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Business Agility Case Study #2

Major Bank in Middle East Builds a Rationalized, Cost-Effective Data Management Platform

The client

The client is one of the leading banks in the United Arab Emirates, offering a comprehensive range of regional and offshore funds to institutional and private clients. The bank ran several in-house systems, which had been adapted to meet evolving business needs. Over time, it realized that technology would play an increasing role in the bank’s future success and that investment was needed in this area.

The challenge

The bank’s existing systems were becoming unwieldy, expensive to maintain, and had functional limitations, which impaired its business agility and exposed the bank to increased operational risk. It needed to find an integrated platform that would facilitate a seamless flow of information between its fund managers, traders and back-office.

The solution

The bank chose to implement a new, integrated infrastructure using a third party performance solution and RIMES. The new platform enables the bank to reach out to new customers within the Middle East and internationally. RIMES offered an immediate solution to the data management challenge. The managed service gives ready access to nearly 1,000 databases from over 200 data partners, and maintains more than 300 private databases covering all asset classes. And the RIMES Global Support Team is on call 24/7 to answer any data queries.

The benefits

As a result of its strategic data operating platform, the bank is more agile and able to compete for new business more effectively. The new platform also enhances investment performance. With improved, consistent data, fund managers can quickly discover which stocks are outperforming and which are underperforming. The integration of the RIMES and Advent solutions means that fund managers can make better informed decisions more quickly and easily.

Technology has shifted from being a business inhibitor to a business enabler. RIMES enables the bank to add new indexes and benchmarks whenever they are needed. The integration of RIMES data with the chosen performance solution has improved reporting and facilitates more granular analysis.