Financial Advisor Compensation System for a Tier-1 BankField Compensation System Modernization
A tier-1 bank selected Synechron to fully modernize its Financial Advisor (FA) Compensation platform to support its FAs with fee and commission transparency, increase operational effectiveness, and adhere to the firm’s strict risk management principles. The legacy application calculated compensation and commissions across multiple products and investment strategies, but was untenable in an increasingly digital and regulated environment. Six primary needs were identified:
Synechron assessed the existing application and developed a 4-phase roadmap: Architecture & Rules Reengineering, End-to-End Workflow Integration, UI/UX design, and Release Management. In Phase 1, Synechron adopted an agile methodology to migrate the legacy system’s rules and hierarchies to a Next-Gen, rules-based, Event Processing engine. To manage risk, the development was rolled out in phased implementations, underwent parallel testing, and took a toll-gate approach to controls. The platform is architected to ultimately enable real-time feed processing that will increase transparency, enhance processing controls, reduce the risk of untraceable errors, and log audit trails.
In Phase 2, integrations across all 12+ workflows will be rolled out. Phase 3 calls upon design thinking to develop intuitive, role-specific dashboards. Lastly, in Phase 4, Synechron will conduct final implementation procedures, including testing and continued platform support.
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