Synpulse helps bank with Temenos DataSource implementation

03 August 2020 Consultancy.asia

Management consultancy Synpulse has successfully helped a leading bank in Asia to leverage a centralised financial instrument master, as a means of managing a growing quantity of financial data.

As part of a broader digital transformation agenda, the bank implemented Temenos WealthSuite – a digitalised wealth management platform that allows for the 24/7 tracking of financial data in real time through multiple channels. Across the globe, well over $12 trillion in assets under management are managed through Temenos WealthSuite.

The end-to-end solution allows wealth managers to focus on customer needs, while a range of back-end tedious functions are automated. A central consideration within the WealthSuite landscape was how to manage the large quantities of financial data that is collected, stored and analysed.

Synpulse's Implementation approach

Synpulse – a leading advisor for Asia's banking sector – was brought on board to solve this problem, and the solution was developed over a three-stage process. The first focused on identifying the specific gaps by speaking to stakeholders and collaborating with business leaders. The next step was to evaluate the feasibility of the solution and come up with a design, which was followed by the implementation phase.

“Synpulse adopts an integrative team approach — forming joint teams with various stakeholders and attaching great importance to mutual learning via knowledge sharing and methodological exchange. This ensures that the capabilities for a sustainable operation are built up and retained,” explained partner at Synpulse Mirsad Cekic.

The consultants implemented Temenos DataSource (TDS) – an enterprise data management (EDM) platform that allows for centralised control over vast quantities of financial instrument data.

“TDS is a best-in-class data management solution integrated in Temenos WealthSuite that governs, organises, and distributes accurate data from external data providers such as Bloomberg, Refinitiv (formerly known as Thomson Reuters), and Morningstar, to internal downstream systems such as the Core Banking System, Credit Management System, or Front Office applications across all divisions of the company,” explained Cekic.

Scope and benefits of an instrument

What makes TDS unique as an EDM platform is that the data rules within the application can be configured to individual business needs, “TDS’ powerful business rule engine enables complex data mapping, rules-driven data enrichment, centralised data validation, and error & exception handling. This increases operational efficiency and reduces manual errors,” said Rahul Bansal, a Manager at Synpulse and one of the consultants part of the project.

According to insights provided by the banking client, the implementation of TDS has been a “tremendous success” to date. More than 100,000 financial instruments are now housed in the bank’s centralised TDS, which cater to more than 150 product types. The bank is using the latest capabilities to serve more than 200 end users across more than 20 countries.

Cekic and Bansal point out that the bank now benefis from the ability to automatically create new instruments, and tweak the rules based on the needs of individual customers across different countries. The quality of data processing also improved significantly, both in terms of accuracy and efficiency.

Earlier this year, Synpulse highlighted that the banking sector as a whole is in a state of flux, which might increase the demand for similar solutions across the global financial services industry.