need to improve organizational efficiency, and reduce the latency of business events
- Need for real-time access to and from applications and business services
- Infrastructure ability to scale both functionally and vertically to deliver to a wide variety of third party business partners
- Provide a model for eliminating low-level programming activities for exposing future application roll out for new funds
- Ability to quickly extend processes to customers and third parties
- Provide better experience for both members and employers
- Need for an integrated and symbiotic ecosystem between members and employers
Our solution
- A service oriented architecture to provide a comprehensive transaction management framework
- Robust integration with the backend and external system
- Highly configurable site, using SharePoint and .NET configurable components
- Rich user experience within the browser environment
- Support for multiple payment options and online contribution processing
- Implemented enhancement for FLS risk pricing product, operation group risk module and group salary continuance module
- Developed multiple modules to provide online facilities to employer for new business capture / improvement
Business benefits
- AUD 500 million worth of contributions made in one year, from the launch of the project
- Diminished operational costs by reducing call support at customer service centers
- Reduction in overall operational overhead cost by eliminating manual process
- Reduction in the new business acquisition time by providing online facilities to employers
